Legacy Gifts: Gifts That Live On – Bequests & Planned Gifts To Ocean City Tabernacle
CREATE A LEGACY
Planned gifts reflect your values and demonstrate an enduring commitment to your Christian witness. Bequests, trusts, and annuities assure that your wishes are observed beyond your life while giving you maximum financial flexibility during your lifetime.
These three sample giving plans can save taxes for you and your heirs while maximizing your gift. Be sure to consult your own accountant or lawyer.
A bequest is easy– simply remembering the Tabernacle in your will– a lasting testimony of your commitment while donating resources when you no longer need them, resources that might otherwise disappear to taxes.
Any asset may become a bequest—money, real property, securities, insurance policies, or anything else of value, including retirement plans (IRAs, pensions, etc.—bequests that have extra tax advantages). Here are examples of wording used by donors to the Lake Legacy Society. You should consult with your attorney regarding your specific situation.
Specific Bequest: “I give [specific dollar amount or specific named items or property] to the Ocean City Tabernacle, presently located at 550 Wesley Avenue, Ocean City, NJ, 08226.” Some donors also mention the gift’s intended use: “for the Building Fund” or “for the Endowment.”
Residuary Bequest: “I give [specific percentage or ‘the balance’] to the Ocean City Tabernacle, presently located at 550 Wesley Avenue, Ocean City, NJ, 08226.”
With careful planning, a charitable trust or an annuity can provide both a lifetime income and immediate tax benefits for you and your family. Here is an example of one kind of trust:
A charitable trust is particularly helpful for appreciated property, such as stocks or other assets. First, you as donor create the trust and gain tax benefits. Second, the trustee invests the assets and pays an annual income to you for your life (or, for a second person’s life, also). Third, when all income rights have been satisfied, the principal of the trust is distributed to the Tabernacle or held to continue to support the ministry.
An annuity is a simpler version of the same idea. The annuity is purchased and pays a fixed percentage for the life of the annuitant (or lives of two annuitants). Payments are based on the age of the annuitant(s). With savings account interest payments low, an annuity can be a favorable alternative.
Note that appreciated stock or real estate can be transferred directly to the Tabernacle to purchase an annuity. This has the added benefit of possibly avoiding the impact of capital gains taxes should you sell the asset yourself.
For more information on how to support our mission, please contact the Tabernacle at 609.399.1915.