How to Give
When considering a gift to the Trinity on the Hill Foundation, among the considerations are the timing of the gift as well as the amount. Certain gifts, such as cash and stocks, can be made at any time – and therefore, will result in immediate benefits to the missions and ministries of the church. Planned giving, on the other hand, is often used to refer to gifts that are planned now but are made at a later date (such as a bequest or estate, or even scheduling future recurring donations). This planned giving allows many to make a larger gift than would otherwise be possible. Both are generous and effective ways of ensuring Trinity on the Hill’s future vibrancy.
You can make a gift to the Trinity on the Hill Foundation 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:
Learn about each type of gift
Cash
Gifts of cash donated to the Foundation will be added to the designated endowment corpus, and thereby increase the earnings available to support that endowment’s mission immediately upon receipt. Make a check payable to “Trinity on the Hill Foundation” and designate the appropriate endowment. You may give online HERE and specify your designated fund.
Stocks
Many donors use stocks, bonds or mutual funds to make gifts. If they have increased in value since you obtained them, there can be significant tax advantages:
- Your income tax deduction is usually based on the full market value of the securities on the date of the transfer
- You can usually avoid paying capital gains taxes that would have been due if securities had been sold.
To transfer securities, instruct your broker by letter to transfer xxx shares of yyy stock to an account in the name of Trinity on the Hill Foundation. Contact the church business administrator for information necessary to complete this transfer.
Retirement Assets
The simplest, most tax-efficient planned gift of all is made from a tax-deferred retirement plan, 401(k) plans, 403 (b) plans, and individual retirement accounts (IRAs). Assets within a retirement plan or IRA can be distributed during a donor’s life and/or upon death.
Since the money that has accumulated in these plans has never been taxed, the IRS dictates withdrawals in the form of annual Required Minimum Distributions, as well as amounts left in an estate will be subject to taxation. However, distributions from these plans to a charity such as the Trinity on the Hill Foundation will pass directly without any income taxes, ensuring that the maximum amount possible will remain as your legacy to support the future of the church’s ministries.
To make a planned gift from your retirement account, you should contact your plan administrator (this can often be done on their website), to note the beneficiary designation, typically with either a specific dollar amount or as a percentage of plan assets. Please send us a copy of your beneficiary form for our records, and contact the church’s business administrator with any questions or additional information requests.
Your 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 change by a codicil) or your revocable trust (which you may change by an amendment), you can make Trinity on the Hill Foundation the beneficiary of cash, securities, and/or other property. (If you plan to give property, please contact the church’s business administrator). You may designate a specific amount or a percentage of your estate to be given, or you may make Trinity a residual beneficiary of your will or trust (that is, a recipient of some part of the balance after payment of specific bequests, expenses, and taxes).
Your legal counsel can help you to refine the bequest language to suit your specific wishes for Trinity, including both the method for determining the amount of the donation, and also the specific endowment you wish to support. If you do decide to include the Foundation in your will, we would find it very helpful to have a copy of that portion of your will for our records.
Life Insurance
Gifts of life insurance to Trinity on the Hill Foundation allow you to receive charitable tax deductions while making a larger gift to the church than might otherwise be possible for you. Using an existing life insurance policy is a quick and convenient way to make a planned gift commitment. Ask your insurance company for a beneficiary designation form, and name “Trinity on the Hill Foundation” as a beneficiary. If you do decide to make the Foundation beneficiary of a policy, we would find it very helpful to have a copy of that beneficiary form for our records.
Trusts or Contract
There are a variety of different flexible and creative methods for an individual and family to provide a substantial gift to support the Church while also incorporating key personal considerations. Among the methods possible are Charitable Remainder Trusts, Charitable Gift Annuity, Gift of Real Estate with Life Estate Reserved, and/or Charitable Lead Trust. Your legal and financial planning advisors can help you determine if any of these options are the right approach for you and your family to consider. If you desire for the church’s involvement in these discussions, please contact the church’s business administrator.
With any donation or planned giving, please be sure to specify the endowment to which the gift will be directed, among one of the existing four endowments. Or for gifts of $25,000 or more, you may propose a new endowment be established. The church business administrator is available to assist or answer any questions you may have, and may be contacted by email or by calling 706-738-8822.
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