Annuities & Trusts
Charitable Gift Annuity (CGA)
A Charitable Gift annuity is a contractual agreement that supports BGEA, provides a fixed stream of payments to you and/or a loved one, while offering tax benefits. The annuity can be funded with cash or marketable securities. Your Gift Annuity will make payments to you for life, at a rate determined by your age at the time payments begin. Payments to you may be deferred, allowing for a larger charitable tax deduction and larger annuity benefits.
After you or your loved ones passes, BGEA receives the remainder of your original gift. To confidentially explore gift options, contact us for more information.
Charitable Remainder Unitrust
Significant features of a Charitable Remainder Unitrust include tax advantages and a stream of future income for you and/or your loved one. Your Unitrust may be funded with cash or appreciated assets such as marketable securities or real estate. The Unitrust, however, is an irrevocable agreement, meaning that the terms cannot change.
The charitable contribution you receive from establishing a Unitrust may be claimed in the year it is funded or may be carried over for up to five years if it is too large to use in any one year. Where applicable, taxation of capital gains on the donated assets are deferred until distributed.
Since there are many options to consider when funding a Unitrust you may want to contact us for more information so we may confidentially answer your questions or suggest ways to maximize your gift.
Personal Property
Your non-cash items, from cars to coins, can be donated to BGEA and used for ministry. Through a partnership with the non-profit iDonate, you can donate assets while potentially saving on taxes as well. Contact us for more information about donating non-cash assets to BGEA.
Real Estate
Most types of real estate may be given to BGEA, provided the property is readily marketable, not encumbered with a mortgage or lien and does not contain any environmental contaminants. By donating appreciated real estate, you gain a significant tax advantage by potentially avoiding capital gains tax. Your charitable contribution deduction may be calculated based on the appraised value of the property.
If the value of your property has decreased, it may be to your advantage to first sell the property and then donate proceeds to BGEA. This way, you may potentially deduct any capital loss. We suggest that you consult your financial advisor.
In addition to an outright gift of real estate to BGEA, you may also consider other options such as using real estate to establish a Revocable Living Trust, an Irrevocable Deferred Gift, or a Deferred Life Estate Gift.
If you are considering a gift of real estate, contact us for more information to confidentially discuss your options.
Stocks & Securities
A gift of appreciated marketable stocks and securities to BGEA provides you with significant tax advantages. You avoid capital gains taxes in the year your gift is given while potentially providing a charitable deduction for the fair-market value of your gift. Contact BGEA Planned Giving Administration toll-free at 1-877-243-2636 to obtain specific securities transfer instructions.
If your securities have depreciated, it may be to your advantage to sell them first, then donate the proceeds to BGEA. You may receive a tax deduction for your capital loss, in addition to receiving a charitable deduction for the amount donated.
You may also elect to make a gift of securities by naming BGEA as a beneficiary, either through your will or through a beneficiary designation account at your security brokerage firms. While you will not receive a charitable contribution deduction on your income tax returns, you will reduce the size of your taxable estate. In addition, assets in a beneficiary designation account may avoid probate.
Contact us for more information to confidentially answer any questions you may have or to suggest ways you may maximize your gift.
Wills & Estates
A will is your legal document that ensures your estate wishes are carried out as you intend and that your family and loved ones are cared for. Without a will, the state makes all major decisions, including how your assets will be distributed once you pass. Download the Will Information Worksheet to get started with basic information. Additionally our Estate Planning Guide describes the benefits of the four most common vehicles for wealth transfer based on asset type.
You will also need to identify an executor, or personal representative, who will carry out the wishes of your estate. The executor is named in your will. The Essential Duties of an Executor Brochure explains the duties of the executor, and can be given to the person you name.
Through your Last Will and Testament, you may designate planned gifts to BGEA. Including BGEA in your will or living trust allows you to make a future gift while maintaining control over your assets during your lifetime. Sample language is below. You may designate your gift as a fixed dollar amount, a percentage of the total estate or a percentage of the residual estate.
Sample Bequest Language
Fixed Dollar Amount:
I give to the Billy Graham Evangelistic Association, located in Charlotte, NC, the sum of $_______ to be used for its general operating support (or you may designate a specific ministry).
Percentage of Estate Language:
I give _____% of my estate to the Billy Graham Evangelistic Association, located in Charlotte, NC, to be used for its general operating support (or you may designate a specific ministry).
Residual Bequest Language:
After all your estate expenses and specific bequests have been distributed, the remaining or residual funds are given to BGEA.
I give and devise to the Billy Graham Evangelistic Association, located in Charlotte, NC, all (or a stated percentage) of the rest, residue and remainder of my estate, both real and personal, to be used for its general operating support (or you may designate a specific ministry).
Contingent Bequest Language:
You may designate BGEA as a contingent beneficiary if one or more of your specific bequest wishes cannot be fulfilled.
If (insert name) is not living at the time of my demise, I give and devise to the Billy Graham Evangelistic Association, located in Charlotte, NC, the sum of $_________ (or all or a percentage of the residue of my estate) to be used for its general operating support (or you may designate a specific ministry).
Include this paragraph with your specific bequest language:
The Billy Graham Evangelistic Association (BGEA) is a nonprofit organization and is qualified for tax exemption under Section 501(c)(3) of the Internal Revenue Code. The Billy Graham Evangelistic Association’s tax identification number is 45-2588350.
We suggest contacting an attorney to prepare a will that reflects your express wishes. Contact us for more information to confidentially answer any questions you may have.
Beneficiary Designations
Naming the Billy Graham Evangelistic Association as a beneficiary on any of your financial accounts is a straightforward way to make a future planned gift – without changing your Last Will. You may contact your bank, broker or retirement account administrator and request Transfer-on-Death (TOD) or Payable-On-Death (POD) forms to designate BGEA as a beneficiary.
“Payable on Death” or “Transfer on Death” accounts remain in your ownership and control while you are living. You may make additions or withdrawals from the account and may cancel or change the named beneficiary. At your death, remaining assets would simply be transferred to BGEA.
Life Insurance
Most people purchase a Life Insurance policy to provide for their children, protect their home mortgage, or secure retirement funds. As people age, they may find that they no longer need financial protection in these areas, and may use their policy as a planned gift to BGEA.
There are several ways you can use your policy. For example, you can name BGEA as the owner and beneficiary of your policy, as the sole beneficiary, as a co-beneficiary, or secondary beneficiary. Alternatively, you may assign annual dividends to BGEA as a gift. You may deduct this amount on your income tax return. Specific tax benefits will depend upon on the method of giving you choose. Contact us for more information to confidentially answer any questions you may have and to suggest ways to maximize your gift.
Retirement Assets
Retirement Assets are tax-deferred retirement accounts, designed to promote savings for retirement, and include profit sharing, IRAs, 401(k), 403(b), and Keough and pension plans. As some individuals approach retirement age, they discover that they have accumulated more funds than they will likely use. If you have a larger estate, subject to both income and estate tax, retirement assets may be a good source for your planned gift to BGEA.
If you are between ages 59½ and 70½, you may donate a portion of your retirement assets by making a taxable withdrawal and then donating the cash.
Alternatively, you may consider naming BGEA as a primary or contingent beneficiary of your retirement assets. This allows you to avoid significant income and estate taxation. By naming BGEA as a beneficiary of your retirement plan, you maintain complete control over the asset while living.
Simply request a change of beneficiary form from your retirement plan administrator. When the form has been properly submitted, please notify BGEA as well. Your designation should include our name, the Billy Graham Evangelistic Association, and address: 1 Billy Graham Parkway, Charlotte, NC 28201. Please include our tax ID number, 45-2588350.
For individuals who meet certain requirements, The Consolidated Appropriations Act of 2016 allows up to a $105,000 charitable contribution from eligible IRA accounts with numerous tax advantages. “Qualifying charitable distributions” (QCD) made from a traditional or other eligible IRA may be excluded from gross income, provided certain provisions are met. Such gifts may satisfy the required minimum distributions (RMD) for the year when the QCD is made.
To receive favorable tax benefits, the following conditions must be met:
- Donor must be 70½ or older at the time of the gift
- Funds must be withdrawn from a traditional or other eligible IRA account
- Funds must be directly transferred from the IRA to the qualified charity with no intervening ownership by the IRA owner
- Donor must not receive any benefits of value in return for the gift
- Gifts must not exceed $105,000 in total qualified charitable distributions per tax year, per individual
- Gift must be properly reported to the IRS on the donors’ tax return
This last requirement requires careful attention. We suggest that you consult your tax advisor for instructions on how to report your donation from your IRA on your tax return.
Once BGEA receives your gift, you will receive a non-deductible gift acknowledgement from BGEA. We suggest that you consult your tax advisor for instructions on how to properly report your donation from your IRA on your tax return. Contact us to provide additional information and to confidentially discuss your charitable gift planning goals using retirement assets.
