planned-giving

“Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you.”  - Luke 6:38

As a recipient and steward of God’s bountiful gifts, you have an obligation and opportunity to share and return those gifts, providing support to God’s church and ministries beyond your lifetime.

LIFE INSURANCE

Life insurance can play a very creative role in gift planning.  By using life insurance, you may be able to make a charitable gift much larger than you ever thought possible.

Name Sharon Presbyterian Church as Beneficiary:

For a new or existing policy, you can name Sharon Presbyterian Church as a sole or primary beneficiary, partial beneficiary, or as an alternate beneficiary, that is, someone to receive the proceeds of the policy if the first or second person you name predeceases you.  In this case, you retain ownership of the policy and have access to the policy’s cash value.  You also have the right to change beneficiaries.  No income-tax deduction is allowed.  However, your estate will receive a charitable deduction.

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Make Sharon Presbyterian Church as Owner:

You can make the church owner of a new or existing life insurance policy.  By making Sharon Presbyterian owner and continuing to pay the premiums, you are allowed to take a charitable deduction for those payments.  As an alternative, gifts of the amount of the premiums could be made to Sharon Presbyterian with Sharon Presbyterian paying the premiums. As long as the church is not under any obligation to pay the premiums with the donations, you may take a charitable deduction for those gifts. If the policy is paid up, your deduction is equal to the replacement value of the policy, unless that value exceeds the tax or cost basis.

Example: Ms. Addison always wanted to make a significant donation Sharon Presbyterian Church, but felt that she was unable to give as much as she wanted to give.  Now, Ms. Addison is 40 years of age and has decided to make this gift using life insurance.  By making annual tax deductible contribution of $855 for five years, she will have completed the funding of a $50,000 policy.  At the time of Ms. Addison‘s death, Sharon Presbyterian Church will receive the $50,000.  As requested by Ms. Addison, this money will be added to the Endowment Fund for scholarships.

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Benefits of this type of gift to You:

  • If you donate a paid-up policy, you may deduct on your taxes the approximate cash surrender value.
  • If you purchase a new insurance policy and Sharon Presbyterian Church is named the owner, you may deduct on your taxes the premiums.
  • If you donate an existing policy and continue to pay the premiums you may deduct on your taxes the approximate cash value and future premiums.
  • If you name Sharon Presbyterian Church as the beneficiary of a policy you own, there are no immediate tax benefits available, but the asset is not included in your taxable estate.

Next Steps:

Please contact us to discuss a life insurance gift. See the contact information below for details.

Contact:

Senior Pastor Rob Blumer
Email: robb@sharonpcusa.org
Phone: (704) 553-0869
Associate Pastor Ron Nelson
Email: ron@sharonpcusa.org
Phone: (704) 553-0869
Endowment and Gifts Subcomittee Members:
 
Jacqueline Boresema
Email: jrboersema@gmail.com
Tim Gilbert
Email: timgilbert@bellsouth.net

The above gift description is for informational purposes and not intended as legal or tax advice. To ensure that this form of gift is appropriate for your particular circumstances and estate planning, please consult with your professional advisers.

Last Published: May 2, 2018 2:44 PM
Steps to a Gift