Planned Giving
The Max Long Society – a Plan for Legacy Giving at Church of the Redeemer
Church of the Redeemer is a church rooted in tradition, planted in the present, and reaching toward the future. We believe our community has a strong future of blessing this world. In 1908, Max Long walked the streets of Hyde Park recruiting the first members of the nascent Church of the Redeemer. His vision, teamwork, and leadership of over 40 years was rooted in the belief of an abundant God who was calling us to make an impact on the people of Cincinnati.
In 1948, when the leadership of the church began plans to build the current church building, some members expressed anxiety and uncertainty about such an ambitious project. Max Long responded, “We can provide the physical means for carrying on our expanded activities without impairing the spirit in which we act. God help us if we lose any part of our love toward God and our fellows or fail to express it openly.”
Since then, we have been guided in stewardship by the belief that all we have is from God. With The Max Long Society, we seek to foster that sense of abundance and build for a future where we are continuing to change the lives of the people of the Queen City and beyond. We seek to be good and faithful stewards of God's gifts both in life and death. We understand that our death does not have to mean the end of our blessing and caring for this community that has transformed our lives.
Your planned legacy gift to the Church of the Redeemer is a practical way for you to empower generations to come. It is a powerful witness of faith, love, and gratitude. This type of gift recognizes the heritage left by those who came before us and acknowledges that we bear a responsibility to the future faithful - to insure the continuation of God’s work within and beyond Church of the Redeemer.
Should I leave a legacy gift to Church of the Redeemer?
The question is, would you like to continue to support and equip the ministries of your church after you die? It is natural to want to care for your family in your estate planning. For many of us, our church community is part of what we understand as our family. Oftentimes people will leave instruction in their estate for legacy gifts to philanthropic endeavors that have been meaningful to them in life. It is the intent of the Max Long Society to provide a vehicle for you to remember this endeavor that has been meaningful to you.
And, in fact, since Church of the Redeemer is not as large a body as many of the philanthropic organizations that immediately come to mind, a legacy gift to this church has the capacity to have a significantly larger impact on our future.
A legacy gift is often the largest gift a person can make, so it is important to take time to make a prayerful and thoughtful consideration of the gift you would like to leave. Likewise, it is essential that you know that planned giving is not just for people with great resources. Individuals of all income levels can make planned gifts to accomplish their charitable purposes. Whatever you can give, your gift makes a difference. In fact, many of us are incapable of contributing large gifts to our church in our lives. But if we think about leaving a percentage of our estate, we may be able to make the kind of gift in death that we could not make in life. Planned giving is about an intention and generosity that transcends your current giving capacity.
A Gift of Gratitude, a Legacy of Faith
The path towards planned giving starts by reflecting with gratitude and wonder on what God has given you during your lifetime. We invite you to consider people and institutions that have helped you find your purpose and have given meaning to your life. If you’re reading this, Church of the Redeemer is very likely one of them. Do you want to be part of helping us transform others’ lives as your life has been transformed?
The Max Long Society would like to partner with you in creating a financial plan that honors these institutions and ministries. Your legacy gift will glorify God and bless others by making a difference in the future of a ministry that you have cherished and supported during your lifetime.
How will my gift be used?
While gifts can certainly be designated, we encourage you to consider leaving an unrestricted intention as one can never predict what the circumstances or areas of greatest need may be when your commitment is realized. The greatest impact is made when gifts can be utilized to their fullest potential. If you’d like to discern the reasoning for this more fully, our Rector or one of our stewardship advocates will be glad to talk it through with you as you are planning your gift.
SIMPLE WAYS TO LEAVE A LASTING LEGACY
1. Honor your values by including Church of the Redeemer with a bequest in your Will or Trust:
These gifts take effect after your death. After you have provided for your loved ones in your estate plan, you can include Church of the Redeemer and other nonprofits you have supported during your lifetime as beneficiaries. When writing or updating your Will or trust, you can name Church of the Redeemer to receive a specific dollar amount or a percentage of your residuary estate. It is usually helpful both to your estate and to Church of the Redeemer for you to declare a percentage rather than a fixed amount. This aids in accounting for fluctuating markets in an ever-changing economy. By making a bequest to Church of the Redeemer, you maintain complete control of your money or property throughout your life. While such a gift will not generate tax savings during your lifetime, a bequest is one hundred percent tax deductible for estate tax purposes.
Sample language for your Will: “I give and bequeath to the Episcopal Church of the Redeemer, 2944 Erie Avenue, Cincinnati, Ohio, the sum of $___________ or (a specific asset, such as securities or other property) or ___ percent of the remainder of my estate.”
2. Make a tax-wise gift with a beneficiary designation in your retirement plan or life insurance:
A beneficiary designation from a retirement or insurance account is another simple way to make a legacy gift to Church of the Redeemer. These gifts bypass probate and go directly to your designated beneficiaries.
- Retirement Plans:
- Insurance Policies:
With a simple signature on a form, you can include Church of the Redeemer as one of the recipients of your retirement plan (e.g., IRA, 401k or 403b). By doing this, you’ll spare your loved ones the required income tax that must be paid on all traditional IRA funds (not Roth IRAs). Download a beneficiary form from your retirement plan administrator’s website and add Church of the Redeemer.
Do you no longer need the security of life insurance that your family once required? If not, put the policy to work advancing the work of Church of the Redeemer that you value. Designate Church of the Redeemer as one of the beneficiaries of your life insurance policy’s death benefit. If you name Church of the Redeemer as your beneficiary and transfer ownership of a whole-life policy, you can keep the life insurance out of your estate and generate an immediate charitable income tax deduction. If the policy is paid up, your charitable income tax deduction is limited to the net investment in the policy (premiums paid minus dividends received). If you transfer ownership while premiums are still due, you can be relieved of your obligation to make further payments. Church of the Redeemer can sell the policy for cash or accept the amount of paid-up insurance. If you continue to pay premiums, Church of the Redeemer will retain the policy and you can continue to generate charitable income tax deductions in subsequent years.
When you complete your beneficiary designation form, name “The Episcopal Church of the Redeemer” as a beneficiary and remember to include our federal taxpayer identification number: 31-0559888.
3. Generate annual income through a charitable gift:
You can make a gift to Church of the Redeemer and receive guaranteed fixed payments for life. With a Charitable Gift Annuity, you would transfer cash or stock to Church of the Redeemer, receiving a partial income tax deduction at the time of the gift and a guaranteed stream of annual income for your lifetime. Contact us to receive a personalized proposal.
4. IRA Rollover Gifting:
If you are age 70 ½ or older, you may move up to $100,000 from your IRA directly to Church of the Redeemer and pay no income tax on the transferred money.
If you are unfamiliar with the rules of the IRA Charitable Rollover (or “Qualified Charitable Distribution”), here is a recap:
- There is a December 31st deadline for the charitable rollover for that tax year.
- You may transfer directly from your IRA to one or more qualified charities. This opportunity applies only to IRAs and not to other types of retirement plans.
- You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.
The gift can satisfy all or part of the required minimum distribution for the year. The gift may not be used to fund a gift annuity, charitable remainder trust, donor advised fund or private foundation.
For more information, please contact the Rev. Philip DeVaul or stewardship advocates Andrew Cole or Tom Kirkwood. We would love the chance to help you plan your legacy and dream with you about the future.
To make a legacy gift, consult with your trusted family advisors (CPA, Attorney, Financial Planner, Insurance Agent, and financial consultant). The Episcopal Church of the Redeemer is a 501c3 nonprofit organization. Our legal name is “The Episcopal Church of the Redeemer and our federal taxpayer identification number is: 31-0559888. All material presented by Church of the Redeemer regarding planned giving is presented solely as educational information and is not a solicitation or offer. Statements regarding tax benefits are based upon the law of charitable contributions generally and on assumptions which may not apply to your situation at the time of your gift. When considering a planned gift, please consult your professional financial advisor or attorney.
