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Planned Giving

Planned Giving

In addition to your will, there are several valuable planning tools you can also use to benefit a favorite ministry or organization, such as Wheat Ridge Ministries, or to support your local church.  Many of these vehicles can also benefit you by providing you income for life along with favorable tax benefits.

Find out more about charitable gift-planning, read and sign-up for our Personal Finance eNewsletter, use gift-planning calculators and much more...
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Planned Giving Vehicles

Wheat Ridge Ministries Circle of Hope Membership


Charitable Bequest

Through your will or trust you may give:.

  • A percentage of your estate
  • A specific dollar amount
  • A specific piece of property or the residue of your estate

Benefits

  • Simple method
  • Estate receives charitable deductions
  • Minimizes state taxes

Testamentary charitable gifts or bequests are gifts made by naming Wheat Ridge Ministries in the donor’s will or trust. The gift or bequest is payable according to the terms of the document.

Bequests may provide for a specific dollar amount in cash or specific securities or real property. A gift in any amount may be accepted as a contribution to an existing fund, so long as the terms and conditions of the existing fund permit.

For specific bequests the following language is recommended: “I hereby give and bequeath $____ from my estate to Wheat Ridge Ministries, for its general purposes. Wheat Ridge Ministries is a Colorado not for profit corporation with its primary address at One Pierce Place, Suite 250E, Itasca, IL 60143. Its FEIN number is 84-0404924.”

For a remainder gift the following language is recommended: “I give and bequeath all (or __%) of the rest, residue and remainder of my estate to Wheat Ridge Ministries, a Colorado not for profit corporation, Itasca, Illinois for its general purposes.”

Donors to Wheat Ridge Ministries are advised that if restrictions are placed upon bequests, these should be drafted as broadly as possible to avoid restricting the funds unduly. We suggest that the following clause be added to gifts that carry restrictions: “If in the opinion of Wheat Ridge Ministries all or part of the funds cannot be applied in strict conformance with the purposes previously stated, Wheat Ridge, in its sole discretion may use these funds for other appropriate purposes as nearly aligned to the original intent of the donor as good conscience and need dictate within the authorized powers of Wheat Ridge Ministries.”

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Life Insurance

By naming a favorite ministry or charitable organization as a prime or partial beneficiary of life insurance proceeds, you can make a significant charitable gift to Wheat Ridge Ministries or other ministries.

Benefits

  • It is simple and easy to execute.  Just call your life insurance representative and they will help you complete the proper forms.
  • You receive an immediate charitable deduction for premium payments related to a charitable death benefit.
  • You may use either cash or publicly traded securities for premium payments.

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Retirement Plan Assets

Retirement plan assets remaining from your retirement fund provide an excellent source for charitable giving.  A gift of these assets to a favorite ministry or charity can actually increase the amount of your estate that is available to your heirs.

Benefit

  • Retirement plan assets are subject to several punishing taxes that can be diminished through a charitable gift.

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Life Estate Agreement

A life estate agreement is an arrangement whereby you transfer title to a personal residence, farm or yacht to charity while retaining the right to occupy and otherwise enjoy the full use of the property for your choice of a term of years or the lifetime of one or more individuals.

Benefits

  • An immediate charitable income tax deduction
  • Avoidance of probate for the transfer of the gifted asset

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Donor Advised Fund

A fund held by a community foundation or other public charity, such as Wheat Ridge Ministries, where the donor, or a committee appointed by the donor, may recommend eligible charitable recipients for grants from the fund.  The public charity's governing body must be free to accept or reject the recommendations.

Benefits

  • You receive an immediate charitable income tax deduction.
  • You may make gifts of varying amounts to several different ministries.
  • You may make gifts over a several-year period.

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Charitable Gift Annuity

A charitable gift annuity is a simple written agreement through which you make a gift of cash and/or securities for the benefit of your favorite ministry or charity, like Wheat Ridge, and receive, in return, guaranteed payments for life, backed by the assets of the offering party.

Benefits

  • An immediate charitable tax deduction.
  • On gifts of securities, payment of high capital gains taxes are, or may be, deferred.
  • Competitive rates of return, likely higher than CDs, treasury bills, or money market funds.

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Charitable Remainder Trusts

Through a charitable remainder annuity trust or a charitable remainder unitrust, your gift(s) are converted to ongoing income payments made to you for a lifetime or term up to 20 years.  At the end of the trust, the remainder will benefit the ministries or charities you designate.

An annuity trust consists of a one-time gift with a percentage payout fixed at the time of the gift.  With a unitrust, you can make multiple gifts.  The income you receive is then calculated annually using a set percentage rate and the value of your trust's assets.  This may increase or decrease depending on the value of the trust's assets.

A testamentary trust, upon your death, provides an income to a surviving spouse or other named person for life or term of years, and then benefits the ministries or charities you designate.

Benefits

  • An immediate charitable tax deduction.
  • On gifts of securities, payment of high capital gains taxes are deferred.
  • Competitive rates of return, likely higher than CDs, treasury bills, or money market funds.
  • By using retirement assets to fund a testamentary charitable trust, you may be able to bypass estate taxes and reduce income taxes.

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Charitable Lead Annuity Trust

With a charitable lead annuity trust you can designate your favorite charities or ministries to receive a regular, fixed amount from a trust you create for a specified time period (or for the lifetime of a designated person).  After the term of the trust, the remainder passes on to your designated heirs or non-charitable beneficiaries.

Benefit

  • Gift and estate taxes can be minimized, preserving more wealth for your heirs.

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