Leaving a Legacy 

Simple ways to leave a legacy to Christ Church through the Christ Church Endowment Corporation:

Codicil to Your Will – Sample language for inclusion in a Last Will and Testament. If you are making one change to your will you can simply add a codicil stating the following: 
"I give, devise and bequeath to Christ Church, 10 North Church Street, Greenville, SC 29601, the sum of $_________________*, (or ____% of the rest, residue and remainder of my estate) to be placed in the Christ Church Endowment Corporation General Fund, with the net income from this gift being used for the general charitable purposes** of Christ Church, Greenville, South Carolina."
*in place of cash, any specific asset may be inserted; i.e., ____ shares of the common stock of the XYZ Corporation.
**You may also state a specific purpose to how your bequest should be used.

Life Insurance Policy – Take out a new policy with Christ Church Endowment Corporation as the beneficiary or transfer ownership of a policy that has served its purpose. If premiums are still owed, as you pay these premiums you are allowed income tax deductions for the value of the premiums. You can add Christ Church as a second beneficiary, like stated in the IRA example above, to your current life insurance policy.

Beneficiary of your IRA – Call the financial institution where your IRA is held and request a Beneficiary Change form. Many institutions now provide the form online. Add Christ Church, 10 North Church Street, Greenville, SC 29601 as a primary or secondary beneficiary to your retirement plan and return the form to the institution.

*Please note that if your estate is over $1 million in 2003 Individual Retirement Accounts are taxed twice (estate and income tax) when the assets pass through probate. This is a very good way to decrease the amount of tax owed to the government by giving your IRA (or a portion thereof) to charity.

Life Income Gifts – Assets are transferred to a charity or to a trust that eventually will benefit a charity. The charity invests the assets and produces income, which is paid to the donor and/or spouse, or another person if desired. The income can be paid during the lives of the income beneficiaries and, sometimes, for a term of years. 

Life Income Gifts are sometimes called “split interest” gifts, because assets are being managed by a trustee for the interest of both the charity (maintaining and growing the asset) and the income beneficiary (whose objective is to receive income)

Charitable Lead Trusts – the “flip-side” of a life income gift. The trust pays the income to the charity, usually for a term of years, after which the asset reverts back to ownership in the family.

Pooled Income Fund – A charity manages a trust fund as if it were a mutual fund. By making contributions into a pooled income fund the donor purchases “units” of the fund. The donor receives a tax deduction for the “present value of the remainder interest,” which is the discounted amount expected to remain in the fund for the charity’s benefit at the end of the income recipient’s actuarial life expectancy. The most advantageous assets to use when participation in a pooled income fund are appreciated securities.

Charitable Gift Annuities- This is a popular life income gift vehicle for donors who want life income. A Gift Annuity is a contract between a donor and the Christ Church Endowment Corporation through which the CCEC promises to pay a fixed annuity income to a donor for the rest of his or her (or their) life. To preserve the principle of the annuity, its payout rate is based on the age of the donor (older donors receive a higher payout than younger donors receive).

Charitable Remainder Trust – A trust is created by a written agreement usually named for the donor that is designated a trustee (usually the “charity”), and provides for income payments to named income beneficiaries (usually the donor and spouse).

Real Estate with Life Estate Reserved – Some people may want to leave a home or property to Christ Church in their will. Through a Life Estate Gift, they can make a gift now, realize an immediate substantial income tax deduction, yet continue to live in their home for as long as they wish. In life estate arrangements, the donor continues to be responsible for real estate taxes, insurance, maintenance, and upkeep.

**This information is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.**