LLMI partners with the ELCA Foundation in helping donors to make the best planned gifts that are possible. Many definitions of planned giving exist, but essentially these are gifts that come through a donor’s estate or utilized financial professionals in setting them up. In many cases, significant tax, estate tax and other benefits are discovered by the donor by making a planned gift. In all cases, knowing that the ministry of LLMI will be strong into the long-term future is a blessing to the donor and to this ministry.
Bequest-A bequest is made through a donor’s will and is made by naming LLMI as a beneficiary of either a fixed amount or a percentage of the residual of an estate. Many friends of LLMI consider tithing their estate to charity and include LLMI, while others adopt LLMI as an additional child, splitting their estate between the children and charity. (more)
Charitable Gift Annuity—A charitable Gift Annuity is a legal contract between the donor and LLMI (through the ELCA Foundation) that guarantees the donor a fixed income for life. The rate of return is based upon the donor’s age or the age of both spouses. There can be an immediate tax deduction for part of the gift and some of the income may come tax free to the donor. Capital gains are also avoided by placing an appreciated asset into a Charitable Gift Annuity. The donor gives up the right to the principal of the gift which is what passes to the charity on the donor’s death. (more)
Gift annuity calculator
Life Insurance—The easiest method of making a gift of life insurance is simply to make LLMI either full or partial beneficiary of an existing life insurance policy. It is also possible to transfer ownership of a policy to LLMI. (more)
IRA—Naming LLMI as full or partial beneficiary of an IRA is the simplest means to gift from an IRA. You can also buy a life insurance policy, donate it to LLMI and then pay the premium through LLMI each year as a donation. This provides a possibility for a deduction each year for the premium payment as well as a final payment to LLMI upon death.
Pooled Income Fund—This is a common trust to which many donors make contributions and retain for themselves a pro rata share of the funds earnings each year. As each beneficiary dies, the value of the fund from that person is withdrawn from the trust and paid to LLMI.
Other options: Other options include charitable lead trusts, charitable remainder trusts, and life estate gifts. Please inquire with us or with your tax and financial planners to discuss these methods.
Please consult your tax or financial advisor to determine what type of gift is best for you, as well as to learn whether you are eligible for any tax savings or other advantages. To learn more about planned giving and even to view illustrations of what is available for you, contact Rev. Mike Ward, LLMI VP of Advancement 828-209-6325 or (click here) to email Pastor Mike.