legacy ministry bethlehem first united methodist church
TRANSCRIPT
Legacy Ministry
Bethlehem First United Methodist Church
What is an Endowment?
An Endowment Fund is a permanent fund or source of income for our church that contributes to the fulfillment of our church vision. The funds that are contributed to the Endowment Fund are invested in perpetuity. The proceeds of the fund are used to fund ministry for the church.
Why have an Endowment Fund?
An Endowment Fund Says That Our Church:
Believes in its future
Wishes to be guided in stewardship by the belief that all we have is from God
Wants to build a sense of permanence
Desires as a church family to be good stewards even as we expect each member to be a good steward
Wishes to go the extra mile in providing new services and programs
Wants to create a legacy for future generations
Where may I give?
Our members may designate their legacy gift to the following funds:
■ General Endowment Fund
■ Music Ministry Endowment Fund
■ Building and Grounds Endowment Fund
■ Youth Endowment Fund
■ Named fund: This may be set up in memory or honor of someone and/or for a specific purpose with a minimum contribution of $20,000
Who Manages the Endowment?
The Bethlehem First UMC Endowment is managed by the Georgia United Methodist Foundation and is overseen by the Endowment and Planned Giving Committee of the church.
Legacy Partners
The purpose of Legacy Partners is to recognize those who have made a planned gift or given to the Endowment. By allowing us to list your name, we hope that this will also be an inspiration for others to follow.
Each year, we will have an gathering of the Legacy Partners to report on our endowment and to share how we have used the proceeds. In addition, we will host a Legacy Sunday which will include a listing of your name in the bulletin.
OPTIONAL SLIDEBethlehem First United Methodist Church
Legacy Partners■ Joe and Mary Jones
■ Sam and Judy Smith
■ Alfred and Lisa Thompson
■ Tom and Patricia Young
Gifts Given Today Gifts Given After Passing
How can you give to the Endowment Fund?
Cash Stocks and Bonds Real Estate Life Insurance Savings Bonds
Cash Stocks and Bonds Real Estate Life Insurance Death Benefits Savings Bonds Bequests Charitable Trusts and Annuities Retirement Plan Assets
Gift of Peace to Family Income for Family Principal for Family
Estate Goals Health Care Charitable Legacy Reduce Probate Costs Reduce Estate Taxes
Estate Distribution
Family/Friends Church/Charity Government
Only Three Places
Why am I visiting You?
Tell my story: How I gave and why this is important to me
Asking the Leadership of the Church to give first
Will be asking the rest of the congregation to commit after _________
Prayerfully request that you consider a Legacy Gift and complete the
Confirmation Form and return it to the church by that date
Hope that Leadership Commitments will motive others in the
congregation to follow
Language for Leaving a Gift in Your Will
This is some language to help your attorney prepare your will. A carefully written will protects your estate and helps you fulfill your personal goals.1. Bequest of cash"I bequeath the sum of $10,000 to Bethlehem First United Methodist Church of Bethlehem, GA."2. Bequest of an asset“I bequeath 100 shares of stock of the Coca-Cola Company to Bethlehem First United Methodist Church of Bethlehem, GA.” 3. Bequest of a percent of the estateI devise and bequeath 20% of the remainder of my estate to my church. My estate shall mean and include [only the property in my probate estate that passes under my Will] OR [all property that I own at my death including property that passes outside my Will to a joint owner or designated beneficiary]”
4. Contingent Bequest"If my brother John Doe survives me, I devise and bequeath 20% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to John Doe. If John Doe does not survive me, then I devise and bequeath 20% of my residuary estate, whether real or personal property and wherever located to Bethlehem First United Methodist Church of Bethlehem, GA. My estate shall mean and include [only the property in my probate estate that passes under my Will] OR [all property that I own at my death including property that passes outside my Will to a joint owner or designated beneficiary.]”
5. Gift of an IRA Because income taxes must be paid on funds withdrawn from an IRA by an individual, using your IRA to make a gift to your church is very effective since your church does not have to pay the tax. You must use the official beneficiary designation form provided by the custodian of the IRA (bank, brokerage house, etc.), complete and sign the form, and deliver it to the custodian so that it is in their records. Typical language would be: “I designate the Bethlehem First United Methodist Church of Bethlehem, GA, as beneficiary of 20% of my account.” 6. Bequest to create permanent endowment fund at the GUMF to benefit church or ministry"I hereby bequeath [insert amount, percentage of the estate, or "the rest and remainder of my estate"] to the Georgia United Methodist Foundation, Inc., Norcross, Georgia ("Foundation"), its successors and assigns, for the purpose of creating a permanent endowment fund ("Fund"), which expendable distributions for the benefit of Bethlehem First United Methodist Church of Bethlehem, GA. Such fund shall be known as [insert name of fund]. I understand that the Fund shall be administered by the Trustees of the Foundation.
If you would like to set up a permanent endowment fund for your church at the Georgia United Methodist Foundation, please call toll free 1.877.220.5664 or go to www.gumf.org for complete information and documentation.
YOU CAN MAKE NOW
GIFTS YOU CAN MAKE NOWType of Gift How to Give Benefits
Make a quick and simple gift.
Appreciated Securities
Transfer stock or mutual funds to your church.
Donor avoids capital gains taxes and receives an income tax deduction; church sells shares tax-free.
Avoid capital gains tax on the sale of a home or other real estate.
Appreciated Real Estate
Donate property to your church. Immediate income tax deduction and avoidance of capital gains tax.
Make a gift that allows flexibility and your input on how funds will be distributed.
Donor Advised Fund
Create an agreement whereby the Foundation manages the assets; you and/or family members advise the Foundation regarding charitable disbursements.
Immediate income tax deduction, flexibility and an opportunity to practice philanthropy on a regular basis.
Make a significant gift with little cost to yourself.
Life Insurance Designate your church as a beneficiary. Future gift to church.
Give your personal residence or farm, but continue to live there.
Retained Life Estate
Designate the ownership of your home to your church but retain occupancy.
Charitable income tax deduction and lifetime use of your home.
Avoid taxation on retirement plan assets.
Retirement Plan Name your church as beneficiary of the remainder of the assets after your lifetime.
Avoidance of heavily taxed gift to heirs.
GIFTS YOU CAN DEFER
Your Goal Type of Gift How to Give Benefits
Defer a gift until after your lifetime.
Bequest in Will Leave your legacy and remind loved ones of your faith by tithing part of your estate to the church. A bequest can be a specific amount or asset, or a percentage of your estate. A residual bequest assigns the amount left in the estate after all other distributions have been made.
Your estate receives a tax deduction. The church receives your gift when the estate is settled.
Make a deferred gift, maintain access to assets, avoid probate.
Living Trust Donor places assets into a trust; retains control during lifetime. Foundation becomes trustee upon death of the donor, and makes distributions as directed by donor.
Privacy, flexibility, control of trust for lifetime, possible estate tax savings.
LIFE INCOME ARRANGEMENTS
Your Goal Type of Gift How to Give Benefits
Supplement income with fixed annual payments.
Charitable Gift Annuity
Enter into a contract with the Foundation. Foundation pays you fixed payments for life and distributes remainder to church and other charitable beneficiaries.
Charitable income tax deductions, fixed annuity payments for life (portion tax-free), future gift to church.
Supplement income with fixed annual payments.
Charitable Remainder Annuity Trust
Create a charitable trust that pays you a fixed income.
Charitable income tax deduction, fixed income for life, future gift to church.
Create a hedge against inflation over the long term.
Charitable Remainder Unitrust
Create a trust that pays you a percentage of the trust’s assets, valued annually
Immediate income tax deduction, annual income for life that has potential to increase.
Reduce gift and estate taxes on assets passing on to heirs
Charitable Lead Trust
Create a trust that pays a fixed or variable income to your church or ministry for a set period of time, then passes to heir
Reduces size of taxable estate; keeps property in family, often with reduced gift taxes.
The purpose of this publication is to provide general gift, estate and financial planning information. State laws govern wills, trusts and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts. Watch for tax revisions. Some types of gifts may not be available in all states. Check with your professional advisor.
What are the advantages?
Make a gift to your church and receive increased income for the rest of your life Receive current income tax deduction Receive part of each payment tax free Avoid some capital gains if funded using an appreciated asset Avoid probate costs 1 or more lives Call toll free 877.220.5664 for more information or www.gumf.org
The Georgia United Methodist Foundation can help you . . . . . .
The Georgia United Methodist Foundation works with church members to develop strategies for creating a legacy at their church. Our staff are trained to assist you in developing the most advantageous way to meet your philanthropic and personal goals.
Working with both individuals and professional advisors, we can assist you with:
Creating a personal legacy plan—integrating your core values with your financial, philanthropic and estate planning objectives
Examining whether your legacy would be enhanced by creating additional secure income
Creating a plan to minimize tax consequences for your legacy plan—and lessen the impact on your family and estate
Selecting and timing the most appropriate vehicle for your legacy plan—to ensure your results are consistent with your goals
Whatever your goals in supporting your church, the Georgia United Methodist Foundation can help you achieve your objectives in a manner that works best for you. We will help you discuss ways to provide for your loved ones and those ministries in your church which are most important to you.
Call or email us today to set up a time to talk about the priorities that will help you build your Legacy at your church. It’s free and confidential.
Georgia United Methodist Foundation, toll free 1.877.220.5664Or visit our website at www.gumf.org
Thank you!
Contact information:Visitor:___________________________ Phone:____________________ Email: ________________Visitor:___________________________ Phone:____________________ Email: ________________Committee Chair:___________________ Phone:____________________ Email: _________________Senior Pastor:______________________ Phone:____________________ Email: _________________Georgia United Methodist Foundation: Toll free: 877.220.5664 www.gumf.org
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