There are multiple ways to give a charitable gift through your estate. Here are just a few of the options that not only allow you to give a gift to support Christ’s mission but can provide tax benefits as well.
- Retirement Accounts
- Life Insurance
A bequest is a gift of cash or property made through a will or trust. It is the simplest type of planned gift and one of the easiest to implement. A bequest has many benefits:
- Provides flexibility
- Allows you to experience the joy of giving
- Supports the Mission Initiatives
How to Name the Church in your Will or Trust
To name the church in your will or trust, we recommend the following sample language:
Bequest of Cash
I bequeath the sum of $10,000 to Stassi D. Cramm, or the successor presiding bishop of Community of Christ headquartered in Independence, Missouri.
Bequest of a Percentage of the Estate
I devise and bequeath 20 percent of the remainder and residue of property owned at my death, whether real or personal, and wherever located to Stassi D. Cramm, or the successor presiding bishop of Community of Christ headquartered in Independence, Missouri.
A gift of your retirement assets, such as a gift from your IRA, 401k, 403b, pension, or other tax-deferred plan, is an excellent way to make a gift to Community of Christ.
If you transfer your retirement accounts to non-charitable heirs upon your death, it can eat up to 70% of the principal of your account. By leaving your retirement assets to Community of Christ, you may avoid both income and estate taxes because we are not taxed on the transfer. In addition, you can continue to take withdrawals during your lifetime. You can designate all or a percentage of your retirement assets to Community of Christ and can change beneficiaries at any time.
How to transfer your retirement assets
Simply name Community of Christ as a whole or partial beneficiary of your retirement plan by using the beneficiary designation form supplied by your financial institution. There should be no charge to update your beneficiary designation.
If you plan to give through a IRA charitable rollover (also known as Qualified Charitable Distribution (QCD)), use our IRA forms.
A gift of appreciated assets is an easy way to make a gift to Community of Christ and you’ll get these potential benefits:
- Receive an immediate income tax deduction for the fair market value of the securities on the date you transfer them no matter what you originally paid
- Pay no capital gains tax on the securities you donate
- Have the satisfaction of making a significant gift now and support the mission initiative you feel passionate about
It’s easy to make your gift today by electronic transfer. Just contact us for delivery instructions.
If your life insurance policy is no longer needed or will no longer benefit your survivors, consider making a gift. By giving your life insurance policy to Community of Christ today, you can receive a charitable income tax deduction. You can then make deductible contributions each year which we may use to pay the premiums. We benefit from the proceeds of your policy.
You can also designate Community of Christ as the beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. The policy will be included in your taxable estate when you pass away, but your estate will benefit.
A cash gift is an easy way for you to make a gift and receive a charitable income tax deduction.