Planned Giving/Endowment Fund


sprout with handOur church has established an endowment fund, and we welcome gifts under wills, trusts, insurance policies, and other instruments to build this fund for the future benefit of our church. Gifts of cash or stock may also be directed to the endowment fund.

With even a small initial gift, you can create a permanent legacy. The endowment fund is intended to be a perpetual source of income in support of the church’s ministries 
and missions.

Remember: As with all financial decisions, a gift should be designed with care. When considering gifting, speak with your tax, legal, or financial advisor. The First Presbyterian Church of Yorktown does not render legal, tax, or financial advisory services.

Give Now: Outright Gifts

Gift Type Summary Goals Next Step
Cash An outright gift of cash provides a deduction from your taxable income.Gifts can be made in memory of, as well as in honor of, loved ones, making the gift even more meaningful for the giver.
  • Minimize gift planning
  • Full charitable deduction
Your discretion
Appreciated Securities An outright gift made by transferring securities to the church, potentially provides both a tax deduction for the gift and avoidance of capital gains taxes.
  • Avoid capital gains taxes
  • Remove asset from estate
To make the transfer, contact:

  1. Your financial advisor or attorney
  2. The church
    By phone: (914)  245-2186
    By email: office@fpcyorktown.org

     


Income: Gifts that Pay Back

Gift Type Summary Goals Next Steps
Living Trusts
Also called Intervivos Trust, properly drafted can be an excellent tool for estate planning and for making gifts to the church. The gift can be of any size while paying income to you and your family. Several types of trusts qualify for favorable estate tax and gift tax treatment.
  • Reduce estate taxes
  • Provide income to yourself and your family
Consult your financial advisor and attorney

 


Estate Gifts

Gift Type Summary Goals Next Step
Bequests by Will A gift to the church 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 church know your intentions.
  • You retain the asset and its use
  • May change at any time
  • Leave a specific amount or percent
  • Federal estate tax exempt
Make Will or Add Codicil, and Communicate with the church:

By phone: (914) 245-2186
Consult with your financial advisor and attorney

 

Retirement Assets In some cases, retirement plans can be the best asset for a donor to leave to the church. Retirement assets can be taxed up to 70% upon inheritance. Naming the church 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.
  • No estate or income taxes for the church.
  • Leaves other more favorably taxed assets to heirs.
Obtain a Beneficiary Designation Form from your plan administrator. Consult with your financial advisor and attorney
Beneficiary Designation Designate the church as a beneficiary of an account or policy. This is a simple and inexpensive way to remember the church 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 church 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 church. 
  • Retain complete control of the asset during your life.
  • Change the designation any time.
  • Beneficiary designations can be primary, secondary or contingent, and they can be specific amounts or a percentage of the account.
Obtain a Beneficiary Designation Form
from your Insurance or Financial Institution. Consult with your financial advisor and attorney
Life Insurance If your insurance policy is no longer needed, you could simply change the church to be the primary beneficiary of the existing policy. If your loved ones still need the security of the policy, consider listing the church as a contingent beneficiary.
  • The benefits of your life insurance policy can pass to the church free of federal estate tax
  • Beneficiary designations can be primary, secondary or contingent, and they can be specific amounts or a percentage of the account.
Obtain a Beneficiary Designation Form
from your Insurance or Financial Institution. Consult with your financial advisor and attorney
Testamentary Trusts Trusts may also be established through your will. Beneficiaries receive income for life or for a period of years and the church receives the remainder.
  • Reduce estate taxes
  • Provide income to yourself and your family
Consult your financial advisor and attorney