CONSIDER INCLUDING ALL SAINTS IN YOUR ESTATE PLAN
A bequest to All Saints in your estate plan enables you to contribute to the future vibrancy of the parish. Many of our parishioners have taken this step by including the appropriate language in their will or living trust, or by designating All Saints as a beneficiary of a retirement plan or life insurance policy. A bequest can be of any size and can be cash, securities, or other property. Here are some of the advantages of creating a bequest:
- A bequest costs nothing now;
- A bequest may allow you to make a larger gift than you otherwise could;
- You retain control and use of your assets during your lifetime;
- You may modify your bequest if your circumstances change; and
- Gifts to All Saints from your estate may be tax exempt (please consult your estate planner or a tax specialist).
If you let All Saints know of your plans, we will be able to thank you now and, if you wish, acknowledge your commitment by adding you to our published list of planned giving participants. The amount of your bequest is always confidential.
Making a Bequest
A bequest to All Saints can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. There are multiple ways to make a gift to All Saints from your estate:
- Add a codicil to your present will;
- Make an amendment to your present trust instrument;
- Designate All Saints as a beneficiary of a bank account, brokerage account, retirement plan, or life insurance policy. To do so, contact the brokerage firm, retirement plan administrator, or life insurance company and complete the appropriate beneficiary designation form.
More detailed information on these options is provided below.
Unrestricted and Restricted Bequests
You will want to consider how you would like your gift to be used to benefit All Saints—whether unrestricted in purpose, restricted to a specific program or purpose, or contributed to the All Saints Endowment Fund to last in perpetuity.
- Unrestricted bequests are extremely valuable to All Saints as they allow the parish to use the funds for its most pressing needs.
- Restricted bequests are directed to a specific All Saints Parish Restricted Fund, such as the Building, Memorial, or Outreach Fund.
- Restricted bequests to the Endowment Fund provide for the parish’s long-term financial wellbeing while also allowing the church to increase annual appropriations from the Endowment Fund for our operating budget. Gifts to the Endowment Fund are merged with existing endowment assets and invested accordingly.
Gifts by Revocable Trust or Will
Bequests to All Saints in your trust or will reduce the value of your total estate, potentially reducing your overall estate tax. By your will (which you may change by a codicil) or your revocable trust (which you may change by an amendment), you can make All Saints the beneficiary of cash, securities, and/or other property. You may designate a specific amount or a percentage of your estate to be given, or you may make All Saints a residual beneficiary of your will or trust (that is, a recipient of some part of the balance after payment of specific bequests, expenses, and taxes). A tax specialist can provide additional guidance on the implications of any bequest to All Saints in your estate planning.
Sample Language for Revocable Trust or Will
Below is sample language for an unrestricted and a restricted bequest. Your legal counsel can help you to refine the language to suit your specific wishes. Fill in the blank with a dollar amount, a percentage of your estate, or specific property you intend to give to All Saints. For a restricted bequest, also fill in the name of the Restricted Fund (e.g., Building, Memorial, Music, Outreach, Endowment). You can direct the gift to multiple restricted funds by including percentages in your language.
Unrestricted bequest language:
“I hereby give, advise, and bequeath ___________________ to the Rector, Wardens, and Vestry of All Saints Parish of Brookline, Massachusetts, to be used at their discretion for the general objectives and purposes of said All Saints Parish.”
Restricted Bequest language:
“I hereby give, advise, and bequeath ___________________ to the Rector, Wardens, and Vestry of All Saints Parish of Brookline, Massachusetts, to be contributed to the _________________________ Fund, for use at their discretion.”
Gifts from Brokerage Accounts or Retirement Plans
One of the simplest, most tax-efficient planned gift is made from a brokerage account or tax-deferred retirement plan, 401(k) or 403(b) plan, or individual retirement account (IRA). All or a portion of distributions from retirement plans (other than Roth IRAs) are subject to income taxes, and possibly estate taxes if left to an individual. However, if All Saints is named as the beneficiary, the distribution is exempt from income or estate taxes. In most instances, you simply go to the website of the trustee or custodiam of the plan and change the beneficiary designation. Or you can contact the plan administrator.
Like a bequest from a will or trust, a gift from a retirement plan may be a specific dollar amount or a percentage of the plan assets. The online form or the plan administrator will usually ask for the name of the beneficiary (All Saints Parish), its address (1773 Beacon Street, Brookline, MA 02445) and a tax identification number (04-2103648). This will provide an unrestricted gift to All Saints. If you would like to restrict your future gift to a specific purpose, that can be arranged with additional documentation provided by All Saints.
Gifts of Life Insurance Policies
Gifts of life insurance to All Saints may allow you to receive charitable tax deductions while making a larger gift to the church than might otherwise be possible for you. Using an existing life insurance policy is a quick and convenient way to make a planned gift commitment. Ask your insurance company for a beneficiary designation form and name “All Saints Parish of Brookline, Massachusetts” as a beneficiary. Our address (1773 Beacon Street, Brookline, Massachusetts 02445) and our tax identification number (04-2103648) may also be needed.
Contact email@example.com with any further questions. If you decide to establish a bequest to All Saints, it would be very helpful for the parish to have the following:
- A copy of that portion of your estate documents for our records, as well as contact information for your executor or trustee.
- A copy of the beneficiary form from your retirement plan or life insurance policy.
- Your permission to include you in a list of those who have made a bequest to All Saints.
Thank you for considering supporting All Saints in this special and important way.