Planned Giving
LEARN ABOUT ALL OF THE DIFFERENT WAYS YOU CAN GIVE
ABOUT LIFE CENTER
Over 100 years ago out of the desire of several Bible believing people in Tacoma formed a church which we now know as Life Center Church. Life Center Church has grown into several campuses and ministries including Life Christian Academy and our senior housing community Life Manor.
Gifts from estates may be used to supplement the church budget, may be directed to important ministries within Life Center, and may be used to help fund community outreach, or fund global mission efforts. This may happen via your planned gift directly to Life Center Church or to Life Christian Foundation by creating an endowment.
ABOUT LIFE CHRISTIAN ACADEMY
Life Center’s school, which offers pre-school through high school, provides quality Bible based education for the purpose of developing world changers who love and serve Jesus. The school’s program includes full curricular, extracurricular, and ministry outreach for students to learn and grow in their faith. The school has over 1,000 alumni spread around the world, each impacting their community.
Planned gifts to Life Christian Academy may provide tuition assistance funds to students needing financial support to fund a Christian education. Or the gift may help provide budget support for faculty salaries, extracurricular programs, or operational funds to support the need for technology or transportation.
ABOUT LIFE CHRISTIAN FOUNDATION
The foundation was created to receive, invest, and disperse funds from gifts for endowments. Each endowment fund gift includes a fund agreement which directs the use of the funds based upon criteria created by the donor of the fund. Endowments provide a continual flow of funds to Life Center or to Life Christian Academy.
Gifts to the foundation designated for endowment may be directed to the church or school general endowment (which supports budget operations) or may be designated for a previously established endowment, or may create a specific new endowment for a defined purpose. This gives a donor several choices as to how they wish to have their planned gift make impact on the church or school. The foundation becomes the means by which the gift is received, invested, and disbursed for the desires of the donor.
WHO WE SERVE
Our ministry serves the South Puget Sound region of Washington as well as mission related efforts around the world. The ministry is a multi-age, multi-ethnic, and multi-focused effort to help people know Jesus and help make Jesus known.
WHAT IS A PLANNED GIFT?
The key word is “planned” in that your key decisions will shape the plan that you wish for your estate. Being a good steward is a part of God’s teaching to His people. The process of creating a planned gift will provide these opportunities:
1. Realize your financial goals and develop a family plan
2. Potentially reduce taxes for you and your family
3. Arrange for a gift to the ministry of your choice
4. Establish a legacy
ABOUT BEQUESTS
A bequest is a financial term describing the act of giving assets such as stocks, bonds, jewelry, real estate or cash to individuals or to organizations through a will or estate plan. Bequests may be made to friends, family members, institutions, or charities. A bequest is generally a revocable gift, which means it may be changed or modified at any time. A bequest may be for a general or specific purpose. Bequests are exempt from federal estate taxes and if you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, which may result in larger inheritance for your family members.
CHARITABLE BEQUESTS
A bequest is an effective means by which to make a gift to a charitable organization. As a part of an estate plan, the gift will be designated to a charity for the purpose for which you intend. Your attorney will include the proper verbiage to assure that the gift is designated to the receiving organization as well as include any specific desires for the gift.
A charitable bequest may be for a specific dollar amount, a percentage of the estate value, or a defined item or property of value.
WHAT TO GIVE
GIFTS OF STOCK AND BONDS
Your decision to donate appreciated stocks an bonds is an effective way to reduce taxes on appreciated values. In addition, you will receive and income tax deduction for the value of the donation.
GIFTS OF REAL ESTATE
Real estate includes a home, vacation home, land, or commercial property. A planned gift of real estate may help avoid capital gains tax on the sale of the property and gives an income tax deduction based on the appraised value of the gift. Part of the legal process will include you signing a deed executing the transfer of ownership to the charitable organization.
GIFTS OF RETIREMENT ASSETS
Most people will not use all the proceeds of their IRAs, 401K, 403b, or other retirement funds that have been tax deferred when the assets were accumulated. Your planned gift may include gifts of your unused retirement fund and this will help avoid the potential of estate tax on retirement funds. Your family members would also avoid income tax on the retirement assets which were created on a pre-tax basis. A professional tax advisor will give best advice with these decisions.
GIFTS OF CASH
A planned gift involving the transfer of cash to a charitable organization is very simple and becomes a gift that the organization may use upon receiving the gift. The cash gift also allows you to receive a charitable income tax deduction for the gift.
GIFTS OF INSURANCE
In the case of life insurance, you may consider a gift of the policy to benefit an organization that will benefit from the policy provisions. The policy may be one that can be assigned to a new purpose from the original intent. Hereto, you will receive a charitable income tax deduction for the value of the gift. The policy may be cashed in by the organization or it may be held to maturity and will provide benefit at that point. A gift of insurance includes a designation for beneficiary form from the insurance company.
MAKING A GIFT
Your decision to go through the estate planning process and including a gift to Life Center, Life Christian Academy, or the Life Christian Foundation for endowment, includes a team approach. We will do our best to support your efforts with an excellent “advisors” group. This group includes:
Financial planner, Tax advisor, Legal counsel/attorney
A decision to make a planned gift will include creating a fund agreement, which stipulates exactly your wishes for the gift and for the impact that you desire for our organization.
LIFE CENTERED LEGACY
Your planned gift of $10,000 or more will make you a member of our Life-Centered Legacy. With membership you may be recognized on our website and in newsletters about planned giving opportunities. This recognition helps us create additional gifts like yours to benefit Life Center, Life Christian Academy, or Life Christian Foundation.
CONTACT
For additional information or questions regarding a planned gift opportunity, please contact Ross Hjelseth