Legacy Giving Seminar

Bequests are an excellent choice for anyone, as they don't require any immediate financial commitment during your lifetime. This type of planned giving is straightforward and widely popular. With a bequest, individuals simply designate a nonprofit organization like Christ Church as the beneficiary.

The donation can be a specified amount of cash, a percentage of your estate, or the remaining value of your estate after other beneficiaries and organizations have received their shares. For instance, you can specify a cash donation of $10,000 to the Church, allocate five percent of your total estate or designate the remaining estate value once all other bequests have been distributed.

Charitable annuities, the second type of planned giving, involve a long-term relationship between the donor and the nonprofit organization, such as the Church in this case. Through this arrangement, both parties establish specific terms that govern the rate, amount and timing of an income stream provided to the donor throughout their lifetime.

This type of gift serves as a wise option for donors who wish to make a substantial contribution while safeguarding their income. It is particularly beneficial for those who want to secure their own retirement funds or support their children's financial future. Some donors may have already retired and seek the opportunity to enjoy a yearly income, while making a significant impact on a cause close to their hearts. For instance, imagine a donor who generously contributes $1 million in cash to the Church. The Church then invests this sum to generate capital gains, which are subsequently paid to the donor over the remaining years of their lifetime.

Charitable remainder trusts, the third type of planned giving, are commonly utilized by donors with substantial wealth. In some cases, donors may prefer not to part with their assets entirely when making a charitable gift. In such situations, there are alternative ways to contribute while still making a significant impact.

For instance, instead of making a monetary donation, donors may choose to give a piece of property they own to the Church, while retaining the right to use the property during their lifetime. Once this period concludes, the nonprofit has the option to retain or sell the property. This type of planned gift proves beneficial for donors seeking to simplify their estate settlement process and reduce estate taxes. It offers a practical solution for individuals looking to support causes close to their hearts, while preserving their assets and enjoying the benefits of their property during their lifetime.

Please familiarize yourself with the three types of planned gifts and seek financial advice from a qualified professional to determine the best option for you and your family's unique circumstances.

Donors have the opportunity to create a lasting legacy through planned giving. Whether leaving a bequest as a tribute to a family member or creating a personal legacy, planned giving allows donors to make a meaningful and lasting impact on causes they care about. While major donors can create significant impact during their lifetimes and occasionally be recognized with naming opportunities (i.e., Billy Graham Library), charitable bequests are one of the few ways that any donor can see similar recognition.

Planned gifts offer few tax benefits, depending on the type of gift. Bequests, for example, allow donors with large estates to deduct cash or asset donations from the estate's value. This deduction reduces estate taxes, benefiting the donor's heirs. It's a tax-efficient way for donors to maximize the impact of their gift while minimizing tax obligations for their heirs.

Other types of planned gifts also see significant tax benefits, like charitable remainder trusts, which are tax-exempt. When a donor makes a gift of real estate, they receive an income tax deduction equal to the value of the property and avoid capital gains taxes.

By establishing a legal contract, donors gain control over the allocation of their donations. This allows them to set specific restrictions on how the funds should be used by the nonprofit organization. From the nonprofit's standpoint, this not only ensures a future funding source but also enhances the likelihood of long-term financial stability. By empowering donors to shape the impact of their contributions, both parties benefit from a stronger partnership and shared vision.

We encourage you to consider participating in the Legacy Giving Program at Christ Church, knowing the significant benefits it offers to both donors and our nonprofit, your investment in this program has the potential to make a lasting impact and contribute to the long-term sustainability of our church.

Lisa McGee is a seasoned leader in the professional services sector with 38 years of experience. She began her career at the world's largest professional services firm, where she currently holds the position of Managing Director. Her expertise lies in providing tax compliance and consulting services to clients in the Investment Management industry, a role she has excelled in for nearly three decades. Lisa's academic and professional qualifications include a master’s degree in Taxation and certifications as a Public Accountant in Maryland, New York, and New Jersey. She is a member of the American Institute of Certified Public Accountants and several State Societies of CPAs, further cementing her standing in the field of accountancy. Lisa, along with her husband, are active members of Christ Church.

Christopher Falconer serves as a First Vice President and Senior Financial Advisor at a large financial institution and has been in the financial services industry for more than 26 years. He holds the CERTIFIED FINANCIAL PLANNER™, CFP® practitioner designation, awarded by the Certified Financial Planner Board of Standards Inc.; the Chartered Financial Consultant, ChFC® designation, awarded by The American College; and the Series 7, Series 31, Series 65, and Series 66 FINRA registrations. For seven years, he and his family have been dedicated members of Christ Church, living by the belief that it's more powerful to light a candle than to curse the darkness.

Nan Hu is a bilingual corporate attorney licensed in New York and is a member of the Association of Corporate Counsel. She currently works as a senior counsel at a PE-backed startup company on Wall Street. Nan holds an undergraduate degree in International Affairs from the George Washington University and a Juris Doctor degree from Wake Forest University School of Law. She also completed post-graduate programs at Cornell University and Harvard Business School. Nan and her husband have been members of Christ Church since 2022 and are actively serving in several ministries.

Darwin C. Jones has over 17 years of professional experience providing tax advice, transaction structuring, general business consulting, and interim CFO services to a broad client base. From 2012 until 2022, Darwin served as the National Treasurer on the Board of Directors of Omicron Delta Kappa Honor Society (a national nonprofit organization). Darwin has worked with individuals, small businesses, and large corporations with the single goal of helping his clients navigate an increasingly complex financial system. Darwin holds a graduate degree in Taxation (Long Island University) and a doctorate in Business Administration (Drexel University). He is a Certified Public Accountant and holds memberships in both the American Institute of CPAs (AICPA) and the National Association of Black Accountants (NABA).