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Successful Wills and Bequests Programs for Congregations

Stewardship Kaleidoscope Successful Wills and Bequests Programs for Congregations Presented by Marc Carmichael R&R Newkirk Company Why Launch a Wills Program? Majority of planned gifts come from wills Simple gifts to understand and promote Any church can do it

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Successful Wills and Bequests Programs for Congregations

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  1. Stewardship Kaleidoscope Successful Wills and Bequests Programs for Congregations Presented by Marc Carmichael R&R Newkirk Company

  2. Why Launch a Wills Program? • Majority of planned gifts come from wills • Simple gifts to understand and promote • Any church can do it • Donors more likely to consider major gifts through their estate plans than during life • Starting point for a planned giving program • In the immortal words of Willie Sutton: That’s where the money is!

  3. The Bequest Prospect • Is generally a member or past member of the congregation • Has sufficient wealth to make a bequest • Is retired or nearing retirement age – but younger donors should be encouraged

  4. What Does a Bequest Prospect Look Like?

  5. Four Ages of Estate Planning? • 30s-40s are making their first wills • 50s-60s changing family situations • 65-75 age group seek income security, money management • 75+ reviewing plans for final dispositions

  6. It’s a Matter of ASKING… “Will you include our Church in your will?”

  7. NCPG Survey of Donors 2000 Where did donors first get the idea to make charitable gifts by will or trust? No. 1 answer: Publications received from the organization.

  8. Wills Emphasis Mailings

  9. Bequest Messages in Various Church Publications

  10. Obtain a Basic Wills Brochure

  11. Message to Members • You need a will • Here’s how to get a will • Review your will regularly • Here’s how to name our church in your will (include your correct legal name and sample bequest language) • Please tell us about your bequest

  12. Your Bequest Can Perpetuate Your Annual Contributions If Your $ 500 You Can $ 12,500 Annual $1,000 Perpetuate $ 25,000 Gifts $1,500 Them with a $ 37,500 Total: $2,000 Bequest of $ 50,000 $5,000 at Least: $125,000

  13. Websites • Planned giving web page should tell the world you are glad to receive bequests • Provide your church’s correct legal name

  14. Estate Planning Seminars • 75% estate planning, 25% gift planning • Lots of breaks • Rotating roundtable discussions • Individual Counseling • Famous estates

  15. LexingtonHouse (859) 277-6135

  16. Train Volunteers to Help YouAsk for Bequests

  17. Bequest Administration • List matured bequests in a Wills Journal • Request copy of decedent’s will • Establish procedures for tracking status of probate proceedings and anticipated distribution of funds • Consider bequest tracking software

  18. Registry of Bequest Expectancies • Name of donor • Address of donor • Size of bequest (or estimate) • Source of information about bequest

  19. The “Iceberg Effect” in Wills and Bequests Programs Many planned giving officers say only 25% of donors disclose bequest expectancies in advance. Anticipate that 75% of matured bequests will arrive unannounced.

  20. Goals for Your Program • Value of gifts or expectancies • Number of gifts or expectancies • Cash flow average • Visits to prospects/ seminars/other marketing/cultivation

  21. Tips from Kim Warner • Wills poster • Simple brochure • Publicize planned gifts • Include reports on endowment in mailings • Minute for mission • One or two seminars a year • Bulletin inserts on wills and bequests • Mailing reporting on results of planned gifts and their impact Presbyterian Endowment Education and Resource Network: www.peernetwork.org

  22. Do all this, and . . .

  23. Planning Estate Gifts • Outright bequests • Bequests reserving life income to family member (trust, gift annuity, pooled fund) • Contingent bequests/disclaimers • Will “substitutes” – life insurance, living trusts, IRAs, beneficiary designations on financial and brokerage accounts • All are deductible for estate tax purposes

  24. Relieve Charitable Bequests of “Death Taxes” and Other Costs

  25. Death Is a Tax Shelter…for Capital Gains Taxes Only

  26. Leave Church “Tax-Burdened Assets” • U.S. Savings Bonds • IRAs and deferred compensation • Accounts receivable • Installment payments on land sale contracts • Unpaid commissions I.R.D.

  27. Retirement Accounts:A $12 Trillion Gift Resource

  28. Taxes on Retirement Accounts • Federal Estate Tax and State Death Taxes (some states) • Federal Income Tax (IRD) • State Income Tax

  29. Bequests Beat Bonfires Bequeath ordinary income and tangible personal property to church Ted DeGrazia, artist

  30. Collectibles Make Good Bequests

  31. Outright Bequest Options • Specific $$ amount • Specific assets • Type of asset • Percentage of net value of estate • Residue of estate • Percentage of residue

  32. Who Was John Beresford Tipton? Residuary bequests can be uncertain

  33. Disclaimers Provide Flexibility • Heirs can have right to “disclaim” (turn down) all or part of a bequest and gift will pass to named charity • Possible income tax and “death tax” savings

  34. Contingent Charitable Bequests • Church benefits if original named beneficiary has already died • Possible tax savings to donor’s estate

  35. “Ultimate Contingent Beneficiary” “I outlived three husbands and everybody else in my family”

  36. Gifts through Will/Estate Plan • Outright bequests • Contingent bequests/disclaimers • Bequests reserving life income to family member (trust, gift annuity, pooled fund) • Will “substitutes” – life insurance, living trusts, IRAs, beneficiary designations on financial and brokerage accounts (POD and TOD accounts)

  37. “Deferred Bequests” Are Shared Between Charity and Family • Charitable gift annuity • Charitable remainder annuity trust • Charitable remainder unitrust • Charitable lead trust • Pooled income fund • Gift of home/farm with lifetime use retained

  38. Charitable Remainder Trusts Charities Donor, others

  39. Gifts through Will/Estate Plan • Outright bequests • Bequests reserving life income to family member (trust, gift annuity, pooled fund) • Contingent bequests/disclaimers • Will “substitutes” – life insurance, living trusts, IRAs, beneficiary designations on financial and brokerage accounts (POD and TOD accounts)

  40. Life Insurance in Gift Planning • Valuable asset for giving • No need to make or change a will • Church can receive just a portion of policy

  41. Almost Any Financial Account Can Be “Payable on Death” to Church

  42. Should a Church Write Wills?

  43. For Copies of Slides, E-Mail: Marc@rrnewkirk.com

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