What is a planned gift?

The Planned Giving Committee was established last year to carry out the Vestry’s goal of expanding stewardship opportunities and help secure St. Margaret’s mission and ministry into the future. The Gift Acceptance Policy was adopted by the Vestry in 2021.

Planned gifts are about leaving a legacy – or paying it forward. A planned gift typically comes from one’s total lifetime assets, while annual gifts come from one’s discretionary cash. These gifts might include equities, life insurance, real estate, personal property, retirement plan or cash.

Making a planned gift is a commitment to St. Margaret’s long-term vitality because it helps ensure the parish will have the resources necessary to meet whatever the future holds. Such gifts – regardless of size – are something anyone and everyone can do.

To find out more, contact a member of the Planned Giving Committee (John Nieman, Chris Urick, Georgie Thomas, Elaine Bielenberg, Jackie Curtis or Audrey Klein-Leach)

MOST COMMON PLANNED GIFT OPTIONS

Bequests

Bequests, whether through a Will or trust, are the most common type of planned gift. Bequests fall into four broad categories:

·        Specific bequest – leaves a specific dollar amount or item(s) of property

·        Percentage – leaves a percentage of your estate’s value to St. Margaret’s for a purpose(s) you outline

·        Residuary – leaves St. Margaret’s whatever is left in your estate after specific bequests, taxes and final expenses are paid

·        Contingent – leave all or a portion of your estate to St. Margaret’s which the parish may or may not receive depending on the occurrence of a specific but uncertain event, e.g. no remaining heirs.

Bequests can be changed at any time by having an attorney do what’s called a Codicil to your Will or an Amendment to your Trust. Although bequests can be made for any aspects of the parish’s mission, St. Margaret’s is hoping to create several endowed funds including capital improvements, support for clergy housing, and seed money for new ministries and special one-time projects.  One important effect of the long-term growth of these endowments will be to free the annual operating budget to continue to support ongoing ministry efforts.  

If you are interested in making a bequest to St. Margaret’s, please be sure and include our legal name which is St. Margaret’s Episcopal Church, Belfast, Maine and our tax ID number:  01-6047706. If you have any questions about making a bequest to St. Margaret’s don’t hesitate to reach out to a member of the Planned Giving Committee to discuss (John Nieman, Chris Urick, Georgie Thomas, Elaine Bielenberg, Jackie Curtis or Audrey Klein-Leach).

Gift Annuities 

A common type of planned gift is a charitable gift annuity which is a contract between a donor and a charitable organization. You make a gift to an annuity and receive a charitable deduction for a portion of the gift and then receive a regular payment for life based on the value of the assets given and your age. St. Margaret’s is partnering with the Episcopal Church Foundation who will administer the gift annuity. When you pass, any remaining funds in the annuity will come to St. Margaret’s. To learn more about whether a gift annuity might a good way to support St. Margaret’s and provide you with an income stream, please contact a member of the Planned Giving Committee (John Nieman, Chris Urick, Georgie Thomas, Elaine Bielenberg, Jackie Curtis or Audrey Klein-Leach).

IRA & Donor Advised Funds

IRAs are often an excellent choice to give to charity. To bequeath an IRA to St. Margaret’s you simply complete a Beneficiary Designation Form and submit to the IRA administrator. You may leave all of it, a percentage, a specific amount or make St. Margaret’s a contingent beneficiary. Major advantages to gifting IRAs to charity – you avoid heavy taxes and you can change the Beneficiary Designation Form at any time with no legal fees involved.

Many people have Donor Advised Funds. These vehicles allow people to make a charitable gift to the Donor Advised Fund, receive a tax deduction in the year of the gift and then decide which charity(ies) are to receive the funds at a later time. 

Many Donor Advised Funds allow one successor generation to make grant recommendations after the donor’s passing, but it’s important to remember to name successor charitable organizations to receive the funds after the advising period is complete. Naming successor charitable organization – like St. Margaret’s – is as simple as completing a form, which can be changed at any time with no cost involved. If you have any questions about leaving all or a portion of an IRA or Donor Advised Fund to St. Margaret’s don’t hesitate to contact a member of the Planned Giving Committee (John Nieman, Chris Urick, Georgie Thomas, Elaine Bielenberg, Jackie Curtis or Audrey Klein-Leach).

Charitable Trusts

Charitable Remainder Trust – You receive income for life or a limited number of years. Any remaining funds when the trust terminates will come to St. Margaret’s to support its work and mission.

Charitable Lead Trust – Supports St. Margaret’s for a number of year and when the trust terminates the remaining assets go to children or grandchildren in a tax-efficient manner.

Other Options 

·        Life Insurance

·        Retained Life Estate

·        Real Estate

·        Appreciated Securities