Foundation
Other Giving Opportunities |
Estate Planning & Planned Gifts
Revocable Trusts, Charitable Remainder Unitrusts, and other such trusts can be tailored to meet your specific needs and desires while benefiting the University at the same time. Naming Southwestern for a portion of your estate in a will is one way to perpetually benefit the University. A life insurance policy with the Southwestern foundation as one of the beneficiaries is another alternative.
Will Forms
Benefits of Will Forms
Personal Care Forms
Benefits of Personal Care Forms
Charitable Remainder Trust
How Payments are Determinted
What Your Payout Rate Will Be
Benefits of Charitable Trusts
Guaranteed Annuity
Immediate Income Tax Savings
Capital Gains Tax Avoided
Asset Protection
Stewardship Trusts
Benefits of Sterwardship Trusts
Will Forms
Will Forms help you create a simple legal document
declaring your desires for the disposition of your estate.
Testamentary Services will forms allow you to keep assets
titled in your own name throughout your life while creating
a plan for distribution of those assets after your death.
- Create a Road Map for your Loved Ones
- Retain Ownership of Your Assets
- Protect your Spouse and Children
- Minimize Legal Delays, Probate Costs, and Estate Taxes
Personal
Care Forms
Personal care forms help you prepare for the possibility of
temporary or long-term incompetence. By completing power of
attorney forms, power of attorney for health care forms and
living will forms, you can create a way for friends and family
to continue to manage your property and health care needs
in the event of temporary or long-term incompetence. Avoid
expensive guardianship and conservatorship proceedings down
the road by expressing your desires for your health care and
property management through the use of personal care forms.
Benefits
of Personal Care Forms
Durable Power of Attorney
Durable Power of Attorney for Health Care
Living Will (Health Care Directive)
Charitable
Remainder Trust
The charitable remainder trust allows you to make a charitable
gift, receive a charitable tax deduction, receive income payments
throughout your lifetime, and avoid the imposition of taxes.
You, as “Grantor”, transfer money, securities, or property to the Southwestern Foundation. The Foundation, as “Trustee”, in return for a trust agreement, pays you income for life. The Trustee will handle the legal and fiduciary responsibilities for you, but you retain a beneficial interest in the income from the property. At the end of the trust, the assets are distributed to Southwestern Assemblies of God University.
How Payments
are Determined
As beneficiary, you receive payments based on a fixed percentage
agreed upon between you and the Foundation multiplied by the
fair market value of the trust assets.
What Your Payout
Rate Will Be
By law, the trust payout can be no less than 5 percent, but
may be established at a higher rate. The higher the percentage,
the greater your annual income will be. However, a higher
percentage will also reduce your income tax charitable deduction
and your remainder gift to ministry.
Benefits
of Charitable Trusts
You are entitled to take a sizeable charitable deduction on
your tax return in the year you create the trust. The deduction
will be based on the term of the trust, the trust payout,
and the value of the property transferred to the trust. This
amount is the charitable remainder interest, which will eventually
be received by Southwestern Assemblies of God University.
In addition to the up-front deduction, your trust can often
be invested so that part of your ongoing payments are tax
free and part is taxed at the favorable capital gains rate.
Guaranteed
Annuity
A Southwestern Foundation gift annuity guarantees a regular
annuity payment with no investment worries or responsibilities.
The rate of the annual fixed annuity payment depends upon
your age at the time of the gift and whether the annuity is
for one life or two.
Immediate
Income Tax Savings
You qualify for an immediate charitable contribution deduction
on your income taxes for the gift portion of your annuity
investment. If you are unable to use the full amount of the
deduction during the first year, you can continue to deduct
the unused portion up to an additional five years.
To assist you with your tax reporting, each year the Foundation will send you a statement detailing future payments and the amount of taxable income.
Capital
Gains Tax Avoided
If you fund your gift annuity with assets that have increased
in value, only a portion of your capital gains is taxable.
This portion is spread over your life expectancy, bringing
even more tax savings.
Asset
Protection
It is unpleasant to think that a sudden illness or financial
reversal could cause you to lose your home, life savings,
or other valuable assets. When you place funds in a Southwestern
Foundation Annuity, the asset and the payments are protected
for life.
Stewardship
Trust
A Stewardship Trust is a revocable living trust. It is similar
to a will, but has additional features.
With a will, you plan for disposition of your possessions upon death. Like a will, a Stewardship Trust allows you to pass your estate to your beneficiaries privately without expensive court proceedings and without the delay of probate.
The Stewardship Trust goes one step further. It allows you to instruct your trustee as to how you want your assets managed during your lifetime in the event that accident or illness prevents you from handling your own affairs, and it carries through your desires after death. In addition, estate taxes can be reduced or eliminated.
Benefits
of a Stewardship Trust
Avoid legal delays and probate costs
Retain control of your assets
Reduce or eliminate estate taxes