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Wills and Bequests
"I have held many things in my hands and I have lost them all. But whatever I have placed in God's hands, that I still possess."
Martin Luther
If you plan to make a charitable gift by will, please think it through carefully, then meet with your attorney to discuss and update your will. Tell him or her exactly what you want to do. Be as clear as possible in describing what you want given to whom.
Various Bequest Options
Listed below are seven generally accepted ways to make a bequest. You might discuss them with your attorney as you prepare to update your will.
1. Specific bequest. This is a gift of a specific item to a specific beneficiary. For example, "I give my 1959 Chevrolet Impala to Tabernacle Baptist Church." If that specific property has been disposed of before death, the bequest fails and no claim can be made to any other property. (In other words, Tabernacle would not receive the value of the stamp collection instead.)
2. General bequest. This is usually a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example, "I give $10,000 to Tabernacle Baptist Church." If there is only $2,500 cash in the estate, other assets must be sold to meet the bequest.
3. Residual bequest. This is a gift of all the "rest, residue, and remainder" of your estate after all other bequests, debts, and taxes have been paid. For example, you own property worth $500,000, and you intend to give a child $50,000 by specific bequest and leave $450,000 to a Tabernacle Baptist Church through a residuary bequest. If the debts, taxes and expenses are $100,000, there would only be $350,000 left for Tabernacle. You may prefer to divide your estate according to percentages of the residue rather than specifying dollar amounts. This will ensure that your beneficiaries receive the proportions you desire.
4. Unrestricted bequest. This is a gift for Tabernacle's general purposes, to be used at the discretion of the church. A gift like this - without conditions attached - is frequently the most useful, as it allows Tabernacle Baptist Church to determine the wisest and most pressing need for the funds at the time of receipt.
5. Restricted bequest. This type of gift allows you to specify how the funds are to be used. Perhaps you have a special purpose or project in mind. If so, it's best to consult us when you make your will to be certain your intent can be carried out.
6. Honorary or memorial bequest. This is a gift given "in honor of" or "in memory of" someone. We are pleased to honor your request and have many ways to grant appropriate recognition.
7. Endowed bequest. This bequest allows you to restrict the principal of your gift, requiring Tabernacle to hold the funds permanently and use only the investment income they generate. Creating an endowment in this manner means that your gift can continue giving indefinitely.
How It Works
- You create a revocable bequest.
- Upon your death, your heirs receive assets according to your bequest.
- Upon your death, Tabernacle receives assets according to your bequest.
Benefits
- You choose who inherits your assets.
- Assets you leave to Tabernacle will escape estate tax.
- You have the satisfaction of making a gift that benefits your heirs and Tabernacle.
Join the Legacy Society
Tell us when you have named Tabernacle Baptist Church in your will. When you do, you will become a member of the Legacy Society. Members of the Legacy Society share a strong common bond of generosity and visionary leadership, nourishing Tabernacle's continued success. We welcome the opportunity to recognize those who are helping to make the future possible. If you prefer to remain anonymous, however, your gift will be kept completely confidential.
If you would like more information about planned giving at Tabernacle, contact Dr. Bruce Minett - Executive Associate Pastor. He will be happy to speak with you.
Disclosure:
The information in the planned giving section of Tabernacle's web site is not designed to act as legal or financial advice. While Tabernacle Baptist Church is glad to provide general information, this information should be reviewed by professional, financial advisors prior to any action.
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