Planned Giving

YEAR-END GIFTS—Year-End gifts provide a special opportunity to support First Church ministries. According to IRS regulations, all gifts must be received in the church office before midnight on December 31, or must be postmarked before the end of December, to be deducted in the current tax year. (The date written on checks does not determine the tax year in which the gift is recorded.) For further information about year-end gift possibilities, contact the church office at 469.568.1240 or contact Jenn Magill at  .

STOCKS & MUTUAL FUNDS—Stocks and mutual funds may be given directly to the church.  Securities that have been held for more than one year may enable the donor to deduct the full fair market value of the securities and avoid payment of any capital gain tax. If the securities are sold first and the proceeds given to the church, the donor will have to pay capital gain taxes to the I.R.S. By planning ahead, donors can take full advantage of the tax benefits allowed by the government. Because tax laws change, it is imperative donors contact their personal accountant for current information and assistance.

PERSONAL PROPERTY (Gifts-in-kind)—Equipment and furniture are sometimes given to the church. All gifts-in-kind must be approved by the church’s Board of Trustees. Donors are sometimes directed to ministries other than First Church, where the gifts-in-kind may be better utilized.

REAL ESTATE—Real estate may sometimes be given to the Church. Such gifts must be approved by the church’s Board of Trustees. The same tax benefits as giving appreciated securities apply to real estate. If the property has been held for more than one year, the donor can usually take an income tax deduction for the full fair market value and avoid capital gain tax on the appreciated portion of the property. It is possible that other benefits would include savings in estate taxes and avoiding probate. Tax laws change, so donors should contact their personal accountant for current information and assistance.

LIFE INSURANCE—Insurance policies can benefit the church in some circumstances. If the original purpose of a life insurance policy no longer exists, a donor can make the church the owner and beneficiary of the policy and the donor would receive a tax deduction. The deduction would be immediate, and the amount of the contribution would typically be the replacement value or cost basis of the policy. Because tax laws change, donors should contact their accountant for current information and assistance.

GIFT ANNUITIES—Donors receive an immediate tax deduction on irrevocable gifts to the church through the use of gift annuities, while receiving fixed income payments from their gift for the rest of their life. Because tax laws change, donors should contact their accountant for current information and assistance.

WILLS, BEQUESTS & ESTATE PLANNING—Wills and estate plans can provide charitable gifts to First Church, a 501(c) (3) organization. Such gifts may enable the donor to steer clear of estate taxes. A donor’s personal lawyer should be consulted to be sure accurate information is provided about the church’s specific name and address. The church office should also be notified if it is already included in a will or estate plan. Retirement plans will be considered part of an estate at death, but can also be deductible from the estate as a charitable gift, if correct planning has been completed. Because tax laws change, donors should contact their accountant and lawyer for current information and assistance.

MATCHING GIFTS—Payroll deductions and other gifts are sometimes matched by businesses, which allow their employees to make charitable gifts to 501(c) (3) organizations. Because the church is recognized by the I.R.S. as a tax-exempt organization under section 501(c) (3), donors should contact their company’s human resource, payroll, or matching gift departments to see if this option exists and to check for restrictions placed on those gifts or deductions. Because tax laws change, donors should contact their accountant for current information and assistance.

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