Planned Giving

Throughout our 130 year history, Evangelical Homes of Michigan has been blessed by the gifts of countless individuals who have demonstrated their philanthropy in a manner suitable for them.  One of the ways anyone can be philanthropic is by making a legacy gift that is realized at death.  Legacies are important statements about who we are, what we believe in, and recognizing the people and organizations that have touched our lives.

As you consider your own philanthropy and your legacy, the following gift options may be suitable to your interests.

Bequest

A gift from your will or living trust is an opportunity for many individuals to make a gift that may not have been possible during their lifetime. Contact Evangelical Homes of Michigan for more information.

In addition, a gift may be given at the time of your death by naming Evangelical Homes of Michigan as the beneficiary of a life insurance policy, an IRA, qualified retirement plan, tax-sheltered annuity, and any other asset that can be assigned through a beneficiary designation form.

The following language may be used to include a bequest to Evangelical Homes of Michigan:

“I give to Evangelical Homes of Michigan, whose corporate office is located at 18000 Coyle Avenue, Detroit, MI 48235-2825,

  • the sum of $___________, or
  • a portion of my estate totaling __%, or
  • the following described personal property ______________

to be used by said organization for its unrestricted use, or for the following purpose _________.”

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Charitable Gift Annuity

A Charitable Gift Annuity is a gift agreement that pays you (and/or another person you name) a fixed amount each year for your lifetime. The gift annuity can be funded with cash, securities, and bonds. At the time of your death, the remaining value in the annuity contract will be distributed to Evangelical Homes of Michigan for the purpose you have chosen.

Our gift annuity program is managed by the United Church of Christ Foundation. An annuity can be established with a minimum gift of $1,000. The minimum age is 35 years.

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Retirement Plan Assets

As a current gift: If you are 70-1/2 years or older and required to receive minimum distributions from your IRA you may consider using those funds as a charitable gift by having your distribution come directly to Evangelical Homes rather than to you. You can make an outright gift using IRA funds without tax complications, due to current IRA legislation. While you cannot claim a charitable deduction for the IRA gift, you will not pay income tax on the amount.

As a bequest: A portion of your retirement plan may be given as a bequest. It may be the most tax-efficient way to make a charitable gift because the distribution will not be subject to income or estate taxes, but if left to heirs it is taxable income. The simplest way to leave the balance of a retirement account to us after your lifetime is to list us as the beneficiary on the beneficiary form provided by your plan administrator. Please contact Evangelical Homes of Michigan for more information.

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Life Insurance

A life insurance policy is another way to make a charitable gift. You can either transfer the paid-up policy to EHM by naming us the owner and beneficiary or simply list EHM as the beneficiary.

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Gift of Your Home or Property

You can make a gift of your home or property and continue to live there. Using a life estate arrangement, you transfer ownership to EHM now but retain the security of knowing you may live there as long as you wish.  You continue to take care of the property, pay the taxes, and even receive any income it generates.  But, because you have made a gift of the property by deed, it does not pass through your probate estate at death, possibly saving unnecessary expenses and delays.

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Charitable Remainder Trusts

With a charitable remainder trust, you can receive income for the rest of your life.  Your income can be variable or fixed and after your lifetime, the balance in the trust passes to the charities of your choice.

POSSIBLE BENEFITS include a partial charitable income tax deduction, potential for increased income, up-front capital gains tax avoidance and professional management of the trust assets.

 There are several types of charitable remainder trusts:

 The annuity trust allows you to choose the amount you will receive on an annual basis.  Your payments stay the same regardless of fluctuations in the investment portfolio.

 The unitrust pays you a variable amount annually based on a percentage chosen by you when the trust is established.  Because of the fixed percentage, the amount of your payments will vary depending on the investment strategy of the trust.  If investments are up, your payment will be up, if investment is down your payment will be down.

 Another type of trust is a lead trust.  Under this type of trust an individual would donate an amount to a charity, the charity would invest the proceeds and agree with the donor on a percentage of payout.  After a predetermined amount of years, usually 20, the trust would revert back to the donor or heirs.  With this trust, an income tax deduction depends on a number of factors.

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