Planned Gifts Sustain St. Columba
In 563 AD, St. Columba left his home of Ireland and traveled up the west coast of present-day Scotland. Cast away from his homeland after an eruption of violence within his clan, St. Columba sought a refuge, a place to start afresh and remake his legacy by spreading the word of the Lord. Upon landing upon the island of Iona, St. Columba founded a monastery, and from that sacred spot Christianity bloomed and spread in Scotland.
Iona Legacy Circle
Much like Iona, St. Columba Conference and Retreat Center operates as a refuge for people in the Diocese of West Tennessee and beyond: a place to retreat, reconnect, and revitalize. The Iona Legacy Circle adopts the name of our patron saint’s sanctuary hoping to embody the spirit of hospitality demonstrated by Iona. Like the daffodil bulbs that Mr. Scheibler, the donor of the land on which St. Columba now rests, scattered annually years ago, the efforts put forth today will preserve the beauty and mission of St. Columba for those who come after us. Membership in this planned giving society signifies a commitment to preserving the beauty and clarity of St. Columba Conference and Retreat Center, ensuring that its resources will be available to inspire and renew future generations.
A Bequest through Your Will
You may name St. Columba in your will, or in a codicil to your will, for a specific dollar amount or for a percentage or the remainder of your estate. This is the simplest form of making a planned gift, and enables you to never disrupt your cash flow or assets during your lifetime, while also giving St. Columba a meaningful gift after you are no longer in need of your nest egg.
When preparing your estate, language matters and we want your planned gift to accurately reflect the wishes of your legacy gift. Here is an example of the language you and your attorney might use to write your will: “This gift may be used to further the mission and activities of St. Columba Episcopal Center, a ministry of the Episcopal Diocese of West Tennessee. If in the opinion of the Bishop and Council of the Diocese of West Tennessee, the need for funds for the purpose described no longer exists, the Bishop and Council of the Diocese is authorized to use these funds to further the general mission of the Diocese of West Tennessee.”
Charitable Gift Annuities
A gift annuity is a contract between you as the donor and the Episcopal Church Foundation, who handles these gifts on St. Columba’s behalf. In exchange for a gift of cash or marketable securities, Episcopal Church Foundation promises to pay you a guaranteed income stream for life, with the ultimate benefit St. Columba’s or other Episcopal charities. The annuity (minimum of $5,000) can be for one life or two, which means you and your spouse can enjoy this income stream at a percentage based on your current age. Creating a charitable gift annuity is as easy as writing a check, or transferring stock or other property and filling out a few papers.
Charitable Remainder Trusts
Individuals most often use a charitable trust with low basis assets that produce little or no income. Selling the asset and reinvesting for income would generate an unacceptable capital gains tax. When the asset is gifted to a charitable remainder trust, no capital gains tax is paid so the full amount can be reinvested to provide lifetime income to the donor or the donor and spouse. St. Columba’s works with the Episcopal Church Foundation (ECF) to create and manage these Trusts and ECF’s expert Trust attorneys can draft the initial Trust documents for you and your attorney’s review at no charge.
Charitable Lead Trusts
A charitable lead trust is the opposite of the remainder trust. It provides an income stream to St. Columba for the term of the trust and then trust assets revert to family, typically children or grandchildren. The primary benefit to the donor of a lead trust is it can produce significant gift tax savings as well as estate tax savings while shifting assets to heirs outside of the estate.
By giving an insurance policy already paid up, but no longer needed, you will receive a charitable deduction for the cash value of the policy. You may take out a new insurance policy on your life, or assign one already in place, naming St. Columba as the owner and beneficiary. The premiums will be tax deductible. You may also make St. Columba’s a full or partial beneficiary of most’ term’ insurance contracts.
Retention of Life Interest Gift
You may give a personal residence or farm and retain lifetime use of the property. You will receive an immediate charitable deduction for the remainder value of the gift based on your age. The property is removed from your estate for tax purposes. The donor remains responsible for taxes, insurance, and maintenance. At your death or the death of the surviving spouse, the gift becomes the property of St. Columba.