Legacy Gifts To Support the Future
Of Fairmount Presbyterian Church

Fairmount Presbyterian Church is YOUR church.  It defines, in part, who you are, who your family is, and what you stand for.  Fairmount Presbyterian Church is also OUR church.  This special statement speaks to our relationship with our church -- the impact it has on who we are and what we hold as dear to us.  Whether we were brought up here, married here, had our children baptized here, or volunteer our time to the ministries that matter to us, Fairmount Presbyterian Church holds a special and central place in our life.  We find Christ’s love here and hope that in many ways we are able to share that love with others.  We are defined by our church as it represents our best ethics, our best selves, and what we hold as dearest; our relationship with God.

And in our death, we have the opportunity to continue to be defined by our church.  Through Legacy Giving, we are able to designate a portion of what we have acquired while living to our church.  Just as our families have witnessed our faith and dedication to Fairmount Presbyterian Church while we are living, in death, our relationship with the church does not stop.  And most importantly, legacy gifts ensure that future generations at Fairmount will always be defined, be nurtured, and find a relationship with Christ as we have.  Through legacy giving, we are able to ensure that programs that have meant the most to us will continue into the future.

Planned Gifts
Building our Endowment for the Future

Planned or deferred gifts to Fairmount Presbyterian Church are a one of the most important tools we have to build our endowment for our future, providing support for our many programs and services that benefit our families and our neighborhood.  We hope you will consider a gift to the church in your estate plan.  Please contact us to discuss the ways in which you might like to support Fairmount Presbyterian Church, or to request more information about any of the gifts described below.  We look forward to working with you to structure a gift that benefits our church in a way you and your family will find most meaningful.

Bequests

A bequest is an ideal way to ensure that Fairmount Presbyterian Church will be there for the future of your family and your community. There are three different types of bequests you might consider:

• You can make a specific bequest of cash or property.  The decision to leave Fairmount Presbyterian Church a certain amount of money, stock, bonds, or real estate through your will or trust would fall into this category.  Click here for sample language for a specific bequest.

For a specific bequest of cash or property – I/we hereby give, devise and bequeath to Fairmount Presbyterian Church, Taxpayer ID # ______________, a charitable organization located in Cleveland Heights, Ohio, [the sum of $__________] or [insert description of specific item of property, or specific securities], to be added to its unrestricted endowment.

• You can make a residual bequest.  Through a residual bequest, you would leave Fairmount Presbyterian Church the remainder of your estate (or a percentage of the remainder), after all specific gifts have been distributed.  Click here for sample language for a residual bequest.

For a residual bequest – I/we hereby give, devise and bequeath to Fairmount Presbyterian Church, Taxpayer ID # _______________, a charitable organization located in Cleveland Heights, Ohio, [all of] or [______% of] the rest, residue and remainder of my/our estate, to be added to its unrestricted endowment.

1. You can create a contingent bequest.  This type of bequest would provide for a gift to Fairmount Presbyterian Church should your designated beneficiaries, such as your spouse or children, not survive you.  Click here for sample language for a contingent bequest.

For a contingent bequest – If [insert names and relationships of primary beneficiaries or heirs] does/do not survive me/us, I/we hereby give, devise and bequeath to Fairmount Presbyterian Church, Taxpayer ID # _______________, a charitable organization located in Cleveland Heights, Ohio, [all of] or [______% of] the rest, residue and remainder of my/our estate, to be added to its unrestricted endowment..

It is not difficult to add a charitable bequest to your will or trust.  A codicil or amendment drafted by your attorney can be used to make simple changes or additions to your current plan.  Please be sure to consult with your own personal tax or financial advisor when forming or making changes to your estate plans.

Life Insurance

Gifts of life insurance allow you to give a gift larger than you might believe possible. Simply secure a policy in the usual manner and name Fairmount Presbyterian Church as the beneficiary and owner of the policy.  Or, name Fairmount Presbyterian Church as beneficiary and owner of an existing policy you may no longer need.  In either case, your annual premium, paid to Fairmount Presbyterian Church, is tax-deductible.  You may also receive a charitable income tax deduction for a gift of an existing policy.

Retirement Plan Assets

Retirement plan assets often represent the major portion of an individual’s estate.  For many reasons, retirement assets are an excellent source to fund a charitable gift from your estate.  Under current tax law, retirement plan assets can be subject to both income and estate taxes if left to heirs.  Designating other assets for children or family members and using retirement plan assets for your charitable gifts may help you maximize the value of your legacy, both to your family and to Fairmount Presbyterian Church.  Consult with your financial advisor to see how using retirement assets for charitable gifts may benefit you.

Other Beneficiary Designations

Some states, including Ohio, permit Payable on Death accounts at banks, building and loan associations, savings banks, and credit unions.  Depositors can indicate that their accounts, including certificates of deposit, be payable on death to an individual or a charity.  Stocks, mutual funds, and other securities may also be designated Transfer on Death.

Supporting Fairmount Presbyterian Church
With Gifts that Pay You Back

Charitable Gift Annuities

A charitable gift annuity is a simple agreement providing that in exchange for your gift of cash or securities, you receive a fixed, guaranteed income for the rest of your life.  Upon your death, or the death or an additional beneficiary if you choose, the remainder of your gift will benefit a charitable organization.

Fairmount Presbyterian Church offers charitable gift annuities through the Presbyterian Foundation.  Individuals or couples age 60 or over can establish gift annuities for a minimum amount of $10,000.  In return for your gift, you are assured a guaranteed steam of income for life, an immediate charitable income tax deduction in the year of your gift (with tax-favored income each year of the annuity), and an excellent rate of return.  When you make your gift, Fairmount Presbyterian Church will receive an amount equal to the present value of the remainder of your gift, and the church will add that amount immediately to its endowment.  Click here for an illustration of rates that may be available to you.

Sample Rates Based on a $10,000 Gift Annuity to Benefit One Person

Charitable Remainder Trusts

Charitable remainder trusts involve the irrevocable transfer of property, usually cash or appreciated stocks, to a trust.  In return, income is paid to you and one or more beneficiaries for life or for a term of years.  You can choose to receive income based either on a fixed sum each year (an annuity trust) or a percentage of the trust’s assets valued annually (a unitrust).  The percentage will be set by you and cannot be less than 5%.

In addition to estate tax benefits, a charitable trust established during your lifetime provides an immediate income tax charitable deduction based on the beneficiary’s age and the payout rate.  At the end of the trust, the remaining assets will be added to Fairmount Presbyterian Church’s endowment or used to support a program or service you designate.

Additional Information and Confidential Gift Proposals

If you would like to receive a proposal illustrating how these gifts can benefit you with a lifetime income and useful tax benefits, please call our office.

Philanthropy for The Next Generation

Donor Advised Funds

A donor advised fund is a meaningful way to involve your family in your support of Fairmount Presbyterian Church.  You and selected family members act as advisors to your fund, making recommendations as to what programs or missions of the church you want to support each year.  A donor advised fund can be established with a gift as little as $2,500.  Additional gifts can be made to the fund at any time, and each year you can distribute as much or as little of the fund as you like to support the areas you value most.

Donor advised funds to benefit Fairmount Presbyterian Church can be established through the Presbyterian Foundation or through any local foundation such as The Cleveland Foundation.