Planned Giving: Remember the church in your estate plan. Outright bequests are exempt from federal and state estate taxes.
Types of Bequests:
Cash Bequest: Give a specific dollar amount from your estate. Sample language to include in your will or trust: “I give and bequeath the sum of ___dollars ($____) to the First Congregational Church of Hopkinton, of Hopkinton Massachusetts (or its successor organization, if any), to be used for its general purposes.”
Residuary Bequest: Give all or a percentage of the remainder of your estate after the payment of any specific bequests and expenses. Sample language to include in your will or trust: “I give and bequeath ___percent of the residue of my estate to the First Congregational Church of Hopkinton, of Hopkinton Massachusetts (or its successor organization, if any), to be used for its general purposes.”
Bequest of Property: Give specific assets, such as securities, real estate, or tangible personal property (for example, works of art or antiques) in your will or trust.
Retirement Plan/Life Insurance: Designate the church as a beneficiary of your IRA, 401(k), qualified pension, profit-sharing plan, or life insurance policy.