Planned Giving

For over 200 years, God has generously and graciously provided this congregation with everything we need to serve Christ and his kingdom.

How do we respond to these blessings poured out to us in countless ways? Giving to First Presbyterian Church, in whatever form, is an act of faith where we demonstrate our commitment to the church of today and future generations.

Supporting the endowment of First Presbyterian is a tangible expression of that commitment and trust that our Lord will use gifts—given thoughtfully and faithfully—to expand this outpost of the kingdom.

The saints of First Presbyterian that have gone before us have invested faithfully into this place, leaving a rich heritage of serving our congregation, city, and partners worldwide. This legacy is worthy of our pursuit and commitment: faith in a future that we may never see or know but a faith grounded in what Jesus calls us to.

Some Vance Society members choose to support the endowment program with a gift or pledge while still active and engaged in the life of the church. All members, however, participate by making a planned or deferred gift. Planned giving is a meaningful way to declare our legacy and support First Presbyterian’s long-term ministry. And it offers the donor a wide range of giving options with different tax options depending on the type of planned gift made. Gifts may be structured in such a way as to express each donor’s interests and tax goals.

Donors have numerous ways to make a planned gift with differing advantages and benefits connected with each one. As you consider these options, we encourage you to consult with your financial advisor or tax attorney to discuss which planned gift opportunities best fit your circumstances. Examples of several common methods:

BEQUEST
The bequest is the most often utilized endowment gift, which is a gift conveyed through your will. A bequest can take the form of cash, securities, real estate, or other property. It may be a specific dollar amount or a percentage of the residuary estate. It can be unrestricted or may be designated for a particular purpose. Including First Presbyterian in your will is a compelling testament to your heirs regarding the values and beliefs you treasure most.

LIFE INSURANCE
Life insurance can be used creatively to make a gift, which can provide tax deductions and may enable the donor to make a much larger gift than might otherwise be possible. First Presbyterian Church can purchase a policy on the life of the donor, the donor’s child, or grandchild. The donor reimburses the church for the premiums with a tax-deductible pledge over several years. The donor may also amend an existing policy so that First Presbyterian Church is named as the beneficiary.

CHARITABLE GIFT ANNUITY
With the CGA option, the donor invests in a fund that benefits the church at the donor’s death but, in the meantime, provides a steady stream of guaranteed income to the donor. The payment’s interest rate is based on the donor’s age at the time of the gift. This means that for older donors, their guaranteed payment may significantly exceed the payment that would result from current market interest rates.

CHARITABLE REMAINDER TRUST
The CRT gift is invested, and the donor receives a return on the fair market value. There are two basic types of CRTs, each of which offers potential tax advantages. The Charitable Remainder Annuity Trust offers the security of a fixed-income payment, while the Charitable Remainder Unitrust offers the opportunity for income growth.

CHARITABLE LEAD TRUST
The CLT transfers assets to a trust that provides income to the church for a set period of years. At the end of that period, ownership of the assets reverts either to the donor or to another party designated by the donor.

LIFE ESTATE CONTRACT
This is an agreement by the donor which deeds the church ownership of the real estate but reserves the right of the donor to live on or use the property for life.

REAL ESTATE
A gift of real estate is one of the most convenient ways to make a substantial gift to the church. The donor may bypass taxable capital gains on the appreciated value of the property and can receive an immediate tax deduction. In addition, a residence can be given while the donor retains lifetime occupancy.

SECURITIES
Many donors may find that they can realize substantial tax advantages by making gifts of appreciated stock to First Presbyterian Church. In such cases, the tax liability on the appreciated value of the securities may be avoided, while the donor may receive a charitable deduction for the stock’s full market value.

INDIVIDUAL RETIREMENT ACCOUNT (IRA)
Tax laws make giving from your IRA a convenient and attractive way to make a charitable contribution. A popular method of making a deferred gift is to designate the church, via instructions to the IRA custodian, as a primary or secondary beneficiary of a certain percentage of the IRA. Such a designation can be made by IRA owners of any age. IRA owners above a certain age (currently 72) must make potentially taxable withdrawals each year, known as Required Minimum Distribution (RMD). However, income taxes on RMDs within certain limits can be avoided if the withdrawal is paid directly to a qualified charitable organization (QCD). You can instruct your IRA custodian to pay First Presbyterian Church directly.

ENDOWMENT PLEDGE 
Pledges to the endowment program can be made over a period of years. Such a gift can be tailored to suit your current and future circumstances, meaning you can fulfill your pledge on a customized schedule.