Ways to Make a Legacy GiftLegacyAcorn

A gift of any size is significant. The best gift is one that is appropriate for your particular circumstances.  A Legacy Gift can be structured to benefit the donor or Westminster during the donor’s lifetime, or, to benefit Westminster at the death of the donor (some examples are listed below):

  • Bequest in your will  A bequest is the simplest and most common type of Legacy Gift, for example:  “I give and bequeath to Westminster Presbyterian Church at 1200 Marquette Avenue, Minneapolis, Minnesota, 55403, the sum of $______  OR ____ percent of my remaining estate, for Westminster Presbyterian Church’s Endowment Fund.” 
     
  • Charitable Gift Annuity* A gift of $10,000 or more is invested and the donor receives a guaranteed payment for life based on the donor’s age at time of gift. 
     
  • Insurance An existing or a new insurance policy may be donated.
     
  • 401K Retirement Benefit Plans and IRAs Benefit plans and IRAs donated to Westminster may provide important tax savings to the donor.
     
  • Stocks, bonds, real estate, and property  Property that has appreciated allows a tax deduction for the current market value without incurring tax on the capital gain.

* Gift plans that pay life income are usually administered for Westminster Church by the Presbyterian Church (USA) Foundation.  

Make a Gift Directly from your IRA if you're over 70 ½
Did you know that if you are over 70 ½ years old, you are allowed to make a charitable contribution to Westminster using your IRA’s required distribution, without tax on that distribution?

This provision in the IRS tax code may be advantageous as you plan for contributions to Westminster in 2009. The provision was included in the Pension Protection Act of 2006 and extended by legislative action on October 3, 2008. It allows taxpayers over the age of 70 ½ to contribute funds to a qualified charity (such as Westminster) from an IRA without paying income tax on the distribution. These contributions count toward required minimum distribution requirements, however, certain restrictions and qualifications apply.

Westminster members are encouraged to discuss this information with their tax advisors prior to making any decisions. Remember, the opportunity to complete a gift to Westminster under this provision is currently in effect for gifts in 2009 only.