The Legacy Ministry at Lizella United Methodist Church exists for the purpose of promoting our Endowment Fund. An Endowment Fund is an investment fund set up by us in which regular withdrawals from interest on the invested capital are used for operations or other specified purposes outside our annual budget. The income from the funds contributed will go to further our mission and vision.

Thank you for considering a planned gift to Lizella UMC to help ensure the future ministry of our church. We can help you determine which type of gift is the best fit for your charitable giving goals and financial objectives. Below is a description of the many ways you can give.

 

Ways to Give

(click to expand and reveal more information about each one)

Cash or Check

If you desire to contribute to Lizella UMC anytime during life, please contact our Legacy Ministry Committee to discuss your charitable intent. Donors who give during life get to see the benefits of their gifts and realize the tax benefits of giving.

 

Stock
A gift of stock is one of the easiest methods to make a gift. If the stock has appreciated, the donor not only avoids the capital gains tax on the appreciation but also receives a charitable deduction for the full fair market value of the stock at the time of contribution.
Memorial Gifts
There are several ways to memorialize those dear to you. Gifts may be made to Lizella UMC in memory of deceased persons, to honor living persons, or to commemorate anniversaries or other special events.
Retirement Plan Assets (IRA)
A retirement plan is one of the best types of assets to transfer to Lizella UMC following death because of the income tax consequence. Most inherited assets are free from income tax. However, an heir will pay income tax on disbursements from a decedent’s retirement plan such as a profit sharing plan, Section 401(k) plan or IRA. If you are going to make a charitable bequest, it is usually better to transfer assets subject to income tax to a tax-exempt charity – such as Lizella UMC – and to transfer assets not subject to income tax to heirs.

 

For a taxable estate, the combination of estate and income taxes will frequently exceed 75 percent of the total amount – even more if the generation skipping transfer taxes are triggered. At a cost to your heirs of only 25 percent of the fair market value of these types of assets, you could apply 100 percent of the assets to Lizella UMC to accomplish your specific charitable objectives. Estate taxes change, so be sure to consult an accountant.

Of course, married couples can postpone the decision by transferring the assets to the surviving spouse and claiming the marital estate tax deduction. However, since that deduction is not available to unmarried individuals and the second-to-die of married couples, a charitable bequest of pension plan assets might be the best option.

Charitable Bequests: Last Will and Testament or Living/Revocable Trust
Including a charitable bequest as a part of your will is a great way for you to provide long-term support for Lizella UMC while also effectively managing your estate. Making a charitable bequest is easy. If you want to leave a bequest to Lizella UMC, you must specifically do so in a will or trust. Your will or personal trusts are legal records of your wishes regarding how your assets should be handled at your death. Instructions regarding the dispensation of your assets are called bequests.

Charitable Bequests are not subject to estate or inheritance taxes, therefore reducing the tax burden of an estate. Charitable bequests also provide flexibility because they may be changed at any time. Your estate will be entitled to a charitable deduction for the full, fair market value of your gift. The Legacy Ministry of Lizella UMC can assist you and your attorney with standard legal language necessary to establish your charitable bequest.

General Bequest

With this type of bequest, you simply leave a specified dollar amount (e.g., $25,000) to Lizella UMC.

Specific Bequest

A bequest of this type involves the designation of specific property (e.g., a home, a farm, or shares of stock) that you want Lizella UMC to receive.

Residuary Bequest

Through a residuary bequest, Lizella UMC will receive the remainder of your estate after all liabilities and other bequests have been paid. It may augment a general or specific bequest to Lizella UMC if the size of the estate allows, or may ensure that other beneficiaries receive their bequests prior to distribution to Lizella UMC.

Percentage Bequest

You may direct that Lizella UMC receive a percentage of your estate or residuary estate. In this case, if the size of your estate changes, the bequest will change proportionately.

Contingent Bequest

It is important to anticipate a situation in which a beneficiary might die before you or choose to disclaim the property. To prepare for such an occurrence, consider naming Lizella UMC as the contingent beneficiary.

Naming Lizella UMC As Beneficiary
Perhaps a charitable gift sounds attractive but you are not ready to give up ownership of your life insurance. By naming the Lizella UMC as beneficiary only, you retain ownership of the policy; have access to the cash value and the right to change the beneficiary. If you would prefer that a member of your family remain the primary beneficiary, you can make Lizella UMC the contingent or successor beneficiary to receive the proceeds if your primary beneficiary dies before you.

Because you retain ownership of the policy, there is no charitable deduction for the value of the policy upon designation of Lizella UMC as beneficiary or for subsequent premium payments. However, any proceeds payable to Lizella UMC at your death will not be subject to federal estate tax.

Life Insurance
You may have purchased life insurance when you needed protection for your family, business or estate. In later years, you have found you no longer need that insurance. If you want to achieve immediate tax benefits, you should consider irrevocably assigning an insurance policy to Lizella UMC.

Giving life insurance as a gift to charity allows even those with modest means to leave a substantial contribution to the cause most meaningful to them. A gift of life insurance is a deferred gift, which means the proceeds from a commitment made now will be realized in the future. Donors often struggle between their desires to achieve philanthropic goals and their need to preserve their estates for their families. A gift of life insurance can eliminate this conflict.

In addition to gifting an existing life insurance policy, a new life insurance policy can be purchased from your life insurance professional naming Lizella UMC as owner and beneficiary. The initial premium payment plus subsequent insurance premium payments made by the donors are deductible as charitable contributions. A gift of insurance will not reduce your current stream of income.

Gifts in Lieu of Flowers
It may be appropriate to remember a loved one by requesting that “in lieu of flowers, the family suggests that contributions be made to Lizella UMC’s Endowment Fund.”
Donor Advised Funds
The Legacy Ministry offers Donor Advised Funds through the Georgia United Methodist Foundation as a convenient option for giving to your favorite ministry. By establishing such a fund at the Georgia Methodist Foundation, you can minimize your taxes by making charitable gifts to your fund, but decide later which charities will benefit.

The Benefits of a Donor Advised Fund include:

  • You can make a gift to your Fund at the time most convenient for you and receive an immediate charitable deduction.
  • You can decide later which charity(ies) you recommend to receive distribution, how much and when.
  • Earnings are credited and compounded tax-free so that more money may be available for your favorite charities.
  • You can pass on important values of service and caring for others by involving children or other family members in charitable gift recommendations.
  • You and others may add to your Fund any time. All gifts will be acknowledged by the Legacy Ministry, and you will be advised of contributions received.
  • You will receive an annual statement of all contributions, distributions and Fund earnings.

You can establish a Legacy Ministry Donor Advised Fund with as little as $20,000 and you may make additional contributions of any size at any time. Each gift represents an unconditional, irrevocable charitable contribution and is not refundable.

The annual distributions from Foundation Donor Advised Funds primarily benefit charitable organizations that are related to Lizella UMC. Charities that are unrelated to the United Methodist Church, but that are compatible with the Church’s mission can be considered for a portion of annual fund distributions.

Establishing your Foundation Donor Advised Fund can be as easy as filling out a form and writing a check. For more information, contact our Legacy Ministry Committee at: legacy@LizellaUMC.org

Charitable Remainder Trust
A charitable remainder trust is an efficient estate planning vehicle. It is a special type of trust that provides for and maintains two sets of beneficiaries. The first set are the income beneficiaries (you and, if married, a spouse). Income beneficiaries receive a set percentage of income for your lifetime or for a fixed term not to exceed 20 years from the trust. The second beneficiary would be Lizella UMC. Lizella UMC would receive the principal of the trust after the income beneficiaries pass away.

There are two basic types of charitable remainder trusts; one is an annuity, the other is a unitrust.

Establishing either trust is simple:

  • Cash or property is transferred to the trust.
  • The income beneficiaries receive annually an amount equal to a fixed percentage of the trust’s fair market value (unitrust) or a fixed dollar amount (annuity trust).
  • Upon termination of the trust, the assets are transferred to Lizella UMC.
  • The eventual distribution to Lizella UMC will take effect only at the death of the trust’s income beneficiaries (or at the end of the term of the trust if a fixed term is chosen for the trust).
Charitable Gift Annuity
A charitable gift annuity is a way for you to receive a guaranteed income for life and an immediate income tax deduction, while at the same time leaving a legacy to Lizella UMC.

 

When you transfer assets to a Charitable Gift Annuity, you receive a fixed stream of income for life. After paying the lifetime annuity to you – and your spouse, if you choose – the remaining principal is transferred to the Georgia United Methodist Fund at:

“Georgia United Methodist Foundation, or its successors, to benefit
Lizella United Methodist Church, Lizella, Georgia”

Key Information
Contact: Nancy Young, Director of Planned Giving
Phone #: 877-220-5664
Email: nyoung@gumf.org

Payments to you are based on your age – the older you are, the higher the rate. If the annuity is for you and your spouse, the calculation is based on your joint ages. You can choose to receive payments quarterly, semi-annually or annually. If you do not need the income now, you can use a deferred plan, receive the income tax deduction now, but begin receiving payments when you reach a specific age. This is an excellent complement to your existing retirement plan.

The tax advantages of both a current and deferred annuity are two-fold. First, you receive an immediate income tax charitable deduction when you create your annuity. The amount of the deduction is based on your age and annuity payout rate. Second, a portion of the payments you receive may be treated either as tax-free return of principal or long-term capital gains. These tax advantages increase the net income you receive.

 

 

Securing the Future or Current Needs

A gift for future needs should be designated:

 

“Georgia United Methodist Foundation, or its successors, to benefit
Lizella United Methodist Church, Lizella, Georgia”

 

Wills Planning Guide. Planned Giving Resources. Free Consultation.

An excellent resource is the Georgia United Methodist Foundation. A Wills Planner and resources about planned giving with examples and videos is available on the website at under the Planned Giving tab. The Foundation staff is also available to meet with you free of charge to discuss giving options. See below for more information about GUMF.

Georgia United Methodist Foundation Information:
www.gumf.org
Phone: (770) 449-6726.

Key Information For Lizella UMC
Contact: Mike
Phone: (478) 935-8649
Email: info@lizellaumc.org

Giving Resources
Brochure (printable)
Gift Confirmation Form (printable)