Remember LOPC in Your Will or Trust
There are two ways to donate to the LOPC Foundation:
- Make a current contribution of cash, securities, real estate, or other assets
- Make a planned gift. A planned gift can be accomplished by simply including LOPC Foundation in your will or trust or by using a charitable gift annuity, a charitable remainder trust, or a life insurance policy.
In drafting your will or trust, you should be a specific as possible. If LOPC is named as the recipient, the gift will be subject to a formula, established by the Session and accepted by the Foundation, that divides the bequest between the Foundation and the Emerging Needs Fund of the church. If you elect to join the Foundation’s Heritage Society, your entire bequest will become part of the permanent endowment of the Foundation. If you wish your bequest to go to a specific Foundation Fund, your will must designate that fund. Any of the Foundation Trustees can provide sample language to be incorporated into your estate documents.
If you prefer to make a planned gift such as a charitable gift annuity, a charitable remainder trust, or a life insurance policy, the Trustees can provide more information about these types of gifts. Depending upon your unique situation, they may encourage contact with estate planning professionals.
It may be beneficial to include tax deferred assets, such as IRAs, 401(k) plans, or other qualified pension plans when making a charitable contribution. Your estate planning adviser can assist in the identification of the appropriate assets for either a current or a planned gift.
Another opportunity for giving to the LOPC Foundation is through a memorial to honor a friend or relative who has died or to honor a living person who has performed a special service for the church or for others.
The LOPC Foundation is a tax-exempt organization under Section 501©3 of the Internal Revenue Code. Any assets specifically left to the Foundation will not be included in your estate for tax purposes. Leaving IRA assets to the Foundation also avoids penalty tax that otherwise could reduce severely the pass-through to non-charity beneficiaries.
The LOPC Foundation was not created only for the estates of the wealthy. It has been designed to assist people to create more value from their present assets and to think through and plan the distribution of family assets remaining when life is complete. The Foundation can be used by estates both large and small to transfer a percentage of what remains at death to further God’s work though LOPC and its outreach to other people in need. Of course, large estates benefit more from the tax aspects of bequests to tax-exempt organizations. Each person can benefit, however, from the knowledge that gifts made to the Foundation will continue to work year after year.