Financial Giving

Please consider carefully the tremendous impact your thoughtfulness today can have on our future Residents. If you join those who have included the Home in their long-term gift planning, you will become a member of the Home’s Society. You will be leaving a vital legacy which help fund the Home’s important mission. You may consider these options as end-of year gifts to the Home.

1. Life Insurance: When you first bought your insurance policies, you obviously felt the need for them, but perhaps you don’t need all that coverage today. Yet you still have those policies. If you are thinking about a contribution to the Methodist Church Home for the Aged, a gift of your life insurance could be a sensible as well as generous course of action. You could also donate stock to us because of the tax advantages and purchase life insurance to benefit your heirs in the amount they would have received had you left them the stock.

2. Your retirement plan assets: Did you know that your retirement plan assets are facing double taxation? If you leave the assets to your heirs, you’ll generate “income in respect of a decedent.” So not only is the amount diminished by estate taxes, but the recipient also must pay income taxes on it! If you can make other provisions for your family, there’s a better option for your retirement plan assets-a charitable gift. To implement your wishes, simply advise the plan administrator of your decision and sign whatever form is required. For an IRA or Keogh plan you administer personally, notify the custodian in writing and keep a copy.

3. Charitable Lead Trust: Are you concerned about the possibility of the government taking a huge part of the assets you were planning to leave your heirs? There’s a way to pass the assets to your family with significant estate tax savings while at the same time making a gift to us. It’s called a charitable lead trust. After you receive income from assets in the trust for a period of years, the principal goes to your family, with estate or gift taxes reduced or even eliminated. The lead trust is an exceptional way to transfer property to your children or other heirs at minimal tax cost. It’s ideal if you’re willing to forego investment income on a asset but don’t want to force your heirs to surrender the principal. With a lead trust, you carry out your philanthropic plans over the coming years and save on taxes.