Although outright gifts provide vital resources for the ELCA today, deferred gifts help insure the ministries of the church's future. Giving through estate plans or life income gifts may be particularly suitable for individuals who would like to provide significant support for the ELCA but need income from their assets during their lifetime.
I give, devise and bequeath to the ELCA, a qualified 501(c)(3) charitable organization located in Chicago, IL, _____ percent of my residual estate to be used for _______________ (a specific ministry, program or unrestricted use).”
The ELCA qualifies as a “public” charitable organization and meets the requirements of Internal Revenue Code Section 501(c)(3). Gifts to the ELCA are deductible at the highest limits allowed for federal income or estate tax purposes.
*Income tax deductions – a person may deduct gifts of cash (or elect to deduct only the cost basis of an appreciated asset) up to 50% of their adjusted gross income (“AGI”) in a year. Gifts of appreciated real or personal property may be deducted up to 30% of a person’s AGI. Excess deductions may be carried over for up to five (5) additional years.
**Estate tax deductions – testamentary gifts are deductible at 100% of the value of the assets donated to the ELCA.
For more information contact any development officer at the ELCA or your ELCA Foundation Regional Gift Planner TODAY at 1 (800) 638-3522