You don’t have to be wealthy or famous to leave a meaningful legacy. By planning your estate now, you can help to ensure that whoever or whatever you hold dear continues to thrive into the future.
As you plan your financial affairs, we hope you will consider making a bequest or other charitable gift to the Church. A gift to The Church of the Transfiguration will help ensure that it remains an urban treasure long beyond our lifetimes.
Ways to Give
There are a number of ways that you can make The Little Church part of your legacy. Below is an overview of the most common options.
Gifts by WillGeneral Bequest: Provides a specific dollar amount to the Church of the Transfiguration.Residuary Bequest: Gives the Church a specific asset or sum of money, for all or a portion of what remains in an estate after other gifts have been made.Remainder Bequest: Provides the Church with a portion of the donor's estate that remains after the death of a life beneficiary.Gift of Contingent Interest: Gives the Church a portion of the donor's estate at the donor's death or the death of a life beneficiary if certain primary beneficiaries are no longer living.
Bequests are fully deductible as charitable gifts for federal estate-tax purposes and, in most cases, for state death-tax purposes.
Gifts of Appreciated AssetsLife Insurance & Other Assets: Including The Church of the Transfiguration as a beneficiary of your assets is a simple and very effective way to continue supporting the Church after you're gone. Many types of assets require you to name beneficiaries, including life insurance, bank accounts, certificates of deposit, stocks, mutual funds, and retirement accounts.Real Estate: A gift of real estate entitles you to a charitable income tax deduction equal to 100% of the property's fair market value. These gifts are also exempt from the capital gains taxes that you would normally have to pay if you sold the property. If you wish to continue using the property, you might consider donating a "remainder interest" to the Church. This allows you to use the property for as long as you live, and turn it over to the church after you're gone.Retirement Plans: Estate and income taxes can significantly diminish the value of a retirement account. When a donor names the Church as a beneficiary, co-beneficiary, or contingent beneficiary of an Individual Retirement Account (IRA), Keogh Plan, 401(k), 403(b), or other qualified pension plan, his or her estate receives a charitable deduction for the full amount of the funds received from these accounts. Since tax burdens on estates may be reduced, heirs may receive increased amounts from other assets directed to them.
If you are considering a bequest or other gift to the church, please phone the office (212-684-6770) and speak with our Rector.