By joining the Presbyterian Heritage Center’s Legacy Giving Program you will become a member of the Trillium Circle, which will ensure the PHC’s future. The trillium wildflower can be found throughout Montreat. The flower’s three petals symbolize the Holy Trinity–God the Father, Son, and Holy Spirit.
The Presbyterian Heritage Center operates almost entirely on one source of income, annual giving by individuals to the Heritage Fund. The most readily achievable source of substantial and sustainable additional income is endowment income. The great thing about income from our endowment fund is that it is perpetual and very predictable. The Presbyterian Heritage Center’s endowment fund will never diminish, continue to grow, and be perpetual. We can count on it each year no matter what happens to the economy.
Building a significant endowment fund takes time but is very achievable. We have made a good start in growing our endowment fund to over $500,000 in just a few years. We can grow the endowment fund to a much larger amount through a successful legacy giving program. The Presbyterian Heritage Center has formed a legacy society known as The Trillium Circle to be the centerpiece and most important part of our legacy giving program. We are now asking friends and supporters of the Presbyterian Heritage Center to join and become founding members of The Trillium Circle.
The Trillium Circle will enable us to grow the PHC’s endowment fund to $5 million dollars over the next 15 years. At this size, the endowment fund will provide the PHC with $200,000 in operating income each and every year. This is nearly two-thirds of the total amount raised by our Heritage Fund annual giving campaign each year. Besides this substantial additional income stream, the endowment fund will also provide a very secure financial safety net for the PHC.
Endowment gifts enable donors to create a legacy of sustained giving that has an impact long beyond their lifetime. It is a gift you give once that will provide an important ongoing contribution to the PHC in perpetuity. Legacy gifts can be made in honor of a person or family and can be designated for programs that are important to the donor. The Trillium Circle honors those who invest in the future of the PHC. Through annual meetings and other communications, The Trillium Circle will ensure legacy donors stay connected to the work and accomplishments of the PHC.
The formation of The Trillium Circle is an important step in the growth of the PHC. It will grow our endowment fund to provide the PHC with a substantial and sustainable additional stream of income, financial stability, and a brighter future. The PHC needs its prominent supporters to lead this effort and become founding members of The Trillium Circle. Please prayerfully consider filling out our one-page Legacy Gift Confirmation Form and becoming a founding member of The Trillium Circle. Help lead the way.
The Trillium Circle is an association of donors and friends of the Presbyterian Heritage Center (PHC) who have provided a legacy gift or regular gift of $10,000 or more to the PHC Endowment Fund. The goal of The Trillium Circle is to build the PHC Endowment Fund so it can provide for the financial stability and sustainability of the PHC for generations to come.
Legacy Giving is a way to ensure that future generations will be able to benefit from the work of the PHC, through gifts to the PHC Endowment Fund. Legacy Gifts are usually given after one’s lifetime as part of end of life or estate planning. Legacy Gifts can also be given during one’s lifetime.
To become a member, simply complete a non-binding Legacy Gift Confirmation form that indicates you have made provision in your estate or other gift planning for a Legacy Gift to the PHC of $10,000 or more. You can also qualify by giving a current gift of $10,000 or more, in cash or other property, to the PHC Endowment Fund. If you qualify, your spouse will automatically become a member of The Trillium Circle.
The PHC hosts an annual appreciation event for members of The Trillium Circle. Additional special events for members will be held occasionally. Through these events and special communications, Trillium Circle members are advised regularly about the activities and accomplishments of the PHC. The Trillium Circle also promotes the continued growth of the PHC Endowment Fund. The example and generosity of Trillium Circle members encourage others to contribute to the future of the PHC and join The Trillium Circle.
Legacy Gifts are used to help the PHC fulfill its mission now and in the future. You decide how you would like your Legacy Gift to be used. There are three main options:
At each annual meeting of The Trillium Circle, new members are presented with a specially designed hand-thrown piece of pottery that commemorates their membership and commitment to the future of the PHC. This commemorative piece of pottery has a special inscription for the Founding Members of The Trillium Circle.
Each year, a roster with the name of every Trillium Circle member will be published in each Annual Giving Report to recognize its members. Additionally, the PHC’s Annual Giving Report will publish a list of all Legacy Gift donors for the year (unless a donor desires to remain anonymous).
You can make a Legacy Gift in memory or honor of a person, family or organization. You can also establish a named fund to which others can contribute in honor of a person, family or organization. It is also possible to create a special purpose endowment fund that will fund a restricted gift in memory of a person, family or organization (as indicated above, an initial gift of $25,000 is required to establish a special purpose endowment fund).
Yes, you can. The PHC requests and respects a donor’s desire for confidentiality or anonymity. If you indicate so in writing, the PHC will not include your name on any listing of legacy donors.
To secure needed financial and investment expertise, the PHC Board of Directors selected an experienced and proven endowment fund manager to hold, invest and administer the PHC Endowment Fund. The endowment fund is structured conservatively and designed to continue to grow over time in perpetuity. It is also structured to make income payments to the PHC each year regardless of fluctuations in the economy.
The PHC Endowment Fund was established in February of 2021. Thanks to the generosity of donors, in just over five years the principal in the PHC Endowment Fund has risen from zero to over $500,000.
Legacy Giving is easier than you might think. Gifts through your estate can easily be created with a simple codicil to your will or an amendment to an existing trust. If you have an IRA retirement account, you can designate the PHC as one of your account beneficiaries very easily. If you access your IRA retirement account online, you can even make a beneficiary designation by yourself online! Legacy Giving through your IRA retirement account offers significant tax benefits as well.
There are other tax-oriented planned giving strategies that can be more complicated. See our “Ways to Make Legacy Gifts” booklet, which discusses various planned giving vehicles. Your attorney can help you consider these strategies should you choose to do so.
This satisfying and joyful process can be very meaningful. First, contemplate family members or individuals you would like to honor through your generosity. Second, the PHC’s Legacy Giving coordinator is available to meet and discuss your options and values with you. The role of the PHC is not to provide professional advice. But we can help you identify ways to make a gift that reflects your desires and values. Third, consider meeting with your attorney to ensure that your plans and documents reflect your intentions. Then, complete a Legacy Gift Confirmation Form and return it to the PHC so that we have your intentions on file. You will then become a member of The Trillium Circle. No current gift is required. Finally, consider informing your family of your decisions and take joy in knowing that you have helped the PHC serve future generations and continue to proclaim and preserve the heritage of the Reformed Faith!
Make a legacy gift after your lifetime through your will or trust. This can be a fixed dollar amount, a specific asset or a percentage of your estate. Your legacy gift will help build a solid financial foundation that will ensure the financial sustainability of the Presbyterian Heritage Center for generations to come.
A bequest does not affect your income. It also does not affect title to or control of your assets during your lifetime. A bequest can easily be revised or revoked should your circumstances change. There can be significant tax advantages to donating certain assets as part of an estate plan, including minimizing the amount of income taxes imposed on both your individual heirs and your estate.
Often a simple codicil to your will or amendment to an existing trust can create your gift. Your attorney can easily prepare the document, and should you desire, use the opportunity to review and suggest potential updates to your estate planning.
Making a gift through your retirement account can be an extremely easy and tax-savvy way to make a legacy gift. You simply need to name the Presbyterian Heritage Center as a beneficiary of your plan. As with a bequest, the gift is made after your lifetime and does not affect your income or your control of your retirement assets. A beneficiary designation can be easily modified should your circumstances change.
Retirement plan assets can be subject to double taxation when passed to your heirs. But because the Presbyterian Heritage Center is a qualified non-profit organization, gifts to it through your plan are passed without any income or estate tax becoming due. You can save substantial taxes through donating retirement plan assets.
Completing and submitting a beneficiary designation for your retirement plan is easy to do. Forms are available from your retirement plan administrator or custodian. All you need to do is request one. In many cases, beneficiary designations can even be made online.
If you have a fully paid life insurance policy you no longer need or the if the proceeds of your insurance will be more than your estate will require, transferring ownership of the policy to the Presbyterian Heritage Center or designating the Presbyterian Heritage Center as a beneficiary of the policy are options you should consider.
If you transfer the policy, you will be eligible for a current tax deduction for the gift and will eliminate the policy’s value from your taxable estate. If you designate the Presbyterian Heritage Center as a beneficiary, you can modify your designation should circumstances change.
The paperwork to transfer the policy or designate the Presbyterian Heritage Center as a new or additional beneficiary is easy to complete and can be readily obtained from your insurance agent or company.
You can make bank accounts and brokerage accounts estate planning tools by designating beneficiaries to receive the accounts upon your passing, in which case they will not be transferred to your estate. You can use these assets, as with a retirement plan, to make a significant legacy gift that occurs after your lifetime without making a change in your will or trust.
Designating the Presbyterian Heritage Center as a beneficiary of a bank or brokerage account is easy to accomplish. Contact your bank or brokerage firm. They may have specific rules and forms regarding beneficiary designations. They will be happy to assist you through the process. Also consider consulting with your estate planning attorney to ensure your wishes are properly documented and executed.
If you own a home or second home and your family has indicated they are not interested in owning it, consider making a legacy gift to Presbyterian Heritage Center by donating the property and retaining a life estate. A gift of your home or second home can be a game-changing gift for the Presbyterian Heritage Center.
By donating your home, you will be eligible to receive a current charitable tax deduction for a significant portion of the value of the property. At the same time, you will retain the right to remain in your home rent-free for the remainder of your life.
If you later decide you no longer want or are able to remain in the home, the Presbyterian Heritage Center will collaborate with you to rent or sell the property in a manner which will provide you with rental income or the sales proceeds for your retained interest.
charitable remainder trust is an irrevocable trust that allows you to transfer appreciated assets to a trust, receive a tax-free income stream for a specified term or for life, and ultimately make a powerful gift to the PHC.
Donors receive an annual distribution, often in quarterly installments, which can be a percentage of the annual value of the trust’s principal or a fixed amount. At the same time, donors can claim an immediate charitable deduction for the “remainder interest,” which is the estimated value of the assets that will pass to the PHC at the end of the trust’s term.
Charitable remainder trusts are relatively simple to set up but will require the assistance of your estate planning attorney, who can help you structure the gift to take advantage of the tax benefits associated with charitable remainder trusts.
A charitable gift annuity (CGA) is essentially a contract between a donor and a qualified 501(c)(3) organization such as the PHC, where the donor makes a lump-sum donation in exchange for a guaranteed income stream for life. The donated assets would be invested by the PHC, and the PHC would agree to pay the donor an annuity, a fixed income stream for life. After the donor’s death, the remaining assets in the annuity would be retained by the PHC.
There are numerous advantages. The donor receives predictable payments for life, providing financial security and peace of mind. The donor can claim an immediate income tax deduction for a portion of the gift, and the annuity payments are partially tax-free. And the donor is able to make a significant impact on the PHC while securing her or his financial future.
You should seek the advice of your estate planning attorney to fully understand charitable gift annuities and make an informed decision about whether this type of legacy giving arrangement is right for you and your financial goals.
Starting at age 70½, you can make a “Qualified Charitable Distribution” of up to $100,000 annually from your traditional IRA to a qualified charity. A Qualified Charitable Distribution is tax-free and can be an immediately impactful legacy gift to the PHC. It also counts towards your traditional IRA required minimum distribution requirement. So, you save the taxes you would pay if you made a non-tax-exempt required minimum distribution.
Qualified Charitable Distributions are easy to accomplish. If you can manage your IRA account on-line, you probably can make a qualified charitable distribution on-line as well. In any event, your brokerage firm will be glad to help you make a Qualified Charitable Distribution.
f you own stock (including mutual fund shares and similar investments) that have appreciated in value, donating the appreciated stock to the PHC can provide significant tax benefits while at the same time allowing you to make an extraordinary legacy gift. You simply transfer the stocks to the PHC and its brokerage account.
By donating stocks that have appreciated in value, you avoid paying capital gains taxes on the gain, which can be substantial. You also receive a charitable income tax deduction equal to the current fair market value of the securities on the date of the gift, provided you have held them for more than one year.
When choosing this option, select stocks that have appreciated in value and have been held for more than one year to maximize the tax benefits. Inform your broker of the PHC’s receiving account information (which we will furnish you) and the securities you wish to donate. It is an easy process your broker can assist you with accomplishing.
If you own real property that has appreciated in value, donating the appreciated stock to the Presbyterian Heritage Center can provide valuable tax benefits. You can avoid substantial capital gains taxes as well as receive a charitable tax deduction. At the same time, you can make a transformational legacy gift to the Presbyterian Heritage Center.
Federal income tax laws, rules and regulations in this area are complicated. You should consult with a tax professional to ensure the gift is structured to maximize your tax benefits and minimize tax liability. Although professional assistance is needed, the potential tax benefits to you and the benefits from your legacy gift to the Presbyterian Heritage Center can be very substantial.
