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CASH AND GIFT PLEDGE
The advantage of this
method is that the actual cost of the gift (to you) is less than the total
dollar amount given to
Speak the Word Church International. You can deduct
up to 50 percent of your adjusted gross income in the year you make the
gift. Any excess over 50 percent can be deducted over the next three
years. (Future cash pledges should be made either in writing or by
means of the pledge card. Pledges cannot be claimed until the gift
is made.)
STOCKS AND BONDS
Current market conditions
have created ideal giving opportunities for these appreciated assets. If
you held the asset more than one year, you can deduct its fair market
value up to 30 percent of your adjusted gross income and owe no capital
gains taxes from its transfer to Speak the Word Church International.
REAL ESTATE
You can give private, commercial, or agricultural property to Speak the
Word Church International. If your property has decreased in value, you
should consider selling it and contributing the proceeds to receive both
capital loss and charitable gift deductions. We prefer that you contact
us during the early stages of your planning so we can jointly decide the
best use of the property by the church.
PERSONAL
PROPERTY
Works of art, vehicles, etc. are considered
gifts of personal property. Your deduction will depend on the appraised
value and how the gift will be used by the church (see appraisal and
related-use sections). Gifts of personal property will be considered only
after review with Pastor Randy Morrison.
LEAVING A FUTURE LEGACY
YOUR WILL
Your Will can
include gifts in the form of:
a. Cash, stocks, bonds,
real estate, or personal property
b.
Specified percentage of your estate
c.
Balance of your estate after family members
have been taken care of
Be sure to work closely with your attorney if you want Speak the Word
Church International to be the recipient of a future gift.
 LIFE INSURANCE
Talk with your life
insurance agent to discuss the types of insurance gifts you can make.
Insurance gifts can benefit you and Speak the Word Church International in
many ways. You can make a substantial gift with modest premium payments,
or it’s a good use of paid-up policies that are no longer needed for
family members.
RETIREMENT SAVINGS
Naming Speak the Word Church International as a beneficiary of a portion
of your retirement funds is another option. Be sure to contact the
administrator or person in charge of your IRA, Profit Sharing Account, or
other retirement plan to list Speak the Word Church International.
CREATIVE GIFTS
CHARITABLE GIFT ANNUITIES
You give Speak the Word
Church International a gift of money, stocks, bonds, or other liquid
assets, and the church will pay you or a beneficiary a fixed amount on a
regular basis until death. A large part of this income is tax-free, and
you also receive a charitable deduction for part of the gift. This is
appropriate for gifts in the $5,000 to $50,000 range.
CHARITABLE REMAINDER
TRUSTS
By
transferring assets to Speak the Word Church International to establish a
trust, you or a beneficiary receive a lifetime income. Eventually,
the remaining assets of the trust pass on to the church. This gift
works well if you need income now. This is appropriate for gifts of
$50,000 or more.
RETAINED LIFE
ESTATE
If you deed property (a
house, summer home, farm home, etc.) to Speak the Word Church
International, you and/or your spouse retain the right to live in the house
for the remainder of your life. You also receive an immediate income
tax deduction for the gift. The church will most likely sell the
property when you or spouse no longer need it.
OTHER THINGS TO CONSIDER
TAX TIP
A charitable gift to Speak the Word Church International’s
“Vision of Legacy…Vision of Faith” campaign should be made on or before
December 31 of the year in which you wish to receive the charitable income
tax deduction.
RELATED-USE REGULATIONS
If items of personal
property (including equipment) can be used by the church, you will receive
a maximum allowable deduction. If there is no related used, you receive a
smaller deduction. Contact your financial advisors for special
related-use issues in giving.
CORPORATE LIMITS
A corporation is permitted to make and
deduct philanthropic investments of up to 10 percent of its taxable
income. Excess contributions may carry over to the next five tax years.
APPRAISALS
You must obtain an
appraisal for any non-cash contribution which exceeds $5,000. The
appraisal summary section of IRS Form 8283 must be completed and attached
to your income tax return on which the deduction is claimed. No appraisal
is required for a gift of publicly-traded securities for which market
quotations are readily available on an established securities market.
GIFT STEWARDSHIP
Your gift will be used
specifically for the purpose(s) they were given and treated with the
utmost care and confidentiality per your instructions.
GIFT RECOGNITION
All gifts to the Vision of
Legacy…Vision of Faith campaign for The Dominion Centerä qualify for
appropriate levels of recognition from Speak the Word Church
International.
CONSULT YOUR TAX ADVISORS
The information provided in this document is not offered as legal advice.
For legal advice, please contact your tax attorney and tax accountant.
WHERE TO DIRECT YOUR GIFT
Speak the Word Church
International is the official recipient for all gifts to the “Vision of
Legacy…Vision of Faith” campaign for The Dominion Centerä. Checks
should be made out to Speak the Word Church International. Property
should be transferred to Speak the Word Church International, and property
should be sold in the name of Speak the Word Church International . If you
need the church tax ID number, please call 763-542-1900.
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