Planned Giving
Planned giving is a way to provide for our Church with a more lasting impact that is beyond your annual support for operations through regular stewardship.
Why give?
We all have our own personal reasons for making a planned gift…
In gratitude for the blessings God has bestowed upon us and our family.
To express our love for St. Philip’s and what our church has meant to us in both the good and difficult times.
To leave a legacy to enhance the ministries at St. Philip’s that lasts beyond our lives.
To ensure our facilities continue to be a place of beautiful, faithful Christian worship.
And a host of other individual reasons including:
To reduce income tax through a charitable deduction.
To retain a stream of income for life for us or other beneficiaries.
To eliminate potential federal estate tax on property passing to a charity at death.
To reduce cost and time at estate settlement.
Becoming a member of the St. Philip’s Legacy Society
You automatically become a member of St. Philip’s Legacy Society when you make St. Philip’s a part of your planned giving, over and above your annual stewardship.
Membership in the St. Philip’s Legacy Society is not dependent on a dollar amount, all that is necessary is to advise the Rector or the Legacy Society Board chair that you have included St. Philip’s as part of your planned giving. As a Legacy Society member, you can know that you have looked beyond this life by investing in “the generations to come.” (Ps. 78:4)
“We will recount to generations to come the praiseworthy deeds and the power of the Lord, and the wonderful works he has done…and the children yet unborn…might tell it to their children; So that they might put their trust in God.”
—Psalm 78:4,6-7
Two Ways to Give
Immediate Gifts
Such as: cash, appreciated securities, real estate, personal property, gift of life insurance, retirement funds, and donations from donor advised funds.
Deferred Gifts
Such as: bequests (through wills or personal trusts), life income gifts (charitable gift annuities, and charitable remainder trusts), designating an additional beneficiary to life insurance.
Two Types of Gifts
Capital Gifts
Leverages your gift to fund specific capital or new ministry projects.
Endowment Gifts
Generates interest to fund ministry and mission in perpetuity.
Options for Gift Designation
Vestry Managed Fund
This can be a case where the Vestry funds a particular project you designate when your gift is made, or you designate it to be set aside generally to enable the Church to fulfill its Christian Mission beyond our annual operating support. These gifts remain under the authority of the Vestry.
St. Philips Legacy Society, Inc.
This separate entity is governed by its own Board of Trustees, which includes the Church’s Rector, and will operate as a qualified 501(c)(3) to accept tax-deductible donations for the benefit of the church. As a traditional endowment, its principal is not spent, but the income generated from the principal is used perpetually for its designated purpose - to support St. Philip’s Episcopal Church. Gifts made to the endowment are segregated from Church business, and it is intended that annual cash gifts to the church would come from the endowment after its size is adequate to cover the costs of the entity (accounting, investment management, and tax preparation).
Choose between the Vestry Managed Fund or the Endowment at the time your gift is designated or made.
What options are right for you?
Despite the available choices in making a legacy gift, your giving plan is unique to your family’s ability and situation, and requires prayerful consideration. All gifts are used to help people to know God and grow in Jesus Christ through St. Philip’s Episcopal Church, to the benefit of St. Philip’s and the community outreach programs we support.
Examine the giving mechanisms below for examples to further review any tax implications or other benefits.
| Gift Vehicle | Tax Deduction | Advantages |
|---|---|---|
| Bequest by Will or Trust Give assets through estate planning. |
Possible reduction of estate and inheritance taxes. | Can be designated and revocable. |
| Retirement Assets Give tax-deferred assets to a charity as a beneficiary at death. |
Charity receives assets avoiding tax on deferred gain. | |
| Life Insurance Gift Assignment of policy to church or church holds policy on donor’s life. |
Possible tax deduction of premiums and cash value of policy. | Ability to leverage gift. |
| Appreciated Property Give assets that have appreciated in value while living. |
Income tax deduction; capital gains tax may be avoided. | Versatile—most any form of property could qualify. |
| Gift Vehicle | Income to Donor | Tax Deduction | Advantages |
|---|---|---|---|
| Pooled Income Fund Give to fund, receive income payments for life. |
Income for life. Rate based on market conditions. | Initial possible income tax reduction. Capital gains tax and estate tax reductions. | Satisfaction of making major gift while living. |
| Charitable Gift Annuity Annuity issued in exchange for property (usually cash or securities). |
Income for life, may be deferred. Fixed rate based on donor’s age. | Initial possible income tax reduction. Partially tax-exempt payments and possible reduction of estate taxes. | Satisfaction of making major gift while living. |
| Charitable Remainder Unitrust Irrevocable trust which pays an amount based on annual value of assets. |
Varying % based on market conditions. | Initial income tax deduction. Possible reduction of estate and inheritance taxes. Avoid gains taxes if funded with appreciated securities. | Satisfaction of making a major gift while living. |
| Charitable Remainder Annuity Trust Irrevocable trust which pays a fixed amount based on initial value of assets. | Fixed amount of income. | Initial income tax deduction. Possible reduction of estate and inheritance taxes. Avoid gains taxes if funded with appreciated securities. | Satisfaction of making a major gift while living. |
| Life Estate Give real estate but retain right to use it for life. |
Retention of right to use property for income or resi-dential purposes. | Tax deduction based on equity in the property and donor’s age. Possible estate tax reductions. | Satisfaction of making major gift while living. |
| Charitable Lead Trust Trust pays church income, returns remainder to donor or gives remainder to heirs after set number of years. |
None. | Trust usually passes to heirs at reduced gift and estate tax rates. | Trust dissolves after set period of time (10 to 20 years). |
| Bargain Sale Sell an asset or business to the church at below-market price. |
Purchased price of asset. | Partial income tax deduction for amount “lost” by the sale. | Satisfaction of making major gift while living. |
Is your will outdated?
Have any of the following happened since you made your will?
You moved to another state or your financial status changed.
Your children grew up or married.
The tax law has changed and your will has not been reviewed.
A person you named in your will died.
You decided to include St. Philip’s in your will.
A trusted advisor or friend suggested a change to your will or estate documents.
Make or Add a Deferred Gift in Your Will
Do you want to be a blessing to future generations? You may use language such as the following in a new will or in a codicil to an existing will:
“I hereby give to St. Philip’s Episcopal Church or St. Philip’s Legacy Society, Inc. dollars (or percentage of my estate after expenses) for the sole benefit of St. Philip’s Episcopal Church located at 6400 Stonebrook Pkwy, Frisco, Texas 75034”
Embrace Giving Now
Billionaire Charles Feeney donated almost his entire fortune during his lifetime. His example teaches us:
Pursue generosity now.
There is no time like the present to respond to the needsaround you. Enjoy watching your gift “grow faith that impacts the world for Christ”through St. Philips Episcopal Church.
Plan now for giving later.
Extend your generosity by naming St. Philip’s in your Willor donating appreciated assets (like stocks and mutual funds).
Share your why.
Sharing your commitment to generosity can ignite that same spark in others. After you have made adequate financial arrangements for your family members, please make a planned gift to St. Philip’s. Planned gifts can be accomplished with relative ease and we believe you will find giving a true blessing.
The information provided on this page is merely indicative and not intended to give advice. Please consult your attorney or financial advisor for the gift appropriate for you and options for the gifting process.
The St. Philip’s Legacy Society appreciates the opportunity to serve you. God bless you and thank you for your faithful stewardship of God’s blessings,both now and to “the generations yet unborn.” (Psalm 78:6)
—The Rev. Cn. Michael Gilton & the St. Philip’s Legacy Society