Planned giving is a method of including Bay Presbyterian Church in your total financial plan. Many members and church friends have chosen to make a planned gift in addition to their ongoing annual support of the Unified Budget. There are a number of planned giving alternatives including a variety of trusts. As with any kind of financial plan or activity, you should consult your estate attorney or investment adviser who can provide additional details.
Shown below are three of the most common types of planned gifts. If you have included BPC in your estate plans, we hope you will inform one of the Pastors or the church’s business office. We want to be able to recognize you for your generous intent and to make sure the gift will be appropriately stewarded.
BEQUEST
The most common form of planned giving is a gift made through a donor's will. Individuals may name Bay Presbyterian Church in their wills for a specific amount or a percent share of their estate. It is easy to include BPC in your estate plan by adding a simple codicil to an existing will or by including language in a will you are currently drafting.
Sample of Bequest Language
"I give to Bay Presbyterian Church, an Ohio nonprofit corporation, in Bay Village, Ohio ... (possible choices)
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A cash bequest of $_______;
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A stock bequest of _______ shares of common stock of ____________________ Corporation;
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A percentage (_______%) of my estate;
The residue of my estate.
I request that this bequest be used by _________________ (Name of BPC ministry) for the following purpose: ______________________________________________________ I designate that no federal estate tax or state death taxes be allocated to or paid from such bequest”
LIFE INSURANCE GIFTS
Bay Presbyterian Church may be named as the beneficiary of a life insurance policy that you continue to own. This designation is easy to accomplish and simply requires completing a change of beneficiary form from your insurance company.
A gift of whole life insurance can also be made to Bay Presbyterian Church by naming the church as the irrevocable owner and beneficiary of the policy. Gifts of life insurance policies require charitable contributions from the donor to the Church in the amount of any premiums, including unscheduled premiums, which may become due.
RETIREMENT PLANS
Individual Retirement Accounts (IRAs), Keogh plans, tax-sheltered annuities, 401(k), 403(b) and other qualified pension and profit-sharing plans can also be used to support the ministry of BPC. When a donor names Bay Presbyterian Church as a beneficiary in such a plan, the funds will usually pass to the church outside of probate and will not be taxed. It is easy to designate BPC as the beneficiary under one of these plans by requesting a change of beneficiary form from your plan provider.
For more information please contact Richard Tanner, Member of Finance Committee of Session, at 216-328-5538 or by email.
