Endowment
The Living Legacy Fund
The Living Legacy Fund was created by Session to provide stewardship opportunities beyond regular annual giving. Contributions to the endowment are placed in an investment account for the future use of Southminster Church. “Endowment” means that the principal is permanent. It is invested and allowed to grow. Investment returns (dividends, interest and capital gains) are used to fund programs. A gift to the Living Legacy Fund will continue supporting Southminster Church for many generations. Available funds will be used to support new programs and outreach rather than simply augment normal annual operating expenses.
The generous contributions from members and friends over the years have a substantial and positive effect on the work of Southminster Church
Living Legacy Tree
Contributions to the Living Legacy Fund are made as Living Gifts, Legacy Gifts or Memorial Gifts. Living Gifts are gifts made during our lifetime. Legacy Gifts are bequests from our estate plans or as a beneficiary of insurance plans or retirement accounts. Memorial Gifts are gifts made after our death by others in our name. Each person who makes, or is memorialized, by these types of gifts will be remembered by a leaf on the acknowledgement tree: silver for Living Gifts, gold for Legacy Gifts), or bronze, in the name of the person memorialized, for Memorial Gifts. There is no specific amount required. All gifts, of any size, are gratefully accepted and acknowledged.
Gifts and bequests may be made to:
Southminster Presbyterian Church
Living Legacy Fund,
680 South Park Blvd,
Glen Ellyn IL 60137
Tax ID: 36-2793894
Phone: (630) 469 9149
Email: sminster@ameritech.net
Answers to Frequently Asked Questions
Question:
Do I need to consult an attorney or financial advisor to create or change my estate plan?
Answer:
Establishing an estate plan or will normally requires the advice of an attorney specializing in estate plan work. Most changes should also be made with the advice of an attorney. It is also prudent to review these documents with your attorney periodically.
Question:
Why is it advantageous to designate the Living Legacy Fund as the beneficiary of my regular IRA?
Answer:
As a beneficiary of a regular IRA, your loved ones would incur income taxes on any distribution. On the other hand Southminster, as a tax exempt organization, would not pay taxes on a distribution from an IRA. Nor would your estate be taxed by such a gift. Be sure to consult your financial or legal advisor if the Living Legacy Fund is not the sole beneficiary of your IRA.
Question:
I am trying to change the beneficiary designation on my IRA but the online form doesn’t allow enough space?
Answer:
You may usually abbreviate the beneficiary name (e.g., Southminster Church, Legacy Fund) as long as you provide the church’s Tax ID: 36-2793894. You should call your financial institution to verify this is acceptable. You may also be able to print the form to write in the full name.
Question:
If I have a life insurance policy on my life that I no longer need, how do I make a gift of some or a portion of the proceeds of that policy at my death?
Answer:
As owner of the policy, you should simply complete a new beneficiary form and submit it to your life insurance company.
Question:
If a contact person is required, who should that be?
Answer:
The pastor.
Question:
May I provide for a gift of real estate or bequest of personal property in my estate planning documents to the Living Legacy Fund?
Answer:
Possibly, but such gifts require the approval of Session ahead of time. If approved, the Living Legacy Fund would receive the property through your Will or Revocable Trust and would sell the property and invest the proceeds.
Question:
If I don’t want to make a gift through my estate, but wish to help build the Living Legacy Fund, will you accept cash or securities now?
Answer:
Absolutely. We’re always willing to accept gifts of cash or securities at any time.
Question:
I would like to make a gift to the Living Legacy Fund, but I am undecided whether to make a gift during my lifetime or at my death. What are the pros and cons?
Answer:
A gift during your lifetime would give you an income tax deduction, if you itemize your deductions. Lifetime giving also lets you see some of the results of your generosity. However, as a result of making such a gift to the Living Legacy Fund in your lifetime, you would no longer receive the income generated by that asset. A gift through your estate might eventually allow you to make a larger gift since you would be using financial resources which would no longer be needed after your death – particularly if you survive your spouse. Either type of giving would reduce your taxable estate if your estate were subject to estate taxes. To further explore questions of this type, please consult your financial advisor or attorney.
Question:
Should I let Southminster know I have included the Living Legacy Fund in my estate plan?
Answer:
It is not necessary but is appreciated. A card is available in the church office for this purpose or you may simply inform any member of the Endowment Funds Ministry.
Question:
If I have further questions, who should I contact?
Answer:
Besides your own attorney, you can contact the pastor or any member of the Endowment Funds Ministry. You could also contact the Presbyterian Foundation Ministry Relations officer for our area at 866-710-5094.