Make a Gift Through Your Will or Trust, Retirement Funds, Gift Annuities, or Insurance Policy
A planned gift is any major gift, made in lifetime or at death, as part of a donor’s overall financial or estate planning. It is a way of supporting St. Stephen’s that enables donors to make larger gifts than they could make from their income.
A planned gift can be either restricted or unrestricted. In other words, you can designate that your gift can be used only as you wish, or you can allow it to be used as the Vestry or Heritage Fund board sees fit, under the rules and procedures of that Fund.
Planned giving is a generous and effective way of ensuring St. Stephen’s future vibrancy. You can make a planned gift to St. Stephen’s in a number of tax-beneficial ways. While you should consult with your attorney or financial advisor for guidance in determining the planned gift approach that is right for you and your family, we suggest the following options:
Gifts by Will
Bequests by will to the church are exempt from federal and most state inheritance taxes. With a gift by will, your total estate value is reduced by the amount of your planned gift, reducing your overall estate tax.
By your will (which you may amend by a codicil) or your revocable trust, you can make St. Stephen’s the beneficiary of cash, securities, and/or other property. You may designate specific amounts or a percentage of your estate, or you may make St. Stephen’s a residual beneficiary of your estate, that is, a recipient of some part of the balance after payment of specific bequests, expenses, and taxes.
As you review your testamentary plans, here are three language samples for your use.
Specific Amount for General Purposes
“I give, advise, and bequeath to The Rector, Wardens, and Vestry of St. Stephen’s Episcopal Church in the City of Coconut Grove, Florida, the sum of $______ to be used at their discretion for the general objectives and purposes of said St. Stephen’s Episcopal Church.”
Percentage Amount for a Specific Purpose
“I give, and bequeath to The Rector, Wardens, and Vestry of St. Stephen’s Episcopal Church in the City of Coconut Grove, Florida, ___% of the rest, residue, and remainder of my estate, to be used at their discretion for the general maintenance of the physical facilities of St. Stephen’s Episcopal Church.”
Unrestricted Bequest to St. Stephen’s Endowment
“I give, and bequeath to The Rector, Wardens, and the Vestry of St. Stephen’s Episcopal Church in the City of Coconut Grove, Florida, ___% of the rest, residue, and remainder of my estate, to be placed in the Heritage Endowment Fund, for use at their discretion.”
These are only samples for your consideration. Your legal counsel can help you to refine the bequest language to suit your specific wishes for St. Stephen’s. If you do decide to include St. Stephen’s in your will, we would find it very helpful to have a copy of that portion of your will for our records.
Should you desire, you can also click here for the Episcopal Church Foundation’s Planned Giving Page, where you will find guidance and a format for planning and executing your gift.