Some of the most significant gifts that congregations can receive are legacy gifts that members give to the ongoing ministry of congregations as part of their estate planning decisions. Here are some tools that that congregation members might want to consider using in their planning.

Wills and Living Trusts

Providing for a bequest in a will or living trust for a dollar amount, percentage of estate, or residuary amount to your congregation is a simple way to support ministry far into the future. Here is language to use in estate planning documents for a specific dollar amount or for a percent of your estate's residual value "to the Evangelical Lutheran Church in America, a Minnesota nonprofit corporation, c/o The ELCA Foundation, located at 8765 West Higgins Road, Chicago, Illinois 60631, for the benefit of: your congregation name.”

The ELCA Foundation has two excellent workbooks for those who are planning or have already planned their estates: The Will Workbook and Notes for My Friends & Family. You can find them online at this location.

Distribution from an Individual Retirement Account **

Congregations can be named as a designated beneficiary of a specific dollar amount, or percentage of the IRA account upon death. Gifts of retirement assets may provide significant income and estate tax benefits and require the use of a designated beneficiary form with the plan administrator.  Find out More.

Gift Annuity **

This is a contract between an individual and the Evangelical Lutheran Church in America to provide guaranteed lifetime payouts for yourself and, if desired, for another individual. Gift annuities can provide significant tax and financial benefits to the donor. A congregation or other ELCA ministry can be named as the charitable remainder beneficiary of a gift annuity. Find out more.

Charitable Remainder Trust **

This can be in the form of an annuity trust providing a fixed annuity amount or as a unitrust providing a variable payment depending upon the performance of the trust investment portfolio. In either case, the donor irrevocably transfers assets into the trust and can name his or her congregation as the charitable remainder beneficiary of the trust. Find out more.

Life Insurance **

A donor can make the Evangelical Lutheran Church in America the owner and your congregation the beneficiary of a life insurance policy. Older policies are excellent gift assets as they give a charitable income tax deduction of approximately the current cash value of the policy. With new policies, the donor receives a current charitable deduction for the premium payments on the policy. Find out more.

_{Administration Matters March 2009}