We love because God first loved us. We give because God first gave to us. All of our giving is a joyful expression of thanksgiving and gratitude to God for the blessings we have received. We also give because we know that others will be blessed. As St. Paul said, “This ministry not only supplies the needs of the people of God but also overflows with many thanksgivings to God through us.”
Giving feels good. Smart giving can feel even better. Giving assets, rather than your normal cash income, can be a smart way to give. Making smart planned gifts can have a lasting impact, improve your cash flow, provide an income, simplify your record-keeping, or reduce your taxes. This page briefly describes some common types of planned giving. Each person’s situation is unique. Ask an advisor or estate planning attorney which types of planned giving are smart ways to meet your life situation and goals.
Give Now
Some assets that you can give now are retirement funds, donor advised funds, stock, mutual funds, and cryptocurrency. You can donate some of these assets directly to Mount Olive. In other cases, Mount Olive uses the nonprofit Every.org to accept donations. When you donate to Mount Olive via Every.org, Every.org converts the donations to cash and sends the cash to Mount Olive. Every.org also provides the receipts for your tax records.
Retirement Funds
You can make a Qualified Charitable Distribution from your traditional IRA under certain conditions. You do not need to report the amount of the distribution as income. This can help you if you must take Required Minimum Distributions that would otherwise increase your Medicare premiums or contribute to the taxation of your Social Security benefits.
Instructions to donate to Mount Olive from your IRA
Donor Advised Funds
A Donor Advised Fund (DAF) can simplify your charitable giving and record-keeping. You can make tax-deductible contributions to a DAF when it is best for you. You can give property or other types of assets that your favorite charities might not be able to accept. Your contributions can grow tax-free. You can recommend recurring gifts or one-time gifts from your DAF to your favorite charities. No matter how many charities you support with your DAF, the DAF provides the tax records that you need.
Instructions to donate to Mount Olive from your DAF
Donate from your DAF to Mount Olive via Every.org
Stock or Mutual Funds
If you give stock or other securities instead of cash, you can free up your cash for other purposes, and you might save on taxes, For example, if you give stock that you have owned for at least a year that has risen in value, you do not have to pay taxes on the capital gains.
Instructions to donate stock directly to Mount Olive
Donate stock or mutual funds to Mount Olive via Every.org
Cryptocurrency
If you give cryptocurrency that you have owned for at least a year that has risen in value, you do not have to pay taxes on the capital gains.
Donate cryptocurrency to Mount Olive via Every.org
Life Insurance
When the original purpose for a life insurance policy no longer applies, your life insurance policy can help support your favorite charity. Naming Mount Olive as the owner and beneficiary of an existing policy can provide you with an income tax charitable deduction. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift if you itemize.
Give Later
Some types of planned gifts benefit a charitable organization at a later time, generally upon the death of the donor. These types of gifts, which include bequests and beneficiary designations, are called legacy gifts. The Mount Olive Endowment Fund is one way to leave a lasting legacy.
Bequests
A bequest is a gift made through a will or a living trust. It is usually a percentage of an estate or a set dollar amount. The following wording is suggested for a bequest to Mount Olive:
“I hereby give, devise and bequeath ___% of the residue of my estate to Mount Olive Lutheran Church, a Minnesota charitable corporation located at 2830 18th Avenue NW, Rochester, MN 55901, Federal Tax ID #41-1461244 to promote Mount Olive’s charitable objectives and mission.”
Beneficiary Designations
Beneficiary designations can generally be added to assets such as bank accounts, securities accounts, retirement accounts, life insurance policies, savings bonds and some other type of assets. Designating a beneficiary will determine how an asset is distributed at the owner’s death, regardless of the provisions of the person’s will or trust. Charitable organizations such as Mount Olive can be designated as beneficiaries.
Document Your Estate Plan
You can use the following document to help you determine how your estate can provide for you, your loved ones, and the causes that are important to you.
If your estate has special needs, you should use an estate planning professional to document your intentions. For simple estates, you might consider using software or online tools to create your documents. The following online tool access is sponsored by the ELCA Foundation, which will appear in your initial beneficiary list. It does not require you to leave a gift to the ELCA Foundation.
If you plan to leave a legacy gift to Mount Olive, please let us know how you would like us to use it.
Give, and Receive Income
Some types of planned gifts, such as charitable gift annuities and charitable remainder trusts, can provide an income for you during your lifetime. If you would like to support Mount Olive with a gift of this type, we recommend that you contact the ELCA Foundation for more information. The ELCA gift planner for southeastern Minnesota is Tharan Leopold.