Remembering Deermeadows: Legacy Giving - Part 1

May 30, 2019

BY:  Ned Hamil, Chairman Deermeadows Baptist Permanent Endowment Fund Committee

Part 1

This is Part 1 in a 4 - part series presenting ideas you may want to consider in leaving a charitable gift to the Deermeadows Baptist Church Permanent Endowment Fund.

Those of us fortunate enough to be living in or near retirement often worry about having enough money to live out our days in relative financial security. The following discussion addresses situations where we have reason to believe we have sufficient money for those purposes and a potential residual estate. Some changes in the 2018 tax law work to our favor.

Leave a portion of your IRA/Pension/401(k) to the Deermeadows Baptist Permanent Endowment Fund

Many seniors have IRAs, 401(k) or Pension Plans

One of the simplest and least expensive methods to leave a charitable gift is to leave a portion of your IRA to the Deermeadows Baptist Permanent Endowment Fund by way of a Beneficiary Designation.

 Leaving a portion (%) of your IRA/401(k) to the Deermeadows Endowment Fund is easily accomplished by a simple change to ones Beneficiary Designation in the IRA/401(k) etc. Beneficiary section.  An example would be 90% to surviving spouse or children and 10% to the Deermeadows Endowment Fund. The action does not require the services of an attorney and can be changed or revised at any time by you or through your investment professional. Most plans provide for this to be accomplished “on line” at your investment site. This provides a flexible and low cost alternative to trust or other legal documents. If at some point prior to your death you want to increase, decrease or eliminate your gift to the endowment fund you may do so by way of a change in the Beneficiary section of the plan.

Under this arrangement you do not have to state an amount. The Beneficiary provision will make that calculation for you from your residual balance in your IRA at your death. This is a simple and efficient way for you to leave a gift to your church that will in no way impact money you may need for current living expenses.

See your tax, legal or investment professional for advice to see if this is a good alternative for you.

Disclaimer: This information is not to be considered as financial or investment advice. One should contact their CPA, Financial Advisor or attorney to determine if any of the techniques are appropriate for your individual situation. You may feel free to contact a member of the Deermeadows Endowment Committee for general information about the topics discussed.

CATEGORIES: Legacy Giving