There are a variety of ways through careful estate planning that benefit you, your loved ones and Hennepin Church. A planned, or legacy, gift may have special tax and financial advantages for you. Some of these charitable gift plans can provide an income stream to the donor and others. Some plans allow significantly greater tax advantages than a simple outright contribution. Legacy gift arrangements enable the donor to meld complex financial and estate planning goals with charitable objectives. The following are examples of common ways you could benefit Hennepin by creating a legacy gift:
Bequests and other Testamentary Gifts
A Legacy Gift often is made by a simple bequest in a will that costs nothing during one’s lifetime. Other testamentary gifts (simple directions or instructions to transfer money, property or other assets at death) may be made by designating Hennepin as a beneficiary on such financial instruments as IRAs or other retirement plans.
The bequest language for Hennepin is:
I give and bequeath to Hennepin Avenue United Methodist Church (Foundation or Trustees), at 511 Groveland Avenue, Minneapolis, MN 55403 the sum of $_____ or ____ percent of my remaining estate (Specific designation language may be added.)
The Federal Tax Identification Number for Hennepin Church and Hennepin Foundation is 41-0694729.
Click here for a printable version to take to your attorney.
Life Income Gifts
A life income gift provides income for the donor and/or a loved one, with the remainder benefiting Hennepin Church. Depending on the plan, the income may be fixed or variable and can continue for one or more lifetimes, a term of years, or a combination of the two. Examples of life income gifts are charitable gift annuities or charitable remainder trusts. Note: While Hennepin does not currently hold and manage life income gifts, you may establish one with the Minnesota United Methodist Foundation or other entity and list Hennepin as a beneficiary.
Gifts of Life Insurance
You may contribute a paid-up life insurance policy you own but no longer need, or a new policy listing Hennepin as owner and beneficiary. On-going premium payments for policies owned by Hennepin are considered tax-deductible contributions.
Planned and outright gifts may be designated for a specific purpose to establish an endowment. Annual proceeds from these permanently-invested funds provide vital funding beyond annual operating budgets for church programming through Hennepin Foundation or for facilities through Hennepin Trustees. You also may contribute to one of the existing endowed funds with the Foundation or Trustees. Click here for a list of Foundation funds and here for Trustees funds.
There are other variations on legacy gifts that can be tailored for your specific financial and family situations. Hennepin can assist you in creating charitable gift plans that meet your needs and clearly state your gift intentions. In some cases, a formal gift agreement with Hennepin, in addition to your planned gift document, will help clarify your interests. As you consider your giving options, we strongly encourage you to consult with your financial and legal advisors on the tax advantages of various plans. Jack Fistler, Hennepin’s Director of Legacy Giving, will be pleased to assist you. Contact Jack at 612-435-1321 or firstname.lastname@example.org. You also may complete and return the Letter of Intent to inform us of your plans.