We all desire significance
It is my belief God intended for us to lead happy and fulfilled lives and to be surrounded by family and friends.  And for many of us, there is a compelling need to make a difference – to leave a lasting impact on the people dearest to us and the world in which we live.  The search for significance and desire to plan for the future leads many to ponder their legacy.  What kind of legacy will you leave?  A bequest is perhaps the easiest and most tangible way to have a lasting impact on the people and United Pentecostal Church ministries that mean the most to you.  And a bequest may be an effective way to make a gift and lessen the burden of taxes on your family and on your estate. 

 

The Benefits of a Charitable Bequest
A charitable bequest is a gift written in a will or trust that directs a gift to be made to a qualified exempt UPCI ministry when you pass away.  One benefit of a charitable bequest is that it enables you to further the good work of a ministry you have a passion for with support long after you are gone.  Better yet, a charitable bequest can help you save estate taxes by providing your estate with a charitable deduction for the value of the gift.  With careful planning, your family can also avoid paying income taxes on the assets they receive from your estate.

 

An Easy Gift to Make
A bequest is one of the easiest gifts to make.  With the help of an advisor or attorney, you can include language in your will or trust, specifying a gift to be made to a United Pentecostal ministry as part of your estate plan.  Many of the Divisions, Departments and endorsed ministries provide bequest statements on their websites or can be contacted for properly worded bequest statements.

 

A Variety of Options
A bequest may be made in several ways.

Certain types of property pass outside of a will or trust.  These assets require that you name a beneficiary by completing a beneficiary designation form.   To make a bequest of these assets, you should contact the company or entity from which you purchased the asset.  Here are a couple of examples:  

 

Bequest of an IRA
A retirement asset, such as an IRA, account makes an excellent bequest to ministry.  If the IRA were given to your family, much of the value could be depleted through estate and income taxes.  By designating a ministry as the beneficiary of part or all of your IRA, the full value of the gift is transferred tax-free at your death and your estate receives a charitable deduction.  If you wish to leave your IRA to your spouse at your death, you may also designate a United Pentecostal Church ministry as the secondary beneficiary of your account.  Contact your IRA or retirement account custodian to obtain a beneficiary designation form and make a bequest from your IRA.

 

Bequest of Insurance Policy
An insurance policy makes a great bequest to a United Pentecostal Church ministry.  If your insurance beneficiary is your estate, it could be taxable at your death.  However, if the policy is gifted to ministry, your estate avoids paying tax on the value of the policy and receives a charitable deduction for the gift.  You may generally name anyone as beneficiary of your insurance policy and change your designation at anytime.  Contact your insurance company to obtain a beneficiary designation form and make a bequest of your policy to a United Pentecostal Church ministry(ies) you love the most.

 

Consider making your gift a forever gift
If you want you gift to give an annual gift until the Lord returns, we recommend you include in your bequest language that your gift is to go into the permanent endowment of the ministry(ies) included in your estate planning through the United Pentecostal Foundation.

 

Request Further Information
You may contact Stephen Drury at smdrury@upci.org or go to www.upfoundation.org for further information.  All inquiries are treated with confidentiality.  You may also call 314-837-7304 ext 309 or 1-877-UPF-8850 toll free.

 

By Stephen Drury
Director of Stewardship
President, United Pentecostal Foundation