07 Oct How Planned Giving Can Benefit You and Mission UpReach
By Dr. Robert Stephens, Retired President of the Bernard McDonough Foundation and Ohio Valley University
My wife, Ridglae, and I are long-term supporters of Mission UpReach and continue to be amazed at all that is being accomplished by Phil, Donna and their coworkers in Honduras. We decided a couple years ago to set up a planned gift that would benefit their mission work now and in the future.
Many are not aware of the benefits of planned giving for the donor and for the recipient charity. Certain planned gifts can provide tax write-offs, the avoidance of capital gain taxes on appreciated assets, and potential income to the donor. In our situation, we avoided capital gains on appreciated stock and received a nice charitable deduction toward our income tax while at the same time benefitting Mission UpReach. It was a true “win – win”. The following are some of the more popular planned giving instruments that you might consider to partner with Mission UpReach:
BEQUEST – A bequest is a gift made by naming Mission UpReach in your will. You can provide a child’s portion or name a specific amount that would be distributed after your death.
LIFE INSURANCE – Simply purchase a life insurance policy naming Mission UpReach as the beneficiary.
CHARITABLE GIFT ANNUITY – This instrument can provide you income for life with the possibility of eliminating capital gains tax when you donate appreciated assets, such as stock. With a charitable gift annuity, you have the potential to take a partial income tax deduction when you fund the annuity. Part of your gift will be used by Mission UpReach immediately and part of the gift is set aside in a reserve account to be invested to support your future income payments.
CHARITABLE REMAINDER TRUST – The CRT is similar to the CGA in benefits to the donor with the difference being you receive income for life or a certain period of time but, at the conclusion, the remainder of the trust would be distributed to Mission UpReach.
DONOR ADVISED FUND – A donor-advised fund is a charitable giving vehicle administered by a public charity (such as a community foundation) created to manage charitable donations on your behalf. To participate in a donor-advised fund, you open an account in the fund and deposit cash, securities, or other financial assets. This is another way to avoid capital gains on appreciated assets and potentially receive a charitable tax deduction. You surrender ownership of anything you put in the fund, but make decisions concerning gifts to your preferred charities, in our situation, Mission UpReach. At your death, the remaining funds could go to a prior, specified charity.
These are just some of the more popular planned giving options that can be used to benefit you and Mission UpReach. For your specific situation, seek advice from a qualified attorney or your financial advisor. There are so many ways that you can, and have, supported Mission UpReach in its life altering work among the most vulnerable in Honduras. We know that God will bless all our efforts as we partner together to make a difference one life at a time. “For where your treasure is, there your heart will be also.” Mt. 6:21 NIV