Ways to Give

There are many ways to leave a gift to Church of the Incarnation and receive maximum estate benefits. Each person has a different situation and no one particular estate plan fits all. Please contact your attorney or financial advisor for guidance in determining the planned gift approach that is right for you and your family.

Estate Gifts

Your estate planning decisions determine your final acts of stewardship as you move from earth to heaven. Even if you already have a plan in place, take a fresh look through the lens of your stewardship responsibility.

You believe in the missions and ministries of Church of the Incarnation, and you want to ensure that God’s work will continue here for the good of generations yet to come. You want your gift to make a difference for the work of God’s kingdom, but may be concerned about your own future financial needs and those of your family.

We understand your concerns, deeply appreciate your involvement, and will try to make it as rewarding for you as it is for the Church. We are here to help but remember you should consult with your attorney or financial advisor for guidance in determining the planned gift approach that is right for you and your family.

There are three simple ways to create a planned gift for Church of the Incarnation.

• Bequests in Wills & Living Trusts
• Gifts of Retirement Assets
• Gifts of Life Insurance

If you have questions or need more information about estate planning please complete the Information Request Form for follow-up information from the Incarnation Foundation or call Rachel Fitzgerald, Foundation Director at 214-217-5623.

The Church has also set up the Bishop Garrett Legacy Society to recognize those parishioners that have made a planned gift to the Church.

Bequests in Wills or Living Trusts

A will or living trust is a means of planning for the protection of your family and the distribution of your assets according to your wishes. In addition, through your will you can express the important values of your life by distributing assets in ways that provide ongoing support to those people and ministries most important to you. A gift in your will or living trust is one of the most straightforward ways to benefit the church in your estate plan.

By your will or your revocable trust, you can make Incarnation the beneficiary of cash, securities, and/or other property. Advantages include:

• The donor retains lifetime control over the asset.
• The gift is revocable at anytime until the date of death.
• A charitable bequest or trust distribution is deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim.

There are several accepted ways to make a bequest to Incarnation in your Will or Living Trust: You can name a specific dollar amount, you can designate a specific asset, you can define your bequest as a percentage of your gross estate, or, you can name the Church as the recipient of your residual estate.

If you already have a Will or Living Trust, you can amend them to make a gift without rewriting the entire document. An attorney can prepare a Codicil to your Will that adds a new bequest to the Church while reaffirming the other terms of your Will. Similarly, he or she can prepare an Amendment to your Living Trust to add the Church as a beneficiary.

Because it is a legal document, it is important to use the proper legal name of the entity to which you wish to make a gift. Please contact the Foundation office to ascertain the proper name to use when making your bequest.

Gifts of Retirement Assets

When you plan your estate, it may seem natural to designate a family member as your beneficiary, and use other assets to make a charitable gift. But using retirement assets to make your donation to Incarnation and leaving other assets to your heirs often enables your heirs to benefit from a reduced estate tax burden. Since Incarnation is a non-profit organization, it will not pay income tax on the distribution (nor will the gift be subject to estate tax) and therefore the entire amount is distributed to the Church.

To make such a gift, be sure to direct the gift to the Church in your plan’s beneficiary designation form – rather than through your Will. If you fail to do so, the assets will be included in your taxable estate and subject to the tax consequences of a distribution of tax-deferred assets. If you choose, you may also make Incarnation a partial beneficiary of your plan and direct the balance to your heirs.

It is important to use the proper legal name of the entity when designating a beneficiary. Please contact the Foundation office to ascertain the proper name to use on your beneficiary designation form.

Gifts of Life Insurance

A gift of life insurance passes to the Church without delay and without being subject to probate and administrative fees. There are several common ways you can use life insurance to make a gift to Church of the Incarnation.

First, policies for which the original purpose is no longer needed can be given to the Church through an irrevocable transfer. By doing so, you receive an immediate tax deduction. Upon your death, the death benefit of the policy will be paid to the Church.

A second option is to change the beneficiary of an existing policy. Simply call your life insurance representative and ask for a change in beneficiary form. You name Incarnation as a primary or contingent beneficiary of the policy. There is no cost to change beneficiaries and the process is simple. Since you retain ownership of your policy, there are no income tax benefits.

It is important to use the proper legal name of the entity when designating a beneficiary. Please contact the Foundation office to ascertain the proper name to use on your beneficiary designation form.