STEWARDSHIP at CALVARY
Planned Giving: The Saint Michael's Society
Just as we should, out of gratitude to God and our love for this parish, support God’s work at Calvary during our lifetimes, so should we make provisions, now, to ensure Calvary’s future after our lifetimes through planned giving. Anyone who has made a provision of support for Calvary Church as part of their estate plans and has notified Calvary Church of that intention in writing is eligible for membership in the St. Michael Society at Calvary. Any gift or bequest that you made through your will or through a trust arrangement is acceptable. If you so choose, the amount of your support will be kept completely confidential.
We take the name of our legacy society from Calvary’s patron saint, St. Michael whose holy day we celebrate each year on September 29. The St. Michael’s Society was established to accomplish three objectives. They are:
• To raise awareness of the importance of legacy gifts to Calvary’s future mission and ministry.
• To promote the various types of planned gifts that are available to parishioners; pointing out those giving opportunities which can benefit the donor and Calvary the most.
• To provide a vehicle by which Calvary can say thank you to all those who have included Calvary Church in their estate plans or have made a significant commitment through planned giving to the Endowment.
The St. Michael Society welcomes all the angels today who through their foresight, generosity, gratitude to God and love of this parish wish to contribute toward the building up of the Endowment so that the spreading of the Gospel in this place will know no end.
Ways to "Create a Legacy"
Gifts by Will
Bequests through a will to Calvary Church are exempt from federal estate and from most state inheritance taxes. By your will or a revocable trust, you may make Calvary the beneficiary of cash or other property. You may designate specific amounts or a percentage of your estate or make Calvary a residual beneficiary of your estate after payment of specific bequests, expenses and taxes. It would be very helpful to Calvary Church to have a copy, for its records and future planning, of that portion of you will. Bequests will support Calvary’s current religious programs or, if indicated in the will, help build up Calvary’s Endowment. Please consult Calvary’s Director of Stewardship if you are considering a bequest to Calvary especially if your intentions are to restrict your gift to a particular purpose or if you are considering a bequest of gifts of property other than money or securities.
As you plan your will, here are a few examples for you to consider as you work with your legal counsel to determine the best bequest language for your goals:
Specific amount (or percentage) for general purposes
“I give the sum of $____ (or ____% of the rest, residue, and remainder of my estate) to Calvary Episcopal Church, Pittsburgh, Pennsylvania, for its general purposes.”
Unrestricted Bequest to the Endowment Fund of Calvary Church
“I give the sum of $____ (or ____% of the rest, residue, and remainder of my estate) to Calvary Episcopal Church, Pittsburgh, Pennsylvania to be placed into the Endowment Fund of Calvary Church, to be used at its discretion for its general purposes.”
Restricted Bequest to the Endowment Fund of Calvary Church
“I give the sum of $____ (or ____% of the rest, residue, and remainder of my estate) to Calvary Episcopal Church, Pittsburgh, Pennsylvania to be placed into the Endowment Fund of Calvary Church to be held in perpetuity and only the income derived from principal shall be used by Calvary Church.
Residual Bequest to the Endowment Fund of Calvary Church
“… After the above specific bequests are satisfied, I leave the residual of my estate to Calvary Episcopal Church, Pittsburgh, Pennsylvania to be placed into the Endowment Fund of Calvary Church, to be used at its discretion for its general purposes.”
The above is only suggested language – to ensure that your exact intentions are carried out wills, codicils and trusts should be prepared by or with the advice of your attorney.
Charitable Gift Annuity
Calvary Church, in conjunction with The Pittsburgh Foundation, has established a Charitable Gift Annuity. With a Charitable Gift Annuity, you as a donor make a gift in return for a guaranteed fixed income based upon your age at the time of your gift. The Pittsburgh Foundation promises to pay the donor, another, or both, fixed and guaranteed annual payments for life. The remainder of the Annuity is used to support the Calvary Endowment. The income is not affected by market fluctuations. Click here to view a copy of Calvary’s Charitable Gift Annuity brochure (as a pdf document). Interest rates change more frequently than the brochure does so please call the treasurer’s office for current rates of interest.
Charitable Remainder Trust
This is a gift plan that provides income to the donors for their lifetime or a period of years. Assets, usually cash, securities or real estate, are transferred to a trust which pays income to Calvary for the term of the trust. This is an excellent tool to diversify appreciated stock, avoid capital gains, receive favorable tax benefits and support Calvary.
Charitable Lead Trust
This is a gift which provides fixed or variable current income for Calvary through the Pittsburgh Foundation for the life of the donor or for a term of years, after which the remaining principal reverts to the donors or donor’s heirs. This may provide donors with both transfer tax and income tax deductions.
There are many ways that you can contribute life insurance policy proceeds to Calvary. Popular methods are to list Calvary as beneficiary of an existing policy, take out a new policy to benefit Calvary, or transfer a paid up policy.
Retirement Fund Assets
You can designate Calvary to receive all or a portion of your qualified retirement assets which include your pension, 401(k) or 403(b) by naming Calvary in a beneficiary designation form. Qualified retirement fund assets are taxed (as much as 70%) on whatever funds are left when you pass away.
Creating a legacy through any of these vehicles entitles you to membership in the St. Michael’s Society at Calvary. By creating a planned gift you help secure Calvary’s ability to minister effectively to future generations. For more information contact Phil Roberts at firstname.lastname@example.org.