Choosing the right planned gift depends on your personal circumstances and financial goals.
Bequests and Estate Plan Gifts
You may make a bequest or gift through your estate by including a provision in your will or living trust, or by naming Rejoice as a beneficiary of a retirement plan or life insurance policy. The amount left to the church (or any charity) can be expressed as a dollar amount or as a percentage of the assets to be given.
Life Income Gifts
A life income gift allows you to give assets to Rejoice while providing yourself or others with income for a period of time before Rejoice is permitted to use your gift. You may make a life income gift by transferring securities, cash, or other property to a trustee. The trustee then manages the investment of the assets and pays an income to you, your designated beneficiaries, or both. Income payments continue for the beneficiaries’ lives or, in some cases, for a term of up to 20 years.
There are a two kinds of life income gifts available at Rejoice:
Charitable Remainder Unitrusts
You establish a trust from which you and/or other beneficiaries receive variable annual payments for life and/or a term of years. At the end of the term, the remainder of the trust assets go to Rejoice for the purposes you designate.
Charitable Remainder Annuity Trusts
You establish a trust from which you and/or other beneficiaries receive annual payments of a fixed dollar amount for life and/or a term of years, after which the remainder of the trust assets pass to Rejoice for the purposes you designate.
Other Types of Gifts
Charitable Lead Trusts
A charitable lead trust makes an annual payment to Rejoice for a period of years, and at the end of the term, the remaining assets go to your children or other beneficiary.
Donor Advised Funds
A donor advised fund allows you to make a tax-deductible gift to Rejoice to establish a fund today, and later advise the church on how you would like the gift used. At least half of the gift must be designated to Rejoice, and the rest may support other charities.
A bequest is a gift from your estate—a transfer of cash, securities, or other property made through your estate plans. You can make a bequest to Rejoice by including language in your will or living trust leaving a portion of your estate to the church, or by designating Rejoice as a beneficiary of your retirement account or life insurance policy.
Remembering Rejoice with a bequest from your estate will help sustain and strengthen the church in years to come. Some of the advantages of creating a bequest include:
- A bequest costs nothing now, yet gives you the satisfaction of knowing you have provided for Rejoice in the future.
- You retain control of and use of your assets during your lifetime.
- You may modify your bequest if your circumstances change.
- Gifts to Rejoice from your estate are exempt from federal estate taxes.
Making a Bequest
A bequest to Rejoice can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. To make a gift to Rejoice from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument.
Alternatively, you can designate Rejoice as a beneficiary of a retirement plan or life insurance policy. To do so, contact the retirement plan administrator or life insurance company and complete the appropriate beneficiary designation form. You can designate a specific purpose for such a gift with a separate letter prepared with assistance from the Rejoice Business Office.
Planning Your Bequest
When planning for a bequest, you will need to consider how you would like your gift to be used to benefit Rejoice—whether unrestricted in purpose or restricted to a specific ministry or purpose, and whether you would like it to be an expendable fund (to be spent when received) or an endowed fund (to last in perpetuity).
An unrestricted bequest allows the church to determine how to use the funds based on its most pressing needs. Unrestricted bequests are extremely valuable because the church can use them to flexibly meet its future needs.
A restricted bequest directs assets to a specific fund, ministry, or particular purpose, such as mortgage principle reduction. A restricted bequest may be for an expendable or endowed fund.
Expendable funds are used in their entirety, generally within a relatively short time frame. Some larger expendable gifts are used over longer periods.
Endowed funds provide income every year in perpetuity to carry out the designated purpose of the fund. Note that endowed funds have minimum required amounts. Please speak with the Rejoice Business Office if you are considering a bequest to establish an endowed fund.
Creating a Lasting Legacy
Endowed funds may be established by bequest for many purposes. Some possibilities include:
- Continuing education of staff.
- Ministry events, for example Vacation Bible School, Worship Supplies, Equipment and Instruments Purchase and Repair.
- Building Maintenance and Repair.
- Research and teaching in specific areas
- Support of other church programs, such as those in the areas of evangelism, worship, missions and outreach, and fellowship.
A fund created by your bequest can carry your name of the name of a family member or other person you wish to honor. Named funds, because of the support they offer to programs and people, are a way to share what is meaningful to you within the church community well into the future.
Note: that minimum gift amounts may be required for creating a restricted bequest, so please contact the Business Office for further information.