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charitable giving

The act of giving money or other items of value to a charitable organization without expecting to receive anything in return. It is the art of helping others who cannot help themselves. Is it your time to give?

Scroll to view your Charitable Giving options.

charitable remainder unitrust

When you create a charitable remainder trust, you irrevocably transfer money, securities, or other assets to a trust that will then pay you an income for life or for a period of years. As well, the donor of the gift receives a charitable tax deduction. If you wish, the trust also can pay an income to another beneficiary of your choice. At the death of the surviving beneficiary, the remaining principal in the trust goes to the Baptist Cause(s) or other charities that you choose.

charitable lead trust

A charitable lead trust is a trust that the estate owner establishes either during life or at death. The income from the trust flows to a charitable organization, for a stated number of years. After that period, the assets inside the trust are then distributed. 

A lead trust offers the advantage of providing excellent tax benefits to the estate owner.  A charitable deduction may be available if the grantor is treated as the owner of the trust.  Unlike Charitable Remainder Trusts, Charitable Lead Trusts are not tax exempt.  The income received by the trust will either be taxed to the trust or to the donor (if the donor is treated as the owner of the trust).  In addition, gift and/or estate taxes may be reduced related to the assets transferred to family members at the termination of the Lead Trust.  The estate and/or gift tax benefits are often the most significant tax benefit realized from the creation of a Charitable Lead Trust.

gift of life insurance

Naming a charity as beneficiary of a life insurance policy will provide meaningful support to the charity, but will not result in an income tax deduction.  This is because the donor has not yielded all of the incidents of ownership in the policy, and can still change the named beneficiary at any time.  A charitable deduction is available for estate tax purposes. 

 

However, an income tax charitable deduction will  be allowed for a gift of a life insurance policy to charity when a donor relinquishes all incidents of ownership in the policy.  Limitations exist on the amount of the charitable deduction depending upon factors such as the type of policy and whether or not it is paid up.

donor advised fund

 A Donor Advised Fund is a named, charitable fund of the Foundation. One or more individuals, usually the donor(s), are named as the fund advisor(s), and actively participate in the process of determining the Baptist Causes to be supported by the fund.

A Donor Advised Fund offers a personalized approach to philanthropy. An Advised Fund creates an opportunity for people like you to support Baptist Causes in an informed and active way.

bequest will/trust

You can support your favorite Baptist cause or other charity by naming the charity as a beneficiary in your will or living trust.  Some ideas on how to do this are explained in the Estate Planning page. There are a number of ways to leave gifts to ministries through beneficiary designations too. Naming ministries as the direct beneficiary of IRAs, annuities and retirement plans can avoid income taxes.

Example of Beneficiary Designations:

  • Life Insurance is payable to a named beneficiary(s).

  • IRA, Pension Plan, or commercial annuities go to named beneficiary(s) (Income tax considerations with these assets).

  • P.O.D. Pay on Death designation is used on bank accounts.

  • T.O.D. Transfer on Death designation is used on securities, cars, trucks, and boats.

Memorial Funds

You can provide this support to charities by setting up a special type of trust fund known as an Endowment or Memorial Fund.  A Memorial Fund operates by distributing the income of the trust, at least annually, to the charity that it has been created to support.  The principal or “corpus” of the fund is held in perpetuity and will earn income to be distributed to the charitable beneficiary forever.  

The Foundation has established several Memorial Funds that support the Baptist Causes most commonly chosen by our constituency.  You can name one of these Memorial Funds as the beneficiary of your plan, or if needed, you can create a new Memorial Fund to support the charity(ies) of your choice.

Giving through the NWBC

Give to the NWBC | Northwest Baptist Convention (nwbaptist.life)