A
Few Words About Planned Giving
One
of the best ways to contribute to the Lord's work on earth is by helping His
children learn, mature, and grow in the knowledge of Him. You can leave a
lasting, indelible impression on the world by making a Planned Gift that will
benefit numerous children for years to come. Continue reading to learn more,
or jump to the program you're interested in by using the links below.
What Your
Attorney Will Need to Know ||
Life Estate Contract
Bequest ||
Will
What Your Attorney Will Need
to Know...
Those
interested in naming Southern Christian Home in their wills should be certain
the precise, legal name and address of the Children's Home are used:
Southern
Christian Home
100
W. Harding St.
Morrilton,
Arkansas 72210
The Internal
Revenue Service recognizes Southern Christian Home as a tax-exempt 501c(3) charitable organization. Contributions to the
Children's Home by individuals, corporations or foundations are qualified for
tax-deductible purposes. The Children's Home's IRS identification number is 71-0262911.
The Life Estate
Contract
The Life
Estate Contract is a contract that provides for a donor to transfer title to
his or her home or family farm to a charity, reserving to her/himself the
right to live in and on the property and receive all the income therefrom. At his or her death, the home or farm becomes
the property of the charitable organization.
Example:
Roxanne Johnson has been living
in her home for over forty years. She wishes to leave the home, and
surrounding property, to Southern Christian Home. However, she would like to
remain in her home until such time that she is no longer able to take care of
the property.
Her attorney, Bill Wade, has suggested to Mrs. Johnson that she create a Life
Estate Agreement with Southern Christian Home, whereby she will receive an
immediate tax benefit from her charitable contribution while knowing that her
home will be put to good use for Southern Christian Home after her death.
A Bequest is
something that is (a) given or left to someone by will, (b) handed down or
(c) a legacy.
Bequests given to Southern Christian Home are not subject to
federal taxation. Created within the text of a Will, a bequest may be
unconditional, or it may be based upon a residual amount of the estate. In
addition, a bequest may be contingent, or it may be for a specific purpose.
Suggested wording for
Bequests:
i.
Unconditional Bequest
"I give and devise to Southern Christian Home of Morrilton, Arkansas the
sum of (or the
following described property), the principal and income to be used in such
manner as the Trustees deem appropriate."
ii.
Bequest of Residue
"I give and devise to Southern Christian Home of Morrilton, Arkansas all
the rest of my property and estate, real and personal. The principal and
income will be used in such manner as its Trustees deem appropriate."
iii.
Contingent Bequest
"If all of the above-mentioned beneficiaries (devisees) should
predecease me, then I give and devise the property, real or personal which
each such beneficiary (devisee) would have received had he survived me, to
Southern Christian Home of Morrilton, Arkansas, the principal and income to
be used in such manner as its Trustees deem best."
iv.
Bequest for a Specific Purpose
"I give and devise to Southern Christian Home of Morrilton, Arkansas the
sum of $ (or the following
described property), to establish THE
FUND. The FUND income,
but never the principal, should be used for
. If, in the judgment
of its Trustees, change of circumstances should at some future time render
the designated use of this FUND no longer appropriate, then the Trustees
should use the FUNDs income to further the objectives and purposes of
Southern Christian Home.
o What if
I do not have a will?
First of all, don't feel bad! Last year, 71 percent of Americans who died did
so without having a legal, valid will in place. When a person dies
"intestate" or "without a will," the State of their
residence imposes its legislative-designed will on that person and their
estate! The issue is not whether you have a will or not, but whether you wish to control
the disposition of your estate through your designated executor, or leave it
up to the State Legislature to decide.
Without a will, the State will determine who will provide legal guardianship
of any minor children; who will dispose of any real estate holdings; who will
receive your legacy. All within its legal limits and timeline.
Frankly, a will is a 'common sense' thing to do. To choose not to have a will
is comparable to purchasing a life insurance policy without designating who
the beneficiaries are!
o Isn't a
will time-consuming and costly?
No, even the most complicated of estates can be taken care of in a small
amount of time at a qualified attorney's office. The cost is very
inexpensive, especially when you consider what is at stake if you do not have
a will. And once your will is in place, it does not have to be rewritten
unless you choose to do so. In many cases, it may be a one-time effort.
However, changing a will, as your life changes, is very easy to do and generally
requires only a minimum amount of your time.
A simple will may cost as little as $75 to $100. Even complicated wills do
not cost significantly more than this. In most cases, you will take several
steps to complete your will including: filling in of forms which state
specifically how, and to whom, you would like to leave your estate; meeting
with your attorney once or twice; and finally, signing of the will. It really
is quite easy to do, and is inexpensive, especially compared to the cost of
dying without one!
o Why
should Southern Christian Home be included in my Will?
Remembering Southern Christian Home is one of the best ways that you can help
insure that the institution you love so much continues on. It can enable
Southern Christian Home to meet the needs of our future with greater
certainty and a clear direction.
Many of us would like to be great philanthropists to a variety of charities
while we are living, but we just do not have the means to do so.
Remembering Southern Christian Home in your will may be your best opportunity
to do something really significant for the institution that has done so much
for so many children and young adults through the years.
Gifts to the Home are also removed from your estate immediately and not taxed
by the government. Estate taxes quickly rise to a level where as much as 50
percent of an estate is subject to taxation! A gift to the Home can actually
replace what otherwise would have gone to the government coffers.
o How do
I do it?
1.
Specify a certain amount (cash) or specific
piece of property that you want to give.
2.
Stipulate that a portion of the estate be
given, for example, 25%.
3.
Designate that the remainder (whatever is
left after expenses, etc.) be given.
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