Remembering our church in your estate planning
Where there's a will, there's a way...
There are ways to continue helping our church and being a part of the good work God is doing here at GBUMC even after we are gone. This page is designed to help give you some answers to the questions of how you can help remember the church in your estate planning.
Download LIVING TRUST FUND brochure
The GBUMC Living Trust Fund
Last fall our Charge Conference approved the newest aspect of our Stewardship Program, The Gulf Breeze United Methodist Church Living Trust Fund.This fund will receive donations from our members and other interested parties to permanently further the work of our church. This differs from other giving opportunities in that the principal received will remain in perpetuity within the fund, and only interest will be spent for the various designated needs of the church.
Gifts to the fund may be directed in five different ways:
• Undesignated (that is, funds may be utilized, as directed by the Endowment Committee, for any needs identified by Church leadership).
• Property (acquisition and maintenance)
• Missions
• Specific established designated accounts, which currently consist of:
• Habitat for Humanity
• Ginger Mischler Scholarship Fund
• Elizabeth Cole Scholarship FundDonations may be made to any of these accounts at any time and in any amount.
• The fifth opportunity is the establishment of a new designated account, which would require an initial donation of $50,000 or more.
The Trust will receive current gifts or deferred gifts. Deferred gifts are those provided through provisions of wills; trusts; and as the beneficiary of life insurance or annuity policies; or as the beneficiary of retirement accounts and IRAs . GBUMC has been sustained for over 50 years by the generous offerings and gifts of its members. The Trust now makes possible the opportunity to expand our stewardship into an opportunity to make a gift that will continue to provide benefit for the future life of the church.If you wish to discuss a gift to the Trust Fund, or learn more about it, please feel free to email . . . . pried@gbumc.org
This Trust Fund was established for the purpose of providing members and friends of GBUMC the opportunity to make charitable gifts to the Church that will become a permanent endowment of financial support and an on-going memorial.
Several characteristics that it is important to note about our Living Trust Fund:
• It is not the intention of the Trust to address the funding of the church’s established programs that are currently funded through the annual operating budget; nor to compete with our established stewardship/giving programs.
• The Trust is meant to help carry out the mission of the church to make Disciples of Christ through the expansion of giving opportunities on a permanent basis.
• The essence of an endowment fund is that principal will remain permanently invested; with only interest and capital gain being utilized in the church’s work.
• The donor’s specific interests can be reflected in gifts to the fund.The Living Trust Fund will be administered by the Living Trust Fund Board (Endowment Committee) of GBUMC, as authorized by the Book of Discipline of the United Methodist Church.
This Board consists of members of our clergy and staff, financial lay leaders and church members at large with rotating terms of service. Current members of the committee are Donna Jordan, Chair; Bethany Barfield; Bill Dorsey; Don Weant; Kurt Kruger; Paula Reid and Shane Stanford. Since the Trust is intended to provide a stable and secure source of financial support, donor’s gifts will be invested through the Alabama West Florida United Methodist Foundation, using a “total return” concept; that is, one that will provide both income and growth. This is essential to provide current income and growth of income for future needs of the church; and to ensure preservation and growth of principal to maintain purchasing power against the effects of inflation. The Foundation’s managers are instructed to invest on a basis that is consistent with the goals and Social Principles of the United Methodist Church.
If you would like to learn more about the Endowment Trust or if you wish to consider making a current or deferred gift to the Trust, please contact Paula Reid at pried@gbumc.org
The Importance of Having a Will
It might surprise you to know that less than 50% of all Americans have a current Last-Will-and-Testament in place. A will is a legal document that allows you to distribute your property as you wish. If you die without a will, the state in which you reside distributes your estate according to its applicable laws.
It is important for almost everyone to have a will since it allows you to:
• Provide instructions for the division of your property
• Appoint the Executor; that is, the person or entity that will be responsible for carrying out the terms of your instructions
• Provide for individuals who would otherwise not be included in most state’s probate laws, such as friends, distant relatives or caregivers
• Designate a guardian for minor children
• Make contributions to your church and preferred charitiesMaking a will is not necessarily difficult or expensive.
An attorney who specializes in estate law can provide you with more information regarding the process and the cost. Keep in mind that remembering Gulf Breeze United Methodist in your will provides an opportunity for your gifts to continue beyond your death. And, specifically, our Living Trust allows you to make a permanent gift that will provide valuable support to your church for years to come. For additional information of making a donation to the Living Trust Fund, please contact Paula Reid at the church office .
This is provided as general information only, and is not intended to provide specific tax or estate planning advice. Be sure to consult your tax professional regarding any changes you may be considering for your will.
The Importance of Beneficiary Designations
One of the most frequent mistakes in estate planning is the lack of understanding of beneficiary designations. Many assets are transferred at death through a beneficiary designation. Examples include IRA accounts (both Traditional and ROTH IRAs); life insurance policies; annuities; any type of employer-sponsored retirement plan, such as 401ks, SEPPs, SIMPLE IRAs, 403bs, to name a few. The beneficiary designation for each of these financial instruments- NOT YOUR WILL- determines the distribution of these assets upon your death. Getting these beneficiary designations correct and keeping them current and in line with your desires and expectations is extremely important. You should review all beneficiary designations periodically, especially following key life changes, such as a birth, death, adoption, marriage or divorce.
It is also very important to maintain a contingent beneficiary designation on your accounts, in the event that the primary beneficiary you have name should pre-decease you. One aspect to keep in mind is that any asset, for which you name a charity as your beneficiary, will pass to that beneficiary without paying income tax or estate tax. Remembering Gulf Breeze United Methodist as a beneficiary for a portion of your assets provides an opportunity for your gifts to continue beyond your death. And, specifically, Our Living Trust allows you to make a permanent gift that will provide valuable support to your church for years to come.
For additional information of making a donation to the Living Trust Fund, please contact Paula Reid in the church office or one of the members of the Endowment Committee .