Legacy Gifts: Gifts That Live On – Year-end Giving, Bequests & Planned Gifts To Ocean City Tabernacle

Your support spreads the hope of Jesus Christ

From our Mission Statement, “Every day our focus is on spreading the Gospel of Jesus Christ to the Ocean City community and its many visitors. We are to go into all the world, beginning on these shores, as Christ’s ambassadors.”

STOCK TRANSFERS

You can make a big impact by donating long-term appreciated securities, including stock, bonds, and mutual funds, directly to the Ocean City Tabernacle. Compared with donating cash or selling your appreciated securities and contributing the after-tax proceeds, you may be able to automatically increase your gift and your tax deduction. For example, when you donate stock to the Ocean City Tabernacle, you’ll generally take a tax deduction for the full fair market value. This type of giving enables many people to give more than they otherwise could have by reducing their ordinary income taxes and avoiding capital gains taxes.

You can make a big difference in our ministries.

Most gifts people invest into what God is doing through the Ocean City Tabernacle to reach people and disciple them are in cash. This is understandable because it is best known method and straightforward. However, this may not be the most-cost effective or beneficial way for you to invest in us. You may be able to reach more people with God’s love, and experience significant tax savings, by giving non-cash assets. To make a securities transfer, download this Transfer Instruction Form or contact us directly.

QUALIFIED CHARITABLE DISTRIBUTIONS (QCD)

If you are over 73 and have an individual retirement account (IRA) you can give to a nonprofit like the Ocean City Tabernacle by redirecting a portion of your required minimum distribution (RMD).

If you have questions on how to do this, please contact the OC Tabernacle.

CREATE A LEGACY

Planned gifts reflect your values and demonstrate an enduring commitment to your Christian witness. Bequests, trusts, and annuities ensure that your wishes are observed beyond your life while giving you maximum financial flexibility during your lifetime.

These sample giving plans can save taxes for you now and your heirs while maximizing your gift. Be sure to consult your own accountant or lawyer.

BEQUESTS

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.”

TRUSTS

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 a 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.

ANNUITIES

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.

The Ocean City Tabernacle appreciates every form of donation to our ministry. For more information on how to support our mission, please contact the Tabernacle at 609.399.1915.