RESOURCES FOR THE SPIRITUAL BUT NOT RELIGIOUS
Charitable remainder trust is an arrangement in which property or money is donated to the ministry, but the donor (called the grantor) continues to use the property and/or receive income from it while living. The beneficiaries receive the income and the church receives the principal after a specified period of time.
The grantor avoids any capital gains tax on the donated assets, and also gets an income tax deduction for the fair market value of the remainder interest that the trust earned. In addition, the asset is removed from the estate, reducing subsequent estate taxes. While the contribution is irrevocable, the grantor may have some control over the way the assets are invested, and may even switch from one charity to another (as long as it's still a qualified charitable organization). Charitable remainder trusts come in three types: charitable remainder annuity trust (which pays a fixed dollar amount annually), a charitable remainder unitrust (which pays a fixed percentage of the trust's value annually), and a charitable pooled income fund (which is set up by the ministry, enabling many donors to contribute). At this time we do not have a pooled income fund. For more information regarding charitable lead trusts and other beneficial trust instruments please contact your estate planning professional, accountant or attorney.
A charitable lead trust is a philanthropic and estate planning tool. A donor can transfer assets, such as cash, stocks and artwork, to a trust for a set term of years. Each year, payments are made from the trust to the church. It is called a lead trust because the church is entitled to the lead (or first) interest in the trust’s assets and the non-charitable beneficiary receives the remainder (or second-in-line) interest. Once the trust's term expires, what is left goes to the donor's heirs. Handling assets in this way can shelter the assets' appreciation from estate taxes.
Two Types of Charitable Lead Trusts
Charitable lead trusts are of two types: charitable lead annuity trusts and charitable lead unitrusts. In the first type, the donor sets a fixed annual gift for the church. In the unitrust, the church receive a percentage of the trust's value each year. This means that those benefits will fluctuate based on the trust's investment returns or losses. Annuity trusts are the most popular because the charitable payments are fixed. In the unitrust assets grow and the percentage going to church uses up more and more money, thus leaving less for the heirs.
These sophisticated estate planning devices will allow friends of the ministry to support the ministry’s important work and remember one’s heirs. For more information regarding charitable lead trusts and other beneficial trust instruments please contact your estate planning professional, accountant or attorney.
From time to time we are asked the question, “How can I remember the ministry in my will?”
This question is not easily answered since each individual’s estate plans differ due to the size of the estate and the donor’s intention and tax and legal issues. A legal and/or financial advisor may be needed to assist in estate planning, The following information may help you in understanding the options that exist and suggested language for remembering Ric Schumacher Ministries. When creating a legacy of love you have several options; they include a specific bequest, a residual bequest or a contingent bequest.
A Specific Bequest
You may decide to leave a specific dollar amount to Unity or a specific item of property. This can be accomplished using this type of wording in your will: “I give, devise, and bequeath to Ric Schumacher Ministries, 183 Dodge Avenue Akron, Ohio 44302, the sum of $___________.” or I give, devise, and bequeath to Ric Schumacher Ministries, 183 Dodge Avenue Akron, Ohio 44302, ___________ shares of XYZ Corporation” or I give, devise, and bequeath to Ric Schumacher Ministries, 183 Dodge Avenue Akron, Ohio 44302, the real; property know as (street address, city state, zip code).”
A Residual Bequest
You can be sure to provide for your family and friends first but still leave something to Ric Schumacher Ministries by leaving us the balance of your estate after your other beneficiaries have received their gifts. The language for this kind of bequest might read as follows: I give, devise, and bequeath to Ric Schumacher Ministries, 183 Dodge Avenue Akron, Ohio 44302, ___________ percent (or all) of the rest, residue, and remainder of my estate.”
A Contingent Bequest
You may wish to include Ric Schumacher Ministries only under certain circumstances. For instance, you may wish to name the Ministry as a beneficiary of your estate if certain named individuals do not survive you. The language for this kind of contingent bequest might be as follows: If any of my beneficiaries do not survive me, I give, devise, and bequeath the share that would be (his/hers/theirs) to Ric Schumacher Ministries, 183 Dodge Avenue Akron, Ohio 44302
Your loving support insures that we can provide a vehicle for the word of truth to be spoken in our world and where lives can be healed and transformed.
Gifts, tithes and offerings can be sent to:
Ric Schumacher Ministries
183 Dodge Avenue
Akron, Ohio 44302
Ric Schumacher Ministeries is a 501 (c-3) tax exempt organization. All tithes, offerings and gifts are tax deductible to the full extent of the law.