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Ways of Giving - Details

Now: Outright Gifts

Gift Type Summary Goals Minimum Difficulty Next Step
Cash An outright gift of cash provides the largest deduction from your taxable income.
  • Immediate benefit to the Legacy Fund
  • Minimize gift planning
  • Full charitable deduction
  • Maximize deduction
Any Amount Easy Your discretion
Securities An outright gift made by transferring securities to the Legacy Fund, potentially provides both a tax deduction for the gift and avoidance of capital gains taxes.
  • Generous support for the Legacy Fund
  • Avoid capital gains taxes
  • Remove asset from estate
  • Maximize deduction
Any Amount Easy to Moderate To make the transfer, contact:

  1. Your financial advisor
  2. Westminster Nashville
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Income: Gifts that Pay Back

Gift Type Summary Goals Minimum Difficulty Next Step
Charitable Gift Annuity An irrevocable gift of cash or securities where you receive a predictable fixed income for life.

In exchange for your gift to the Foundation, you will receive payments for life and a portion of your gift may be made available immediately to support a mission or ministry you have selected or it could be distributed after your lifetime.

Rates: Single Life / Two Lives

EXAMPLE DIAGRAM
  • Significant support for the Legacy Fund
  • Predictable income
  • Simple contract; no donor fee
  • Immediate income tax deduction for a portion of the gift
  • Income treated as part ordinary income, part capital gains income, part tax-free
$10,000 Easy to Moderate

Consult with:

Charitable Remainder Trust An irrevocable gift of assets into a charitable trust that provides you a fixed (Annuity Trust) or variable (Unitrust) income for life or a set term. At the trust's termination, the trust assets become a generous gift to the Legacy Fund.

EXAMPLE DIAGRAM

Unitrust vs. Annuity Trust: What's the difference?
  • Significant support for the Legacy Fund
  • Potentially increase income
  • Charitable income tax deducation for a portion of the value of the gift
  • Diversify source(s) of income
  • Reduce estate taxes
$200,000
varies
Complex


Consult with:

Charitable Lead Trust Income payments are distributed to the Legacy Fund for a set period of years, after which the assets are transferred back to the grantor or the grantor's beneficiary.
  • Generous support for the Legacy Fund now
  • Removes trust assets from estate
  • Transfers assets to heirs with little or no tax
  • No deduction
$200,000
varies
Complex


Consult with:

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Later: Estate Gifts

Gift Type Summary Goals Minimum Difficulty Next Step
Bequests by Will A gift to the Legacy Fund through your will (or revocable trust) enables you to retain the asset during your life and provide significant support when you no longer require the asset. You may choose a specific value, percentage or the residual value of your estate.

Please let the Legacy Fund know your intentions.
  • Significant support for the Legacy Fund
  • No immediate cost
  • You retain the asset and its use
  • May change at any time
  • Leave a specific amount or percent
  • Federal estate tax exempt
Any
Amount or Percent
Easy Make Will or Add Codicil

Communicate with the Legacy Fund:
Westminster Nashville
Retirement Assets In some cases, retirement plans can be the best asset for a donor to leave to the Legacy Fund. Retirement assets can be taxed up to 70% upon inheritance. Naming the Legacy Fund as the beneficiary can avoid that taxation as assets can pass tax free to charitable organizations. You may reserve lower taxed assets to bequest to your heirs.
  • Significant support for the Legacy Fund
  • No estate or income taxes for the Legacy Fund.
  • Leaves other more favorably taxed assets to heirs.
Any
Amount or Percent
Easy Beneficiary Designation Form
from your plan administrator

Your advisor can help decide if this fits with your overall estate plan
Beneficiary Designations Designate the Legacy Fund as a beneficiary of an account or policy. This is a simple and inexpensive way to remember the Legacy Fund in the future. Consider:

INVESTMENT ACCOUNTS
"TOD" or "Transfer on Death": At death this designation immediately moves designated investment securities to a new owner - the Legacy Fund if you wish.*

BANK ACCOUNTS
"POD" or "Payable on Death": transfers bank account assets to the POD beneficiary. You may wish to consider a bank account not needed by heirs - to benefit the the Legacy Fund.*

LIFE INSURANCE
If your insurance policy is no longer needed, you could simply change the Legacy Fund to be the primary beneficiary of the existing policy. If your loved ones still need the security of the policy, consider listing the Legacy Fund as a contingent beneficiary.*
  • Meaningful support for the Legacy Fund.
  • Retain complete control of the asset during your life.
  • Change the designation any time.
  • Beneficiary designations can be primary, secondary or congtingent, and they can be specific amounts or a percentage of the account.
Any
Amount or Percent
Easy Beneficiary Designation Form
from your Insurance or Financial Institution

* Check with your advisor to assure that this fits with your overall estate plan
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