How To Leave A Legacy  

As your circumstances and commitment permit, please consider the following options (consult with your financial or legal advisors):

1. Make a provision in your Will or Living Trust.

BENEFITS: You will leave a legacy expressing your deepest values while also removing possible taxable assets from your estate.

2. Designate Spirit Of Life Christian Ministries, Inc. as the beneficiary of a paid-up Life Insurance policy that you no longer need.

BENEFITS: You will leave a legacy and you will remove it from your estate.

3. Designate Spirit Of Life Christian Ministries, Inc. as the beneficiary of an IRA or other qualified retirement plan. Legally, you must specify the church as a beneficiary on the form provided by the owner of your plan. Indicating your intentions in your will alone is insufficient.

BENEFITS: You will leave a legacy and remove completely from your estate assets that, at the minimum, would be subject to income tax in the hands of a non-charitable beneficiary.

4. The most popular charitable trust is a Charitable Remainder Unitrust (see definition). You can establish one with Spirit Of Life Christian Ministries, Inc. as the charitable beneficiary or remainderman when the trust ends. You may also be able to utilize insurance or a wealth replacement trust to benefit beneficiaries. Average payouts range between 5% and 7%. Unlike a standard Charitable Gift Annuity, you can use marketable real estate to fund the trust. A trustee you designate will manage the trust, sell and invest the assets, and make annual distributions. You can make additional contributions.

BENEFITS: Variable income, charitable deduction, and a legacy to Spirit Of Life Christian Ministries, Inc..

5. Give marketable Real Estate outright to Spirit Of Life Christian Ministries, Inc. now - a house, farm, vacation home, etc.

BENEFITS: You will receive a significant income tax deduction, remove the property from your estate, and have the satisfaction of making a major gift in support of your religious values. You can also make such a gift through your will or trust.

6. Give marketable Real Estate now to fund a Charitable Remainder Unitrust that pays income for life, or for a period of years up to 20 years to one or more income beneficiaries. See #4.

BENEFITS: Charitable income tax deduction, total avoidance of capital gains taxes, and a legacy to Spirit Of Life Christian Ministries, Inc..

7. Establish a Life Estate agreement. You give your primary residence to Spirit Of Life Christian Ministries, Inc. now, but you will continue to live in it for the rest of your life.

BENEFITS: You receive a valuable charitable income tax deduction and leave to Spirit Of Life Christian Ministries, Inc. property it can sell to support its mission.

Be prudent. No matter the size of your estate, have a Will and/or Living Trust.

Update it periodically as your interests, resources, and family situations change.

If you move to another state, re-examine your Will because laws vary from state to state.

Retain an attorney experienced in Wills and estate planning matters to assist you.

Besides contributing cash and property such as marketable real estate, giving appreciated securities outright or to fund gift annuities and charitable trusts offer tax-favorable advantages.

You can amend your will without re-writing the whole document. This is called a codicil. See your attorney.

Charitable Remainder Trust - An arrangement in which property or money is donated to a charity, but the donor (called the grantor) continues to use the property and/or receive income from it while living. The beneficiaries receive the income and the charity receives the principal after a specified period of time. The grantor avoids any capital gains tax on the donated assets, and also gets an income tax deduction for the fair market value of the remainder interest that the trust earned. In addition, the asset is removed from the estate, reducing subsequent estate taxes. While the contribution is irrevocable, the grantor may have some control over the way the assets are invested, and may even switch from one charity to another (as long as it's still a qualified charitable organization). CRTs come in three types: charitable remainder annuity trust (which pays a fixed dollar amount annually), a charitable remainder unitrust (which pays a fixed percentage of the trust's value annually), and a charitable pooled income fund (which is set up by the charity, enabling many donors to contribute). To Learn More...Click Here