I. Planned Giving: Our Legacy

"People have made at least a start at understanding the meaning of life when they plant trees under which they know they will never sit." Adapted by David Elton Trueblood

Each generation inherits the legacy of service and giving that our church buildings represent. We have received church buildings that no single generation could afford to acquire or replace. How we care for and preserve these facilities entrusted to us will have an impact on those who succeed us.

The members of Grace Church are also beneficiaries of past Christians whose vision anticipated the need for ministry and programs to serve the congregation and larger community. These gifts came with few restrictions. They expressed their faith that God would put their gifts to good use.

Planned Giving is one expression of the wise use of the personal resources God entrusts to us. Planned Giving gives the donor a means to thoughtfully transfer resources to the next generation, and helps the church to gather the resources necessary for its mission and ministry.

What is Gift Planning?

Gift planning usually involves financial or estate planning, however, it is not reserved for the wealthy. It is a means by which anyone concerned with the wise use of his or her personal resources makes a considered choice about the ultimate disposition of their estate.

In the Book of Common Prayer (p 445), the Rector and church leaders are “directed to instruct the people, from time to time, about the duty of Christian parents to make prudent provision for the well-being of their families, and of all persons to make wills, while they are in health, arranging for the disposal of their temporal goods, not neglecting, if they are able, to leave bequests for religious and charitable purposes.”

Gift planning establishes a way for a donor to provide for family members while remembering the church as well. It often enables the donor to provide more for his or her heirs and to make a larger gift than thought possible. A bequest to the church is deductible from the value of your estate for tax purposes.

Estate planning is more than an up to date Will/Trust. In addition to planning for custody of your children, financial arrangements for your estate, and minimizing estate taxes, your will should address your very personal needs, wants, and desires. It should also help family, friends, and advisors to interpret correctly what you want.

Have you considered

• Who will receive the family heirloom
  
• What will happen to your pets?
  
• How will your Executor know your computer passwords?
  
• When did you last review beneficiary designation on life insurance policies and retirement plans?
  

Preparing a will is a loving and responsible act for the sake of your family. It gives expression to the Christian faith and the values you live by. When one dies without a will, Connecticut law decides how the individual’s assets will be divided, without regard to the preferences or desires of the person.

How to Make A Gift to the Church

The choice of an appropriate planned gift vehicle usually provides significant tax advantages to the donor. Some of the most common are:

• Gifts of cash, securities, or other assets, such as objects of value and real estate.
  
• Bequests provide for loved ones, the church, and others through a provision in the donor's will.
  
• Life Insurance allows a large gift at small cost by giving a new or existing policy, or by designating the church a beneficiary of a policy.
  
• A Charitable Remainder Trust allows a donor to receive income for life while making a major gift to the Church; Pooled Income Fund and Charitable Gift
  

Annuity are similar vehicles for smaller gifts.

• Honor or Memorial gifts can be made through any of the above vehicles by designating the gift in memory or honor of a loved one.
  

We strongly urge that you consult with your attorney, financial and/or tax advisor when planning a gift to the Church or the Endowment Fund.

The Legacy Giving Committee is composed of parishioners some of which have professional expertise that may be of help in exploring various ways to make a planned gift to the Church.

Members are:
Sam Hinckley, Chairman
Mark Korber
Maryann Doyle
Terri Thomalla
Paul Senk

They may all be reached via the Grace Church office 860-688-1232

II. Legacy Circle

Purpose

The Legacy Circle recognizes those persons who have made documented planned gifts to Grace Episcopal Church, or to the Endowment Fund directly.

In 2007, the Vestry appointed the Legacy Giving Committee (formerly called the Planned Giving Committee) to promote substantial lifetime and testamentary gifts for the benefit of the Church. The committee established a plan to encourage members and friends to include Grace Church in their lifetime giving and estate plans. The long-term goal is to build the Endowment Fund through planned gifts, in order to sustain the church in its mission.

The Legacy Circle will be formally dedicated later in 2010. A plaque will be presented to the Church engraved with the names of the Legacy Circle members. Each year those persons who provide Grace Church with documented planned gifts will be recognized by having their names added to the plaque.

Benefits

Members of the Legacy Circle have looked beyond this life and made provision for the continuing financial support of their Christian community. They have “planted a shade tree under which they know full well they will never sit.”

The Grace Church Endowment Fund represents the desire of concerned Christians to continue their stewardship. Most active Christians give regularly during their lifetimes, and those gifts represent a grateful response to God’s goodness. Through a planned gift, one’s faithful stewardship can continue as witness to what is important to them.

How to Become a Member

A person automatically becomes a member of the Legacy Circle when he or she makes a provision for Grace Church through some form of a planned gift. Planned Gifts can be designated for the Church’s General Fund, or for its Endowment Fund. General funds are savings funds, which can be expended on the stated purpose of the fund. That is, at the direction of the Vestry, withdrawals can be made based on the Church’s (Foundation’s) spending policy. The Endowment Fund is permanently restricted. Income and capital appreciation in the Endowment Fund can be expended at the direction of the Vestry, based on the Foundation spending policy, but the historic principal –the original gifts-cannot be invaded.

For information about the Grace Church Legacy Circle, or any aspect of planned giving please contact a member of the Legacy Giving Committee.

Recognition Heading for Printed Materials/Plaque

The Legacy Circle recognizes donors who have named Grace Episcopal Church as a beneficiary in their wills, trusts, or life insurance, or who have made other forms of planned gifts such as charitable gift annuities or life estates. Below is a list of donors who have made Planned/Estate gifts to support Grace Episcopal Church through the Legacy Circle.

Barry Loucks
George and Eleanor Patterson
Alice Hansen
Marion Nicol
Frederick J. Eberle
George W. Bill
Alton O. Rose
Henry W. Clark


III. Legacy Circle Giving

There are many ways to support the needs of the Church through Planned Giving.

Cash Gifts are an easy way to contribute and save taxes. With this most flexible asset, you can designate a gift to support one or multiple needs. Subject to certain tax limits, you receive the full tax deduction for your contribution in the year you make your gift. The higher your tax bracket, the more potential you have to reduce your tax burden.

Gifts of Stocks, Bonds, or Mutual Funds that have appreciated in value can be a significant gift and help realize savings in capital gains taxes. You can also claim an income tax deduction for the full fair market value of the stock at the time of the gift. Securities that have decreased in value can also be used to make a gift. By selling shares and donating the proceeds, you can claim the loss on your income tax return and get a tax deduction for the charitable gift.

Bequests provide a way for you to remember the Church in your will and can reduce estate taxes. Your will can designate gifts of cash, property, or a percentage of the remainder of your estate.

Gifts of Life Insurance can be in the form of a new policy or the donation of a policy that is no longer needed. This is an effective way to turn a small contribution into a larger gift in the future.

Life Income Plans can be made through Charitable Remainder Trusts and Charitable Gift Annuities. Your contribution through these arrangements allows you to earn income and estate tax deductions while receiving income for life.

Gifts of Real Estate can allow for the continued use of your home or property during your lifetime, while receiving tax benefits.

Gifts-In-Kind are not direct monetary contributions but can consist of other assets including equipment, antiques, paintings, and rare books. Gifts-In-Kind may offer particular tax advantages, depending upon the specific circumstances of the donor.

Honor or Memorial Gifts can be made by family and friends to honor or memorialize loved ones or church members in a special way. For further information about charitable giving, please contact:

Grace Episcopal Church
Legacy Giving Committee
311 Broad Street
Windsor, CT 06095
860-688-1232

Click here for additonal information Grace Church Gift Language