Planned Giving: Rosewood Society
Life Insurance Policy
Life insurance policies provide several simple methods to make a planned gift. One of the great advantages in using life insurance is that, through the payment of a fairly small amount in premiums, you can assure that a large gift will be made to the Church at the time of your death.
The Church as Beneficiary of a Policy
You can name the Church as the beneficiary of all or some of the death benefit. This is revocable; therefore, you can change the beneficiary designation at any time during your lifetime.
The Church as Contingent Beneficiary
If you have a dependent whom you want to name as the primary beneficiary of an insurance policy, you can name the Church as contingent beneficiary. The Church would then receive the policy proceeds only if your primary beneficiary predeceased you.
Assignment of An Existing Policy
You may own an insurance policy that you purchased many years ago when your family was younger, but which you no longer believe your family will need. You can transfer that policy to the Church so that the Church becomes both the owner and beneficiary of the policy. At the time of your death, the proceeds would be paid to the Church. The assignment, of course, would be irrevocable. This method would provide you with some income tax advantages.
"Outright Gifts Under Your Will"
Preparation of a Will is one of the most important methods of planning the disposition of your assets after your death. In addition to providing for your family, you can use your Will to ensure that a portion of your accumulated assets can be used for the work of the Church. The gift would not take effect until after your death.
In preparing your Will, you can make an outright bequest of cash, securities, household effects, or real estate to the Church. By making a bequest, you ensure that a specific amount of money or a specific asset is given to the Church after your death.
If you want the Church to receive a certain percentage of your estate after your death, you can provide for a gift from the "residue" to be sent to the church.
As with all planned gifts, you can specify how you wish your gift to be used. For example, you can direct that it can be used for operating expenses, or you can direct that it is to be added to the Endowment Fund.
Gifts under your Will can take the following forms:
1) Bequest without Restriction
I give and bequeath one hundred (100) shares of Xerox Corporation common stock, if owned by me at the time of my death, to St. Mark's & St. John's Episcopal Church, Inc., Rochester, New York. This gift is unrestricted, and the Church may use and expend the same for the benefit of the Church in any manner deemed appropriate by the Wardens and Vestry.
2) Bequest to be Added to the Endowment Fund
I give and bequeath the sum of ___________ Dollars ($_______) to St. Mark's & St. John's Episcopal Church, Inc., Rochester, New York, to be held and administered as part of the Endowment Fund of said Church.
3) Bequest of Residue for Special Purposes
I give and bequeath twenty-five (25%) of the residue of my estate to St. Mark's & St. John's Episcopal Church, Inc., Rochester, New York to be used [for the music program] [for the youth program], etc., etc.