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Creative Giving

at Covenant Methodist Church

There are ways to gift, other than a cash gift,
and still enjoy valuable tax benefits!

IRA CHARITABLE ROLLOVER

for donors 70 1/2 (or older)

In-Home Consultation

If you are 72 or older, you must take an annual Required Minimum Distribution (RMD) from your retirement account. Along with that distribution comes taxes on your previously untaxed assets.

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You can use an IRA Charitable Rollover (Starting at age 70 1/2) as one of the easiest ways to give to your church!

You will also realize these valuable benefits:

  • Avoid taxes on transfers up to $100K per year from your IRA to your church;

  • Satisfy some or all of your RMD for the year;

  • Reduce your taxable income and save on taxes;

  • Your gift is not subject to deduction limits for charitable gifts.

GIFTS OF STOCKS

and/or Bonds

Rather than sell your appreciated stock, consider giving some of it to benefit your church. By transferring and not selling you can:

  • Receive an income tax deduction for the present appreciated value;

  • Avoid capital gains taxes;

  • Secure the value of your stock and end the worrying about market ups and downs;

  • Make a meaningful gift with no cash out-of-pocket;

  • Put your gift to work for the ministry you choose.

Morning Coffee on Terrace

Note: You must make a donation of the stock itself without liquidating it first.

GIFTS OF REAL ESTATE

Keys To The New Place

Do you own property that you no longer want to maintain?

Transfer the deed or title of that rental house or other property you no longer want or need to the church, and:

  • Receive an income tax deduction equal to the fair market value of the property;

  • End your real estate tax liability on the unneeded property;

  • Stop paying to maintain or insure the property;

  • Use the property for a purpose you believe in immediately;

  • Support your church without dipping into savings.

Plan a gift for the future!

These gifts cost nothing now, but may allow you to make the most meaningful gift you ever thought possible.

Image by Álvaro Serrano

With charitable giving, there are gifts that anyone can make. If you don't want to give cash right now, consider a gift such as a bequest or beneficiary designation. 

Beneficiary Designation

It is simple to name your church as your life insurance or retirement plan beneficiary: simply write in the church's name on the beneficiary designation form. Choose to leave the entire benefit, or split it with your loved ones.

Bequest in Your Will

A bequest in your will allows you to retain control of your assets now, but support the church later. It is free from federal estate and income taxes, and you can modify your beneficiary designations whenever you choose

Learn More

Ultimately, the act of giving has exponential benefits to your church and to you, the donor. It pleases us to know we are blessing others and set a good example of faithfully managing God's blessings to you. 

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To learn more about the many options for creative and alternative giving, contact us here at Covenant Methodist Church. We can also put you in touch with local professionals to assist you in building your own legacy of generosity. 

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