Gifts of Special Assets

Gifts of Special Assets

Life Insurance is another way to make a sizeable gift to the church. For example: You can purchase a new policy and make Christ Church the owner and beneficiary of the policy. This enables you to “leverage” your gift, ultimately making a much larger gift than otherwise possible. Contributions to the church to pay the ongoing premiums become tax deductible. You can make the church the owner and beneficiary of an existing policy. The current value of the policy is tax deductible, as are future premium payments. You also can make the church a partial or contingent beneficiary of an existing policy.

Retirement accounts are an easy method of remembering the church. By designating Christ Church as a whole or partial beneficiary on your IRA, 401K or other retirement account, the remainder value of the account can pass tax free to the church and avoid tax issues for your heirs upon your death. Many such accounts can be heavily taxed when left to your heirs but pass tax-free to the church upon your death. Review with your attorney or financial advisor to learn if this is an appropriate gift for you.

Real state or securities can be the source of your gift to the church. Using an Enhanced Life Estate Deed under Florida law, for example, you can deed your home, vacation home, farm, ranch, or condominium to Christ Church, yet retain full and complete control of the property and continue to live in it. You still enjoy homestead rights and creditor protection.

After your death, the property passes to the church directly without going through probate. Your inheritance and estate taxes may be reduced at the time of your death.

Gifts of appreciated real estate or securities may allow you to avoid capital gains taxes. It is important to transfer the stock or real estate to the church prior to selling it.

However, if the securities or real estate have decreased in value, you should sell the assets before making the gift, thus establishing a capital loss and a potential tax deduction.

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