How You Can Suport First Church Unitarian Through Legacy Giving
BEQUESTS Your Will allows you to take care of your family after you are gone; it can also allow you to take care of FCU for future generations. Through a bequest, you may leave a specific dollar amount, a percentage of your estate, or specific assets such as marketable securities. This is one of the simplest legacy gifts for estates of ANY SIZE and can be accomplished with the following language as part of a will or codicil. Our federal identification number is 04-2963527.
Unrestricted Gift
I give to [First Church Unitarian], located in Littleton, Massachusetts], [___% of my estate [or the sum of $________] for its general purposes.
Restricted Gift
I give to [First Church Unitarian], located in Littleton, Massachusetts], [___% of my estate [or the sum of $________] to be used for [stated purpose]. If at any time in the judgment of [First Church Unitarian’s] Standing Committee or Trustees it is deemed impossible or impractical to carry out the above purpose, said Officers shall determine a purpose as near as possible to that description above.
SECURITIES (such as stocks or bonds) Gifts of securities can allow you to give more by allowing you to avoid paying capital gains taxes on appreciated securities. Since First Church Unitarian is tax exempt, we will be able to sell them and realize their full value.
RETIREMENT ASSETS Often, a retirement plan is a pre-tax asset and, when transferred to a beneficiary, is subject to estate tax as well as income tax. Depending on tax brackets, it is sometimes true that as much as half of the retirement assets left in your account will go to taxes instead of to heirs. Therefore, naming First Church Unitarian as the beneficiary of your qualified retirement plan can make your dollars go much farther for the things you care about. As a tax-exempt entity, First Church Unitarian would receive the entire value of the plan. Most often you simply need to name First Church Unitarian as a beneficiary on a form supplied by your planned administrator. Of course you can designate any percentage, small or large, of a Retirement Plan such as an IRA, as a bequest to FCU.
FOR THOSE OVER 73 YEARS OLD After 73 years of age, you are required to take a certain amount of money out of your retirement fund yearly (a required minimum distribution or RMD), and you are taxed on that money. However, utilizing a Qualified Charitable Distribution (QCD), beginning at age 70.5, you may transfer funds in an IRA account directly to First Church Unitarian . This transfer counts toward your RMD, and is not taxed. Current law allows up to $105,000 per donor to be given this way.
LIFE INSURANCE As with retirement assets, naming First Church Unitarian as the beneficiary of a portion, or all, of your life insurance policy is a wonderful way to give for the future life of the congregation.
Additional Options for Legacy Gifts
There are other planned gifts that might suit your estate planning goals. These require more planning and are therefore generally for larger gifts.
GIFT ANNUITIES The Unitarian Universalist Association (UUA) manages Charitable Gift Annuities on behalf of itself and other Unitarian Universalists entities, including member congregations. A charitable gift annuity (CGA) is a contractual agreement between the UUA and you. In exchange for a donation of $10,000 or more, the Association promises to pay a fixed dollar amount to you (and your partner, if so designated) for as long as you live or for a set number of years. At the end of the contract, the UUA delivers what remains of the original gift to the UU entities you have designated. Please designate a portion to the UUA(25% suggested but any amount is acceptable) to support its work supporting all UU congregations, including providing this service.
CHARITABLE REMAINDER TRUST This type of gift is very flexible in form and can be tailored to fit your situation. Some trusts are designed to handle assets that are not immediately marketable, such as real estate. Some trusts can accept only one gift transfer; some can accept an unlimited number of contributions. Some pay a fixed income, and some pay a variable amount. You, or the living beneficiaries you have named, receive income during the term of the trust and First Church Unitarian receives the remainder. Depending on how the trust is set up, you could see immediate, significant tax(income and future estate) benefits.
Your legacy gift in support of First Church Unitarian ensures that our congregation will be vibrant for generations to come.
Legacy gifts are a wonderful way to provide for the future of our beloved Congregation while making sound financial plans for yourself and your family.
Legacy gifts, sometimes called “planned gifts,” can have a tremendous impact on our Congregation’s long-term financial strength.
Legacy gifts of all sizes are important and because of tax codes, may cost you far less than you might have thought.
Roger Price, our liaison to the UUA’s Donor Relations Director, is available to answer any questions you may have. Feel free to email him at legacygiving@fculittle.org to arrange a time to discuss.
