Make a Lasting Difference!
July 20th, 2015 | Danielle Brossart
It could be through a gift right now, or through your will or estate plan. This information is for you to help you reach your goals and to take to your financial advisor or attorney.
At Children of Promise we are not attorneys or licensed financial planners. We do have training in planned giving and can give you helpful information, and information to take to your professionals. There are many ways to make a gift, and we want to help you make your gift in the best possible way to bless not only Children of Promise, but also the best way for your own family and others you love. We want to help you reach those goals and the information here will help. If you have questions, or ideas about making a lasting gift simply call 765.648.2114 or email Kirk Bookout.
Download our Personal Information Planner –
- ( 527 KB)
WHERE THERE IS A WILL, THERE IS A WAY. – GIVING THROUGH YOUR WILL, TRUST, OR ESTATE PLAN.
If you wish to make a gift through your will or estate plan, please use this download for information that will be helpful for your attorney :
Lasting Gift Attorney Information
- ( 410 KB)
Children of Promise is a 501c3 not for profit. Talk to us about your goals with the gift. We will answer questions, and share needed insight.
- You may decide to make a gift to Children of Promise and allow Children of Promise to focus on the greatest need. This can be through immediate gifts, or from your will or estate plan.
- You may decide to support a specific country, or need, or project. (Please call and talk with us to be sure you know all of the options, and receive any information you need for your decision.) Here are a few examples: Emergency funds (such as medical or disaster relief), unsponsored children funds, mosquito nets fund, birthday and holiday gifts.
- You may decide to make a lasting gift to the Sidney & Jean Ratzlaff Johnson Endowment. (Click here to learn more.)
EXAMPLES OF WAYS TO LEAVE A GIFT
- SPECIFIC BEQUEST FROM YOUR WILL OR ESTATE – That could mean a specific dollar amount, property, a vehicle, or home, among other items.
- PERCENTAGE – Many people prefer to leave a percentage of their estate to Children of Promise. Here are just two examples:
- Some people may consider treating Children of Promise as a child. If there are three children, the estate can be divided four ways, treating Children of Promise as part of the family.
- Some tithe their estate, and give 10% to Children of Promise.
- CONTINGENT OR BACK UP BEQUEST –If the primary beneficiary goal cannot be met, Children of Promise is in your will as the secondary beneficiary. For example, you have left your home to someone who has passed away, the secondary beneficiary could be Children of Promise who would then receive the home.
- RESIDUUM BEQUEST – That odd word simply means you put in your will that anything left over (not mentioned in your will) goes to Children of Promise.
THE BEST WAY TO GIVE
What’s the best way to give? It depends on many factors including your goals, tax advantages for your heirs, how to make the most impact with your gift, and other factors. Below are some things to consider.
- TAXES – At Children of Promise we are not professional tax advisors; following are some things to consider when talking with your financial advisor or attorney.
- CONSIDER THE BEST WAY FOR YOUR FAMILY – Many people would like to make a gift, but want to leave most of their estate to family, such as children. If you wish to leave a gift to Children of Promise and continue your love for these children, It makes sense to leave a gift to Children of Promise that would be taxed at a high rate if left to family.
- Children of Promise is a 501c3. This means we are tax exempt so the full amount goes to Children of Promise. The gift may become an estate deduction if needed. Your heirs can receive gifts that are taxed at a lower rate which benefits them the most.
- CASH – Cash is simple, straightforward and may be best for you. It can be given directly, or electronically. It may be a general gift to Children of Promise, or designated. If you are designating a gift talk to us to be sure you have the information you need for an informed decision.
- ESTATE GIFTS FROM A QUALIFIED IRA CAN HAVE TAX ADVANTAGES. – If IRA gifts are left to family members they are often taxed at a high rate. You want to make a gift to Children of Promise? Consider making it from your IRA and leaving less taxed assets to those you love.
- AN IRA ROLLOVER – If you are over 70 ½ you may wish to make a gift directly from your qualified IRA to Children of Promise. This can have tax advantages. While it cannot be deducted it is not counted as income if done properly. This may allow you to avoid some penalties that come with adjusted gross income. While it must be done properly it is simple, and may be helpful for you. Speak with us or your IRA administrator. More and more people are taking advantage of this way to give.
- GIFTS OF APPRECIATED STOCK – Appreciated stock is stock that is worth more than when you acquired it. Its value may have gone up and down many times, but if its current worth is more than the initial purchase price it is appreciated. A gift of appreciated stock means Children of Promise will receive the entire amount, and your estate or heirs avoid capital gains tax if they inherited it then sold it.
- LIFE INSURANCE – We sometimes encourage people to consider another type of gift rather than life insurance. Generally proceeds to the beneficiary from life insurance are not taxed. So leaving it to those you love is far better for them. You can leave the same amount to Children of Promise from another source that might be taxed when distributed to those you love. Yet, occasionally someone bought insurance to protect their young family, and now that’s not needed and they would consider leaving it to Children of Promise.
- GIFTS OF PROPERTY – Gifts of property can have some advantages for you and your family. For example a family has children who all have their own homes. You wish to make a gift, so leave the home to Children of Promise. We deal with the issue of selling the home taking that burden off of family. All gifts of property go through a gift acceptance committee.
- BARGAIN SALE – We purchase your property for less than its fair market value. You receive the cash and a charitable deduction for the difference between the market value and purchase price. This must be approved by our Gift Acceptance Committee.
- INCOME PRODUCING GIFTS – You wish to make a gift yet want an income stream? Income producing gifts provide an income stream, have tax advantages, and you have the joy of giving. Charitable gift annuities, and a wide variety of types of trusts are examples. These gifts are irrevocable. Call Children of Promise and talk to us for more details.
ARE THERE OTHER KINDS OF GIFTS?
Of course, simply call Children of Promise and ask for Kirk Bookout. You want to make a difference, we want to help you to do this in the best way for your situation. As always, there is never any pressure. You can be assured that we will talk with you with respect while being sensitive to your needs. The Children of Promise Donor Bill of Rights can be downloaded by clicking here:
Donor Bill of Rights
- ( 414 KB)