A life income planned gift can offer you the best of many worlds: dependable income for you and your family (often at a greater return than you are able to earn on “blue chip” stocks), current and future tax savings, and a means to support Gettysburg Seminary. Whether you are planning for retirement, the educational expenses of children or grandchildren, or the care of loved ones, life income gifts are an excellent way to balance many goals.
Charitable Gift Annuities
You may establish a charitable gift annuity through the ELCA Foundation or the Lutheran Community Foundation that will benefit you and Gettysburg Seminary. You contribute cash or marketable securities in exchange for a promise to pay you and, if you wish, your spouse or another annuitant, a fixed income for life. The annuity rate will be fixed when your gift is made and is based on your age at the time you begin receiving payments. Rates vary with economic conditions. When annuity payments cease, the principal is paid over to Gettysburg Seminary. As a donor, you may qualify for an income tax deduction in the year you make your gift. In most cases, you will receive a portion of your annuity payments tax free.
Charitable Remainder Unitrusts and Annuity Trusts
If you are considering a significant gift to Gettysburg Seminary, a charitable remainder trust may be a good option. You irrevocably transfer assets, such as cash, marketable securities, or real estate, to a trustee who manages and invests them. You, another person, a bank, the ELCA Foundation or the Lutheran Community Foundation may serve as trustee. The trust makes annual payments to you, you and your spouse, or another person for a fixed dollar amount (annuity trust) or a variable amount, based on a percentage of the value of the trust asset (unitrust). In either case, the payments must not be less than 5% or more than 50% of the fair market value of the assets in the trust. Beneficiaries receive income for their lives or for a specified term. At the conclusion of that term, the trustee pays the trust principal to the Seminary. Charitable remainder trusts may provide income, capital gain, and estate tax savings and can be tailored to meet your personal and financial goals.
Charitable Lead Trusts
While a charitable remainder trust allows you to provide an income stream to yourself or a loved one, a charitable lead trust lets you generate an income stream to Gettysburg Seminary while you retain control of the assets for your family. A charitable lead trust, generally established in the amount of $100,000 or more, is a separately invested, irrevocable trust, that you create by transferring cash, marketable securities, or income-producing property to a trustee you select. This trustee – a bank, the ELCA Foundation, a Thrivent Financial affiliate, one or more individuals, or a combination – manages the property and pays Gettysburg Seminary a periodic dollar amount that may be fixed or variable. When the term of the trust is concluded, the trust assets revert to you or to persons you name, such as children or grandchildren. The financial and tax advantages of a charitable lead trust vary based on the type of trust you establish and your relationship to it.
For further information
Making a planned gift may be easier than you think and may also enable you to make a more substantial gift to Gettysburg Seminary than you thought possible. If you would like to learn more, Gettysburg Seminary’s Office of Advancement is ready to help with:
• More information about planned gift options
• Illustrations that spell out just how a planned gift works, including potential tax and financial benefits
• Information tailored to your specific circumstances that you can share with your professional advisors
We can also connect you with an ELCA Foundation Regional Gift Planner or a Thrivent Financial representative. These professionals can help you with planned gifts to any of the many ELCA ministries, including Gettysburg Seminary, your congregation, your local synod, Lutheran social ministry organizations, Lutheran colleges and other seminaries, worldwide mission and numerous other domestic and global endeavors.
Please note: for legal and estate-planning purposes, please use the official name, “Lutheran Theological Seminary at Gettysburg” in all legal documents. For the Seminary’s federal EIN (employer identification number), please contact the Advancement Office at (717) 338-3011.