Other Types of Financial Planning
Living Memorials
Throughout your life you meet special persons whom you admire, respect and love. Your
relationship with such a person is invaluable, and making a charitable gift in the name of
the person is a special way to celebrate his or her life. By giving in memory of others, you
further the mission and ministry of Jesus Christ.
Gifts can be for the general operation of Red Bird Mission or for a specific ministry area.
Your imagination is the only limit to the ways in which you can honor a special person.
Cash
You can make a gift of cash or of a cash equivalent, such as a certificate of deposit. A bequest of cash may be included in your will.
Life Insurance
The need for life insurance may decrease as your financial goals are accomplished. Children
become self-sufficient and investments may provide income and security.
To share the benefits of your stewardship, you can name a charitable beneficiary such as Red
Bird Mission to receive all or a portion of the proceeds of an insurance policy.
Another method of making a charitable gift of insurance is to take out a new policy with ownership
and beneficiary rights assigned to Red Bird mission. Many donors find this a convenient way to make
a special gift on the installment plan. Life insurance is an excellent way to make a large gift at
a low cost and may allow you a tax advantage.
Securities
Making the gift of securities that have increased in value and have been held more than a year entitles
you to a federal income tax deduction based on the full fair market value of the security. Since this
is a gift, and not a sale, you do not have to pay capital gains tax on any increase in the value of
the stock.
Securities may be given outright to Red Bird Mission or sold to the charity as a bargain sale for less
than their face value. The difference between the value of the security and what you receive for it is
then deductible as a charitable gift.
Real Estate
For many people, a significant portion of their net worth is invested in real property. You can make a gift of your home today, but enjoy the security of knowing you may live there for life. You maintain the property, pay the taxes and receive a charitable tax deduction based on a percentage of its value. Because you have made a gift of the property by deed, it is not included in your probate estate, possibly saving unnecessary expenses and taxes. When giving real estate, it is necessary to obtain an appraisal acceptable to the government for tax purposes. The three ways you can give real estate as a charitable gift are as follows:
- Give the property today, outright. (Property can be a home, farm investments, etc.)
- Deed the property over to the charitable organization, but keep full use of it for as long as you live.
- Give all, or a percentage, of the property in exchange for a life income.
Please Note:
The information here is only intended as an educational tool. Please contact your legal or financial advisor before making a decision about any planned gift.
If you are ready to begin the process to receive your free financial planning report
with recommendations please email:
Mission Advancement
or call 606.598.3155
Thank you for your interest in the future of Red Bird Mission!