Moreover, in addition to tall that I have provided for the holy house, I have a treasure of my own of gold and silver, and because of my devotion to the house of my God I give it to the house of my God...
1 Chronicles 29:3
Legacy Giving
Legacy giving is a planned future donation given through a will, account beneficiary designation, or other means. A legacy gift can be a meaningful way to support the mission of our church while not affecting your current financial situation. We encourage you to prayerfully consider a legacy gift to Prince of Peace Church to impact the Kingdom for generations to come.
Beneficiary Designations
If you prefer a simple and inexpensive option, then consider using a beneficiary designation on a particular account or accounts. A beneficiary designation allows you to name a person or organization to receive proceeds from bank accounts, brokerage accounts, retirement plan assets or life insurance policies after your lifetime. This option simplifies estate planning and administration, since your account would easily transfer to whomever you designate. You also have the flexibility of designating all or a portion of your account. If choosing a beneficiary designation to make a legacy gift, there are advantages to using IRA or 401K accounts. Beneficiaries of an IRA or 401K account typically have to pay income tax on any withdrawals. Since Prince of Peace is a charity, proceeds would not be taxed.
Steps to designate an account beneficiary include:
Contact your account administrator or visit your bank.
Ask them to establish Prince of Peace Anglican Church as a beneficiary for your account. Provide them with our legal name, "Prince of Peace Anglican Church" and tax identification number, "86-1094702."
Sign your administrator's beneficiary form.
You may also want to let us know that you have made a beneficiary designation in the name of our church , so we can contact your administrator at the appropriate time and put your gift to work as you intended.
Other Legacy Giving Options
There are various other ways to create a legacy gift. Many of these options will require the help of an attorney or tax advisor, but may make sense depending on your tax situation and complexity of your estate.
Life Insurance Policy
You can donate a policy that is no longer needed or simply name Prince of Peace Anglican Church as the beneficiary.
Trust
If you have a trust, you can tailor your legacy gift as a percentage of your trust, a specific dollar amount, or a specific asset.
Will
A charitable bequest can be included in your will for a certain amount, a particular asset, or a percentage of what remains after other bequests. You can also make a contingent bequest that takes effect only in the event that a primary beneficiary passes away before you. A legacy gift bequest may be made to an existing will through a codicil or amendment.
Other Options to Consider
Retained Life Estate; Charitable Gift Annuity; Charitable Remainder Trust and Charitable Lead Trust. Although more complex, these options may provide specific tax benefits to the donor during their lifetime.
Benefits of Legacy Giving
You can customize a legacy gift to meet your personal desires and estate needs. Creating a legacy gift ensures that you have use of your assets now, while leaving a lasting legacy for the future. You also have the flexibility of making future adjustments to your legacy giving plan. A legacy gift to our church can leave a lasting remembrance of how you lived and your love for the Lord and His church. Please prayerfully consider a legacy gift to Prince of Peace Anglican Church as a meaningful way to make a lasting impact for eternity. How you choose to create your legacy gift will depend on your own particular situation. We encourage you to consult your trusted tax advisor regarding tax laws and your particular situation.