Other Ways to Give
Charitable IRA Rollover
If you are 70 1/2 years of age or older, the Charitable IRA Rollover allows you to make a tax-free transfer of up to $100,000 per year, directly from your IRA to charities. If you are interested, please contact Carolyn Conetta, finance manager, at ext. 21, for additional information.
Other Ways to Give
Stewardship 2011
Planned Giving*
Planned giving is your opportunity to make an enduring statement of your faith and your legacy for the programs of West Side Presbyterian Church.
There are many ways to create your legacy to West Side. Some ways, such as a gift through your will, are usually very simple. Other methods, such as using a charitable gift annuity or a charitable reminder trust, can pay you an income while a portion will be set aside for West Side.
The most common methods of planned giving are:
• Gift or bequest from your will
Gift or Bequest from your Will
Writing your will is one of the most important steps in your estate planning. Without a will directing the distribution of your estate, no assets will go to the church, no matter how important West Side was to you.
If you have a will, you should review it and update it as needed. The updates can reflect the changes in your life, as well as ensure a statement of your faith.
A bequest in your will can be written to give a percentage, a stated amount, or a residual amount.
• A percentage amount may be written as: "I leave to West Side Presbyterian Church of Ridgewood, NJ, one-half (50%) of my estate."
• A stated amount may be written as: "I leave $50,000 (fifty thousand dollars) to West Side Presbyterian Church of Ridgewood, NJ."
• A residual amount may be written as: "After expenses and stated bequests, any residual
[or remaining] amount of my estate will go to West Side Presbyterian Church of Ridgewood, NJ."
You use a charitable gift annuity to provide you with an income stream for life, in exchange for your irrevocable gift. After your life, the remainder in the charitable gift annuity will be given to the church.
The Presbyterian Foundation, as well as other firms, will work with you to structure the charitable gift annuity.† The design would include timing and amounts of payment, as well as designating the remainder amount to West Side Presbyterian Church.
It is not unusual for a retirement plan to build up, tax-free, over many years. The accounts may be Individual Retirement Accounts (IRAs), 401(k), 403(b), Keogh, and other retirement accounts. Beneficiaries of account balances will be subject to federal income tax upon distribution.
Possible estate and income taxes can result in the loss of a substantial portion of your retirement savings for your heirs. By designating West Side Presbyterian Church as beneficiary of your retirement accounts, you may be able to reduce the income and estate tax liabilities.
Also, it may be possible for you to name your Charitable Remainder Trust (see below) as a beneficiary to provide lifetime income (or income for a certain number of years) to a loved one, such as your spouse. After that person dies, or the trust expires, the balance of the trust will benefit West Side Presbyterian Church.
Life insurance policies may no longer be needed or serve the purpose for which they were originally intended, such as funding for a key person in a business, or providing for loved ones who now may not need the additional income.
Life insurance offers a few ways to make a gift. You can name West Side as a beneficiary on an existing life insurance policy. You may be able to transfer ownership of a policy to West Side Presbyterian Church.
A charitable remainder trust (CRT) is an irrevocable trust that provides payments for a single life, multiple lifetimes, or a set term of years. These payments can be made to you or other income recipients. A trust company manages the trust assets and makes the payments. After the lifetime of the payment recipient(s) or the expiration of the term of years, the remaining trust assets become available for the work of the West Side Presbyterian Church, according to your wishes.
The CRT is often funded with low-cost basis property, such as stock. The property is usually sold to create a diversified portfolio. This sale within the trust is not subject to taxes. The portfolio then pays an income to you and possibly others. There are two general types of CRTs: a unitrust, which pays a variable income to you; and the annuity trust, which pays a fixed dollar amount to you each year.
One may bequest real estate in your will to West Side Presbyterian Church. Also, it may be possible to make a gift of real estate and still retain the use of it during your lifetime. This allows you to claim a charitable deduction for the gift while retaining all the benefits, and usually expenses, of ownership. After your lifetime, the charity will have complete control of the property.
October 9th Fund
The October 9th Fund is West Side's endowment fund and is funded by bequests and other planned giving. We have had to use monies from this fund to cover budget shortfalls and operating cost increases. As a result, there is a need to rebuild the fund for future
generations. For more information on how you can include the West Side October 9th Fund in your planned giving,
please contact Carolyn Conetta at 201-652-1966, ext. 21; carolyn@westside.org.
Memorial Funds
Financial gifts are often made to West Side to memorialize a loved one or a friend. Funds can
be given for a specific purpose (e.g., a scholarship) or for
use in the church's general fund.
To make a memorial gift, please contact Carolyn Conetta at 201-652-1966, ext. 21; carolyn@westside.org.
*West Side Presbyterian Church does not provide tax, legal, or investment advice. The planned giving topics presented here are educational and not meant as an in-depth discussion. You should always seek professional asssitance and counsel, such as experienced attorneys, accounts, and investment professionals when constructing your planned giving and estate plans.
†West Side Presbyterian Church is not endorsing any particular Charitable Gift Annuity.