Legacy Planning
“Over the years, Covenant Retirement Communities has benefitted greatly from legacy gifts provided by our residents. I estimate that 80% of the benevolent funding we have received has come from legacy gifts of residents who trusted Covenant Trust Company to handle their finances. Covenant Trust is sensitive to the special concerns of residents to not outlive their money, and at the same time fulfill a desire to make charitable gifts. These gifts allow Covenant Retirement Communities to provide about $5 million a year in benevolence to residents in need. My thanks to Covenant Trust for great work.”
Rick Fisk
President
Covenant Retirement Communities
Charitable Gift Planning Options
Most people can’t make a significant charitable gift just by writing a check. For many people, though, a significant charitable gift may be possible only as a legacy gift. This type of deferred gift usually comes from your accumulated resources after you no longer need them.
Charitable gift planning can be as simple as making a bequest in your will or revocable living trust to one or more Covenant ministries. This provides a deferred charitable gift with no immediate benefits to you. But there are other possibilities.
When should you consider planned giving strategies which may include some type of life income agreement?
• If you have a charitable dream
• If you own highly appreciated assets
• If you would like to reduce the amount of income tax you pay
• If you need additional income
• If you want or need to diversify your asset holdings
• If you have a child or other dependent who needs additional income
How do Charitable Life Income Agreements Work?
• You place cash or appreciated assets into a life income agreement
• You receive payouts for life (or the lives of you and another person)
• You receive a charitable income tax deduction
• You reduce tax on capital gains
• One or more charitable ministries of your choice receive the remainder after death
Covenant Trust Company® offers a full portfolio of charitable life income agreements including charitable gift annuities; charitable remainder unitrusts; charitable remainder annuity trusts; pooled income funds; charitable lead trusts; and charitable life estates. You can request more information through our contact page or by giving us a call. [view directory]