IMPACT GIVING: Wills
A will forms the foundation of all of your estate planning efforts. This document is your directive to your survivors regarding the disposition of your assets upon death. Including a bequest to Grace of Christ Church in your will is one of the easiest methods of returning a portion of the gifts God has given you for the benefit of his work.
- A relatively easy and inexpensive way to give back a portion of your assets to God’s ministries.
- The donor can be very specific not only in what asset(s) are appropriated for the Church, but can also give directions to Grace of Christ Church as to how the gift is to be used.
- Wills can provide a very confidential method of giving.
- Wills that include a gift to Grace of Christ Church can relieve some of the burden of giving from the heirs since the donor has already been specific in the will.
- A Church member completes a will that designates 10% of her estate to Grace of Christ Church. She further specifies in the will that half of the gift shall be used for building improvement or expansion only and half shall be used at the discretion of the Grace of Christ Church Foundation.
- A Grace of Christ Church member, a widower, has an estate valued at $2,000,000 which he wants to go primarily to his two children. But, he also does not want to forget the church, nor pay estate taxes to the Washington State Department of Revenue. He prepares his will, leaving the maximum amount that can pass free of estate taxes to his children and the remainder to the Grace of Christ Church Foundation. The result: the children receive $2,129,000* and the Grace of Christ Church Foundation receive $371,000. This plan allows the estate to avoid paying approximately $75,000 in state estate taxes which would have been assessed if the children had received the entire estate.
- *Amount which can be passed free of Washington State estate taxes at the time of this publication. (Washington Estate Tax expen. at the time of this publication (2017) is $2,129,000.
Please contact your financial advisor to determine how comparable figures would apply based on your particular case.