“To whom much is given of
them much will be required,” Luke 12:48.
Purpose:
Charitable planning involves a number of alternatives
to accomplish your family
financial planning goals. Planned giving programs include
a variety of gift options. The First Pres
Planned Giving Committee was established to
work with you and your
personal financial, legal, and accounting professionals
to help you structure your
individual situation in the most beneficial way for you,
your family and the church. The benefits to the church
are quite obvious but the financial and spiritual rewards
to
you and your family may not be. The committee endeavors
to help you to understand the not so obvious reasons to
include
the church in your planning.
Planned Giving Strategies
There are seven major strategies which minimize taxes, optimize
estate planning and ensure that your gifts meet your goals.
(click on the links below to view details
about each strategy):
Suggested Four
Step Planned Giving Process:
To achieve your unique charitable planned giving goals and
to minimize taxes and insure maximum security for your loved
ones an estate plan should be developed. The planning process
is usually done in four steps:
Step 1 - Evaluate
Evaluate your current situation
• Current financial statements
• Business structure
• Existing wills, trusts, etc.
Step 2 - Listen
Listen to your goals and objectives
• Your long-term retirement goals
• The needs of your family and heirs
• Your desire to impact the mission and ministry of First Pres.
Step 3 - Create
Create a customized estate design based on your goals
• Tools and strategies that will minimize your estate taxes
• Fulfill your inheritance objectives
• Instruction for the execution of your charitable wishes
Step 4 - Implement
Implement your plan by working with your legal and tax advisors
• Streamline the process
• Coordinate steps between professionals and First Pres.
• Confirm results back to you
Planned Giving Committee:
As formed by session, this committee is responsible for overseeing the administration
and investment of funds received based upon policy guidelines and for assisting
individuals and families in making designated and undesignated gifts during lifetime
and upon death. They also serve as the initial request panel for fund distributions
requests from the church’s ministry departments and committees with subsequent
Session approval:
- Gregg Doty (Moderator)
- Jim Caldwell
- Don Culver
- Lee Daniel
- Garry Gorsuch
- Fred Roecker
- Bob Stover (Staff)
Contact:
For additional information and how to get started please contact Bob Stover,
Business Manager, 303.402.6407 / bstover@fpcboulder.org.
Appreciated Real Estate and Securities
Over time many assets grow in value. Stock,
bonds,
real
estate
and
other
personal property may have appreciated well beyond your original investment.
However,
sale of the asset may trigger expensive capital gains taxes. One solution is
to give all or part of that asset to FPC. You benefit ministry and avoid taxes.
Your cost to make the gift is only what you originally paid, FOC receives the
full market value.
Back
to Strategies
Wills
It is never to early to demonstrate good stewardship
by preparing or updating your will. Think about
the legacy you wish to leave. Take care of your family
first, then seriously consider what you would like to accomplish with
your
resources after you are gone. Adding a bequest to your will is a simple
and
effective way to support the Lord’s work.
Back to Strategies
Life Insurance
Life insurance is an excellent tool for the protection
of your family in the event of death. However
there may come a time when your children are grown
or the mortgage is paid off and the investment becomes far less important
to your
family’s security. You can gift your insurance to FPC. Paid up policies
may be given to FOC as the new owner and beneficiary.
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to Strategies
Charitable
Gift Annuity
A Charitable Gift Annuity is the perfect solution for FPC members and friends
whose ultimate goal is to support the church but currently need income. If you
establish a charitable annuity designating FPC as beneficiary you will receive
regular income over your lifetime with the residual going to church. Payments
can also be set over the life of two annuitants and can start right away or be
deferred to a later start date. Usually the minimum annuity amount is $10,000.
Your annuity payments are calculated based upon your age and the age of the second
annuitant and the rate of return is usually higher than you may be now receiving
on fixed rate investments such as certificate of deposits or money market funds.
Your tax savings can be significant especially if your gift to fund the annuity
has a highly appreciated value. You will receive a current tax deduction in the
year of your gift. A portion of your annual annuity income may be a tax-free
return of principal. If your gift is appreciated property, you will avoid capital
gains taxes on the gift portion of the annuity with the remaining capital gains
spread over your life expectancy. A charitable gift annuity is easy to set up
with the signing of a standard annuity contract.
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Charitable
Trusts
A number of different irrevocable trusts, such as a charitable remainder trust,
can be established to benefit ministry at FPC while reducing your estate tax
liability. Because a trust is a legal document, you must have objective legal
and tax advise to create and fund a trust. Each trust is individually prepared
for your unique circumstance. While the FPC and the Planned Giving Committee
are more than happy to assist we recommend you have your attorney establish the
trust.
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to Strategies
Retirement
Accounts
Your IRA or other retirement plans can be donated to FPC. You can save taxes,
realize an income tax deduction and possibly an estate tax deduction.
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Life Estates
You can gift your home today, if you have no heirs to accept
it, and get an immediate tax deduction, yet still live
the rest of your life there. Other real estate may also
qualify.
Back to Strategies
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