Leaving a legacy gift to the ministries of Colonial Heights UMC is one way of furthering your lifetime commitment and stewardship to the Church of Jesus Christ. Remembering Colonial Heights in your will or trust or as a designated beneficiary of another asset is a wonderful way to provide support to the church's mission and ministries in the future.
Please contact our Financial Administrator, Kathy Livesay, if you have any questions
Planned Giving Options and Donor Benefits:
1. Bequest creating / benefiting an endowment or non-endowed fund
This is a great way to make a gift to charity at your death and maintain control of your assets during life. It works by designating Colonial Heights United Methodist Church as the beneficiary of your asset by will, trust, or other instrument. The benefit of this gift is an Estate tax charitable deduction, and during life, use and ownership of your property.
2. Charitable Gift Annuity (CGA) Managed by the Holston Conference Foundation
Managed by the Holston Conference Foundation- This option allows you to receive a fixed income for life, avoid capital gains tax on the sale of your appreciated property, and enjoy the benefit of tax savings from a charitable deduction. To do this, you would transfer your cash or appreciated property to our church in exchange for our promise to pay you fixed income (with rates based on your age) for the rest of your life. Your benefits include charitable tax deduction, fixed income for life, partial bypass of capital gain, possible tax-free payments.
3. Charitable Remainder Trust (CRT)
This is a way to transfer your appreciated property without paying capital gains tax. Enjoy regular income for life or a term of years, and receive the benefit of tax savings from a charitable deduction. This works by transferring your cash or appreciated property to fund a charitable trust. This trust sells your property tax-free and provides you with income for life or a term of years. Your benefits include a charitable tax deduction, income for life or a term of years, possible income growth over time, and avoidance of capital gains tax.
4. Retirement Plans (IRA, 401-K, 403-B, etc.)
This is a way to avoid possible additional taxes paid at your death. Retirement plans may push the estate value beyond the federal or state exempt amount. It works by requesting a beneficiary form from the custodian of your plan. Your benefits include avoiding having non-spousal heirs paying income tax on distributions from your retirement plan. A large portion of the retirement plan may be dissipated by the combined burden of estate and income taxes.
5. Life Insurance Plans (Term and Whole Life)
Made by gifting an existing policy you no longer need to Colonial Heights UMC. You do so by contacting your insurance agent and changing the beneficiary to Colonial Heights UMC. You will also receive an income tax deduction if the ownership of policy (not term) is changed. Your benefits include a tax benefit that may be spread out over six years. You also have the satisfaction of knowing that your policy proceeds are going to the work of the church.
6. Real Estate
If you would like to simplify your estate, avoid capital gains tax, and provide an income from a trust, this is a great option. You would transfer real estate to Colonial Heights UMC outright or fund a charitable trust. Your benefits include an income tax deduction, avoidance of capital gains tax, and provides income from trust.
