Friends and acquaintances of UPI recognize that UPI's foundation from our inception is the Word of God. We firmly believe that all wisdom flows from the Word.
So, it won't surprise anyone that we view leaving a legacy in the context of the following verses:
Psalms 78:2-7
2- I will open my mouth with a parable; I will teach you lessons from the past.
3- things we have heard and known, things our ancestors have told us.
4- We will not hide them from their descendants; we will tell the next generation the praiseworthy deeds of the LORD, his power, and the wonders he has done.
5- He decreed statutes for Jacob and established the law in Israel, which he commanded our ancestors to teach their children,
6- so the next generation would know them, even the children yet to be born, and they in turn would tell their children.
7- Then they would put their trust in God and would not forget his deeds but would keep his commands.
As we have pondered this, it seems clear that believers have a responsibility to think and plan in terms of "all future generations" sending forward a clear message about the power, wonder and saving grace of our Lord.
This is a foreign thought to many, since the efforts in life seem to be surrounded with making a living’ and accumulating sufficient wealth to be financially independent.
While this is understandable, and right, when viewed in the context of Psalm 78, it is clear that the job isn't finished.
UPI has developed a process though which our friends and supporters can put rubber to the road as it pertains to leaving a legacy’.
This is a service that is made available as a part of our ministry, and it will guide you through the following issues:
- How much is enough for your children?
- What values (message) do you want to send forward to future generations?
- What opportunities are available to send and perpetuate that message?
- What do you do next?
UPI's Legacy Plan will provide answers to those critical Psalm 78 questions, as well as providing a step by step implementation strategy, assuring that your heirs will know that you feel that the most important thing they can do is:
...put their trust in God and not forget his deeds but keep his commands.
We invite you to contact us so that we can more thoroughly introduce you to the UPI Legacy Planning service.
Leave a Legacy
Charitable contributions to UPI can have benefits that last a lifetime - and beyond. A bequest or life-income gift that includes UPI will support God’s work in this world for generations to come (Until the Lord returns). Your legacy can be made in a variety of ways that can have dramatic tax and financial rewards for donors.
UPI is recognized by the IRS and the state of Indiana as a non-profit religious ministry. Gifts of all denominations are welcomed, and may include cash, securities, and other gifts. Unrestricted contributions may be made in any amount, and are tax-deductible to the extent allowed by the law.
The following are some general ideas of how you may wish to leave a legacy to UPI to ensure that your generosity carries on into the future. In planning your legacy gift it is best to consult with your financial advisor. Contact UPI’s Planned Giving Officer, Chuck Yeager, to receive more information on contributing to UPI in this way.
A Gift of Appreciated Stock
Appreciated Stock makes an excellent charitable gift. Under current tax laws, when an appreciated asset (such as stock) is sold, a capital gains tax is due. By making a charitable gift of the appreciated stock, you can avoid or delay the capital gains tax. You can also take an immediate income tax deduction for the current fair market value of the stock, no matter what was originally paid for it.
To take a deduction for gifts of appreciate stock at their current value, you must have owned the stock for more than 12 months. Such gifts are deductible up to 30 percent of your adjusted gross income in the year of the gift. Any unused deduction amounts may be used in as many as five subsequent tax years.
A Bequest Through Your Will
One of the most simple and popular ways to make a gift that will live after you is to give through your will. You can make a gift bequest to benefit UPI by providing a dollar amount, specific property, percentage of your estate, or the remainder (what's left). Such a designation can reduce your estate taxes. In many cases, a simple change to your will can add this bequest and does not require rewriting your most recent will.
Create a Charitable Remainder Trust
Donors and spouses can benefit from lifelong payments from such a trust. The donor selects the rate of return from these income arrangements and also chooses a fixed or fluctuating annual payment to be made to the designated parties as long as they live. Capital gains tax may be completely bypassed and you will receive a tax deduction based on the age of the income recipient and the rate of return chosen.
Establish a Charitable Lead Trust
In a charitable lead trust, assets (generally cash or securities) are transferred to a trust that pays income from the fund to your favorite charity or charities for the number of years you select. At the end of the designated time period, the trust terminates and the assets are given back to the person you name. This trust helps to lower estate and gift taxes that would otherwise be due on the assets. This option is especially attractive if you want to leave your children or grandchildren assets in the future, but not immediately.
Design a Gift Annuity
In exchange for a gift of cash, stock, or securities, UPI will pay you, you and your survivor, or another person named by you, a guaranteed income for life. In addition, you receive a substantial income tax deduction in the year of the gift, and part of the annual payment is non-taxable. Your annuity payment and tax deduction are based on the age and income of the recipient.
Consider a Deferred Gift Annuity
A deferred gift annuity is similar to a gift annuity except that payments begin for you at a future date of your choice, such as your retirement. Your tax deduction and the annual rate of return on your annuity increase the longer you wait to start payments. This is an excellent retirement planning method to implement during prime income producing years that will benefit you later.
Use Your Life Insurance
Insurance is another simple way to make a substantial future gift at a level that would not be possible at the same level in cash. Name UPI the owner and beneficiary to receive the proceeds of an existing life insurance policy. You will receive a tax deduction for approximately the cash surrender value, thereby reducing your tax liability in the year of the gift.
An alternative is to purchase a new life insurance policy naming this organization as owner and beneficiary. With this option, you receive an income tax deduction for each premium made and make possible a major gift to your favorite charity with a modest annual payment (or one-time premium payment).
Look to Retirement Accounts for Gift Opportunities
Account funds (IRAs or company plans) beyond the comfortable support of yourself or loved one may be given (like life insurance proceeds) to UPI by proper beneficiary designation. Large pension plan assets can be subject to double or triple taxation (federal estate, federal income, and state death and state income tax) that virtually eliminates the benefits to heirs if tax-wise alternative planning is not arranged.
Plan a Gift of Real Estate
For some people, a gift of land, primary residence, or vacation home is a preferred way to make a gift. You will receive a tax deduction for the full fair market value, avoid all capital gains tax, and remove this asset from future estate taxes. One option is to give real estate while you retain a life tenancy. This provides a substantial income tax deduction by giving (deeding) your home or farm to your favorite charity now. You continue to live there, maintain the property as usual, and even receive any income it generates. At your death the property will be sold and the proceeds will support the mission of UPI.
