Types of Planned Gifts

The key to determining the right planned gift is to balance your wishes for yourself, your family and your charitable interests in your overall estate and financial plans. There are many ways to give planned gifts to support UMC’s critical mission.

Two powerful strategies to make a future gift through your estate are:

Bequest

A bequest is the most common planned gift. Your attorney can include bequest language in your last will and testament or living trust that directs a specific asset, total dollar amount, or percentage of your residual estate to be given to UMC. Your bequest may also include instructions for the specific use of your gift or assignment to a UMC community.

Retirement Plan Beneficiary

Most retirement plans, like an IRA, a 401(k) and a 403(b), may have a substantial impact on your taxes. By naming UMC as a beneficiary of your retirement plans, you can help save future taxes for your heirs while making a significant future gift to UMC’s mission. 

In making a bequest or retirement plan designation to UMC, you will want to include the following information in your documents:

United Methodist Communities

 3311 NJ-33

Neptune, NJ 07753

Tax ID# 22-2720958

 

Gifts that Can Give You Tax Savings Now:

Charitable Gift Annuity (CGA)

You can establish a CGA with cash or appreciated equities with a value of $10,000 or greater. In return, UMC agrees to make fixed payments to you for life. By entering into a CGA agreement, you can receive fixed payments to you and/or another person. A portion of each gift annuity payment is tax-free.

The gift annuity payout rate is based on your age(s). Rates are higher for older donors. You also receive an immediate, partial income tax deduction. When you pass on, the CGA funds go directly to UMC for its important mission.

There are many CGA options, UMC will be happy to explore them with you.

Charitable Remainder Trust (CRT)

Like the CGA, the CRT can receive a gift, generate lifetime income for you along with an immediate, partial income tax deduction. It also creates a future gift to support UMC’s critical mission.

The CRT offers many more options. It can accept a variety of assets. It can have many beneficiaries and make a gift to several charities. While a CRT seems complex, UMC has the expertise to help you understand these options and, in coordination with your advisors, create a meaningful legacy that benefits you, your loved ones and the organizations that are important to you.

Gifts of Life Insurance

You can transfer policies that are paid-in-full or partially paid to UMC as a gift and receive an immediate, partial income tax deduction. You can also name UMC as a beneficiary of any current policies that you have in place.

Life Estate

You can make a gift of your personal residence or other real estate to UMC and continue to retain full use and benefit of the property during your lifetime. In addition, you will receive an immediate, partial income tax deduction.

 

This is an overview of some common planned giving strategies. There are other, more complex options as well. Talk to your advisors. Let us know of your interest. We can help you determine  how you can join other donors who are members of The Wesleyan Society.

To learn more about supporting United Methodist Communities through a planned gift, Pam Senatore, Philanthropy Assistant, at 732-922-9802 x2121 or psenatore@umcommunities.org

Thank you for considering UMC in your estate and legacy plans.