Tax Changes for Charitable Donations
Recent changes to the nation’s tax law may affect your giving decisions. The IRA charitable rollover is back in place for 2012 and 2013, meaning that if you are 70 ½ or older, you may donate any amount (up to $100,000) from your IRA to Westminster for your annual pledge, Legacy Gift, or other donation, without having to pay income taxes on the money. Second, the estate, gift and generation-skipping tax exemptions are permanently preserved. Click here for more information, and contact your tax or financial advisor to be sure any changes you are considering are appropriate for your situation.
Spiritual Life Discretionary Fund
In April 2012, two anonymous donors made a Legacy Gift to establish the first new Permanent Endowment Program Fund in approximately 30 years, called the Spiritual Life Discretionary Fund. Its purpose is to give the Senior Pastor the ability to respond to special ideas and opportunities that he/she determines would enrich the spiritual life of Westminster members or staff; including, but not limited to, younger members, in recognition of the mantel of faith that they will carry into the future.
You are invited to contribute to this fund as part of your legacy at Westminster. Learn more here, or contact Mary Hess for more information.
A Legacy of Gratitude
“No one but God alone knows how much I love and honor that church…I want to have some little part of the work of (Westminster) after I have gone.” —Charles Thompson, Last Will & Testament, 1914
Westminster Church is pleased to provide members and friends the opportunity to make a lasting gift of gratitude through their estate. With the Legacy of Gratitude Program, we encourage members to respond to God’s grace with gratitude, help sustain the mission of Westminster, and create a legacy with a gift that reflects deeply held values.
Westminster’s endowment is the result of a tradition of careful stewardship of generous Legacy Gifts over nearly one hundred years. It plays a key role in supporting the church’s mission, ensuring the continuation of programs, and protecting the church from adverse circumstances.
A Legacy Gift most commonly takes the form of a simple bequest in a will that costs nothing during one’s lifetime but benefits Westminster at the death of the donor. It may also take the form of an annuity that pays life income, an insurance policy, trust, or a gift of stock or property. A Legacy Gift can be of any size, and often has significant tax benefits for the donor and heirs.
To create your own legacy of gratitude that will endure in perpetuity and sustain the mission of Westminster for future generations, contact Mary Hess, 612-332-3421, or one of the members of the Legacy Committee. You may also complete the Response Card and return it to Mary Hess, Westminster Legacy Program, 1200 Marquette Avenue, Minneapolis, MN 55403.
If you already have a Legacy Gift in place, please inform Mary Hess so that we may thank you and include you in the Legacy Circle.
For further information:
A Word from Tim Hart-Andersen, Pastor; Nancy Slaughter, Chair of Legacy Committee; Mary Hess, Director of Legacy Giving
Frequently Asked Questions
Legacy of Gratitude brochure
Surprising Truths about Legacy Giving October 17 presentation by Jerry Fischer, Westminster member and former President and CEO of the University of Minnesota Foundation. Watch video presentation of Surprising Truths about Legacy Giving.
"The Heart of the Giver" Westminster News, July 13, 2012
Planning Your Legacy of Gratitude Westminster News, June 5, 2009
Words for Bequest:
The bequest language for Westminster Presbyterian Church is:
“I give and bequeath to Westminster Presbyterian Church at 1200 Marquette Avenue, Minneapolis, MN, 55403 the sum of $____ or ___ percent of my remaining estate for Westminster Presbyterian Church’s Endowment Fund. Westminster's Federal Tax Identification Number is 41-0695506."
These words may be used by your attorney for inclusion in your will. Click for printable version to take to your attorney.
Note: Members are advised to consult with their own attorney or tax advisor for all financial planning decisions.
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The Legacy Committee helps Westminster members learn more about Legacy Gifts and their role in sustaining Westminster’s mission into the future. Contact Mary Hess or any member of the committee for more information.
Nancy Slaughter, Chair
Mary C. Hess: Director of Legacy Giving, 612.332.3421
Sam Cooke: Director of Administration
Tim Hart-Andersen: Senior Minister
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