WHAT IS PLANNED GIVING?
Planned Giving encompasses a variety of ways that gifts can be made to our parish from accumulated resources. This usually involves financial or estate planning, however it is not reserved for the wealthy. Planned giving is a means by which anyone concerned with the wise use of his or her personal resources makes a considered choice about their ultimate disposition.
In general planned gifts are made through:
- A Bequest in a Will
- A Life Income Gift: such as a pooled income fund, a charitable gift annuity, or a charitable remainder trust.
- Gifts of Special Assets: real estate, closely held stock, life insurance, retirement accounts.
Planned Giving establishes a way for you to provide for family members while remembering the church as well. It often enables you to provide more for your heirs and to make a larger gift than you may have thought possible. It often reduces taxes as well.
Planned gifts are either outright gifts (i.e., gifts of appreciated securities, real property, personal property, etc.) or deferred gifts (i.e., bequests, charitable gift annuities, charitable trusts).
Planned gifts can be designated for our General Fund or for one of our two endowments: The Baker Fund or the Libby Davidson Fund. Both of these endowments are governed by three trustees who must agree on requests for funds. The money is invested in the Diocesan Trust Fund and we use the same spending rule as the Diocese of Southern Virginia. Currently we expend no more than 5% of the fund in a given year. This assures that the principal stays intact.