Planned Giving takes many forms. Any gift which is more complicated than the simple transfer of cash or a check is considered a planned gift. Most planned gifts require the involvement of various professionals; perhaps an attorney to draft or amend a will, or draft a trust agreement, a stock broker to assist with the transfer of securities, a real estate agent to assist with the transfer of real property, or an accountant to advise the donor on future tax implications of a gift arrangement. Some planned gifts are current gifts, and some are future gifts which are a part of a donor’s estate plans (bequests, charitable trusts, charitable gift annuities).
While some planned gifts can become very complicated, 80% of all planned gifts are a simple bequest in a donor’s will. CBF Foundation can help you and your professional advisors consider which types of planned gift arrangements might be most useful to help you accomplish your goals and live out your generosity. Below you will find links to frequently asked questions, and a couple of ideas to consider.
- What is a Bequest?
- What is a Charitable Remainder Trust?
- What is a Charitable Gift Annuity?
- Does CBF Foundation manage Charitable Trusts?
- Can CBF Foundation write my will?
Consider these ideas:
Tithing your Estate
Tithing, giving 10% of one’s income, is a familiar concept to most fellowship Baptists. Have you ever considered tithing your estate? Why not set aside at least 10% of your estate as a permanent endowment for your church, CBF, a CBF partner, or another ministry important to you.
Endow your Tithe
A simple bequest in your will can establish a permanent endowment to preserve your tithe to your church each year, or your annual gifts to CBF, after your lifetime! A gift of 20 x your normal annual tithe will endow enough principal to provide roughly the same annual income each year after your lifetime.
Frequently Asked Questions:
A bequest is simply a gift which is made as a part of someone’s will. It can be a gift of a specific amount of money, a specific asset, or a percentage of one’s estate. See some examples of language you can use. Your attorney can help you include a gift in your existing will, or help you draft a new will to express your generosity for loved ones, CBF, and other causes about which you care.
A charitable remainder trust is a planned giving tool which provides a life income to the donor (and/or the donor’s spouse or other heirs), a future gift to charity, and has both current and future tax benefits to the donor. A charitable remainder trust can last for a person’s lifetime, or for a specific term of years. When the trust ends the assets remaining in the trust are transferred to the charity or charities of the donor’s choice. There are many types of charitable remainder trusts, but they all have a few traits in common:
- the donor receives an immediate income tax deduction,
- the assets transferred to the trust are not part of the donor’s taxable estate,
- the donor or other designated person receives an income for life or a term of years,
- the assets remaining in the trust provide a generous gift to the charity or charities of the donors choice.
A Charitable Gift Annuity is a contractual agreement between a donor and a charity which provides a lifetime income to the donor in exchange for a current gift of cash or marketable securities. The income payment to the donor is based on the donor’s age, is partially a tax free return of principal, and is back by the full faith and credit of the charity which issues the annuity. A Charitable Gift Annuity is an attractive option for a donor who wants to make a gift but may still need some income in retirement. It provides a current income tax deduction for the donor, and is not included in the donor’s taxable estate. CBF Foundation does not offer Charitable Gift Annuities in all states. Contact a Foundation staff member for more information.
Yes. CBF Foundation can help you establish a charitable trust and can manage the ongoing administration of the trust including; investing trust assets, sending payments to life income beneficiaries, providing annual tax reporting, and making final charitable distributions. Contact a Foundation staff member for a confidential conversation and information you can provide to your legal advisors to consider how a charitable trust, or other planned gift arrangement, might fit into your plans.
No. It is important for each person to have their own attorney draft or review their will for them. While we can work with your attorney to provide sample bequest language and be sure any gift you want to make to CBF, your church, or a CBF partner is included in your will, we want you to be confident that your attorney is looking out for your interests first and foremost – not ours.