Contributing to St Paul’s Memorial Fund.
Building charitable giving into your estate plan is a wonderful way to extend your generosity and leave a meaningful legacy. And it’s not just for the very wealthy. In fact, there are several good ways to provide for your family while also giving to your favorite causes.
1. Make an outright gift in your will
The simplest way to include a charitable contribution in your estate is through your will. The amount you give won’t reduce your income taxes, but it could reduce your taxable estate, potentially increasing the amount you’ll be able to leave to your heirs.
2. Donate retirement assets
Donating a retirement account is another straightforward and tax-effective way to support a charity. You simply
designate the charity as the beneficiary on your account. Because the charity is exempt from both income and estate taxes, it can receive 100% of the account's value. You can then leave non-retirement assets, which don’t have the same income tax burden, to your children.
3. Make a split-interest gift
If you’d like to donate assets to a charity but retain some of the benefits of holding those assets, a gift of split interest might be a good option. With split-interest gifts, the donor opens and funds a trust in the charity's name and receives a charitable income tax deduction at the time of the transfer. Opening a trust allows the donor to retain some rights to the property and also reduces the value of his or her taxable estate. In addition, the donor may be able to avoid capital gains on the assets transferred to the trust.
Honoring a loved one with a donation to St Paul
As Christians we should be happy to give gifts, to honor a family member, friend, or fellow church member. The gift would be in celebration of an achievements or happy event i.e.(Wedding). The donation can be given for a specific mission, project that the honoree would be pleased about.