Bangor Theological Seminary

Planned and Deferred Gifts
What is a planned gift? A planned gift is a gift that you make during your lifetime, but that benefits the charitable organization you designate after your death.

Bequests
One of the most popular and easiest ways to give a charitable gift is through your will. Very often, a bequest allows you to make a more substantial gift than you could make during your lifetime. In drawing up your will, or amending an existing one, you can provide for the Seminary in a variety of ways. You can leave a specific dollar amount, some percentage of your estate, a remainder portion after other beneficiaries have been provided for, or real estate or other tangible assets. Click here for sample bequest language.

Note: It is extremely helpful, as the Seminary plans for the future, if we know that you will be making a gift through a bequest. If you have already provided for the Seminary in your will or if you are considering doing so, please let us know.

Gifts that Provide Income for Life
Through a life-income gift, you can make a substantial gift to the Seminary while receiving income during your lifetime and realize considerable income and estate tax benefits. You can also provide for your spouse or other beneficiaries. Depending on the type of vehicle chosen, you can use cash, securities, or even property to fund the gift.

(Note: The United Church of Christ Financial Development Ministries has estate planning professionals available to assist you in your planning and can administer charitable trusts and gift annuities)

Charitable Gift Annuity: The gift annuity is a simple contract wherein you donate at least $5,000 to the Seminary in exchange for which you are paid a fixed annual sum for life. The rate of return is based on your age. Payments can begin immediately, or they can be deferred for example, until retirement. Your spouse can also be included. You may receive a one time charitable deduction, as well as some tax-free income.

Charitable Trusts: Many people think that charitable trusts are only suitable for wealthy people wanting to pass on large estates to their heirs. Today, trusts are often created by people of moderate means who simply want to receive income, to delay the distribution of assets to their children until they reach a certain age, or to be relieved of the tax and management burdens of a piece of property.

A charitable trust is created with the help of an estate planning attorney. Cash, securities or property are transferred to an irrevocable trust and you (or other family members) receive income during your lifetime.

Charitable Remainder Trust: You can create a trust, funded in a variety of ways, that provides you or your beneficiary with annual income throughout your lifetime(s). Upon your death, the remaining principal passes to the Seminary. Depending on your needs and the terms of the trust, you can either receive a fixed dollar amount (annuity trust) or a fixed percentage of the trust (unitrust).
Charitable Lead Trusts: Conversely, you can create a trust that provides income to the Seminary for a specified number of years and then the remaining principal passes to you or your beneficiaries after the trust expires.

Gifts of Life Insurance
If you have a whole life insurance policy that you no longer need, you may simply surrender it for the cash value and use the proceeds to fund a charitable contribution. Or you can transfer the policy to the Seminary and irrevocably name the Seminary as owner and beneficiary. This can be done with a paid-up policy or with a partially-paid policy wherein you continue to pay the premiums.