The Legacy Society
“You shall love the Lord your God with all your heart, and with all your soul, and with all your might. Keep these words that I am commanding you today in your heart. Recite them to your children and talk about them when you are at home and when you are away, when you lie down and when you rise. “ – Deuteronomy 6:5-7
Planned giving is a generous and effective way of ensuring St. Margaret’s future growth. You can make a planned gift to St. Margaret’s in a number of tax-beneficial ways. When you make a bequest or contribution of any size to St. Margaret’s Episcopal Church either in your will or through a trust arrangement, you become a member of St. Margaret’s Legacy Society. St. Margaret’s Legacy Society recognizes all parishioners who have made a provision for the church as part of their estate plan. The amount is always confidential. While you should consult with your attorney or financial advisor for guidance in determining the planned gift approach that is right for you and your family, we suggest the following options:
Gifts by Will
Bequests by will to the church are exempt from federal and most state inheritance taxes. With a gift by will, your total estate value is reduced by the amount of your planned gift, reducing your overall estate tax.
By your will (which you may amend by a codicil) or your revocable trust, you can make St. Margaret’s Episcopal Church the beneficiary of cash, securities, and/or other property. You may designate specific amounts or a percentage of your estate, or you may make St. Margaret’s a residual beneficiary of your estate, that is, a recipient of some part of the balance after payment of specific bequests, expenses, and taxes.
As you review your testamentary plans, here are three language samples for your use.
Specific Amount for General Purposes
“I give, advise, and bequeath to The Rector, Wardens, and Vestry of St. Margaret’s Episcopal Church in the City of Bellevue, Washington, the sum of $______ to be used at their discretion for the general objectives and purposes of said St. Margaret’s Episcopal Church.”
Percentage Amount for a Specific Purpose
“I give, and bequeath to The Rector, Wardens, and Vestry of St. Margaret’s Episcopal Church in the City of Bellevue, Washington, ___% of the rest, residue, and remainder of my estate, to be used at their discretion for the general maintenance of the physical facilities of St. Margaret’s Episcopal Church.”
Unrestricted Bequest to St. Margaret’s Endowment
“I give, and bequeath to The Rector, Wardens, and the Vestry of St. Margaret’s Episcopal Church in the City of Bellevue, Washington, ___% of the rest, residue, and remainder of my estate, to be placed in the St. Margaret’s Endowment Fund, for use at their discretion.”
These are only samples for your consideration. Your legal counsel can help you to refine the bequest language to suit your specific wishes for St. Margaret’s. If you do decide to include St. Margaret’s in your will, we would find it very helpful to have a copy of that portion of your will for our records.