In his instructions to Timothy on various aspects of ministry, Paul includes a word about those who are not poor:
"They are to do good, to be rich in good deeds, liberal and generous, thus laying up for themselves a good foundation for the future, so that they may take hold of the life which is life indeed.
-1 Timothy 6:18-19
Planned Giving lays a foundation for the future for all concerned, givers and receivers alike. Because of its importance to the overall financial health of our church, we thank all who remember the ministries of Cathedral of Hope with a planned gift through the Legacy Fund.
We offer multiple ways in which Cathedral of Hope may be included in your planned giving.
What is a Planned Gift?
A planned gift is one you make during your lifetime, but which benefits the ministries of the Cathedral of Hope after your death. Such a gift connects you to our vibrant faith community and family. A bequest in your will or estate is the most common type of planned gift. Other types may contain benefits during your lifetime, such as:
- A charitable income tax deduction
- Tax savings on long-term capital gains
- An attractive income for life with no management responsibilities
- An income for a surviving loved one after your death
Cathedral of Hope offers the following types of planned gifts and corresponding benefits.
Wills and Bequests
provide a very simple way to make a gift that will keep on giving after your lifetime. Simple language is available to include Cathedral of Hope as a beneficiary in your will.
A Gift Annuity
is a contract whereby you transfer assets such as cash or securities to Cathedral of Hope (through the UCC Foundation) in return for lifetime annual, semi-annual or quarterly payments of a fixed amount. Thereafter your gift benefits the Cathedral of Hope. You are entitled to a charitable income tax deduction in the year you make the gift if you itemize your return, and part of your annuity payments may be tax free. If you transfer appreciated securities to fund your gift, you may have significant capital gains tax savings.
Pooled Income Fund
is a charitable trust (the UCC Foundation) in which your gift of cash and securities is combined with the gifts of other individuals and invested in a diversified portfolio of stocks and bonds, the net income of which is distributed to you based on the number of units you hold. Upon death of the life income beneficiary, the value of your units is transferred to Cathedral of Hope. You are entitled to a charitable income deduction in the year the gift is made if you itemize your return. If you transfer appreciated securities into the Fund, you may have significant capital gains tax savings.
Charitable Remainder Trusts
allow you to transfer cash, securities or other property into an irrevocable trust and receive lifetime income. Upon your death, the principal will benefit Cathedral of Hope. With an Annuity Trust you direct that a fixed dollar amount be paid to you as long as you live. With a Unitrust you can choose a flexible-income feature, specifying a percentage of the trust’s fair market value as determined annually. Upon establishing a trust, you are entitled to a charitable income tax deduction, and you can realize savings on capital gains taxes if you use appreciated property to make your gift.
Life Insurance
Gifts of life insurance offer opportunities to make substantial charitable contributions. If you have an existing life insurance policy you no longer need for family protection, you can give it to Cathedral of Hope. You simply change the beneficiary of the policy, or if you want a tax deduction, transfer ownership to Cathedral of Hope.
For more information about The Legacy Fund or to speak to someone about your gift options, please email us or call us at 214-351-1901.