Estate Planning
NEED HELP WITH ESTATE PLANNING?
Did you know statistics indicate that more than 60% of Americans do not have a valid estate plan? If estate planning is something you are thinking about for the first time or if you need to update an older plan, we have resources to help you!
As a member or friend of Salem First Baptist Church, you have access to a variety of free resources, including our Estate Planning Guide, Estate Inventory Form, and expert planning assistance. The church has made available to you an expert who is well-versed in the technical aspects of estate planning. The Deacon board has created an environment for our members and friends where no life insurance, investment products, or time is sold to those who would like to access the service.
While the Church cannot serve as your legal counsel, we can now help you in areas such as:
- protecting the way in which your loved ones receive their inheritance,
- selling your business while minimizing capital gain tax,
- minimizing taxation on retirement plans, and
- reducing or eliminate estates tax all while…
…including stewardship in the planning decisions you make. If you would like to learn more about the Church’s estate planning services, please call (insert best contact person here) at (insert best phone number here) or email him/ her at (insert best email address here).
BEQUESTS THROUGH YOUR ESTATE PLAN
Often referred to as “a bequest” a person or couple can name Salem First Baptist as a beneficiary in their estate documents, regardless of whether they have a will or living trust. This is one of the most meaningful ways a charitable organization can be supported by those who have been touched in some way by the work that our church is doing. And, it’s easy to do!
If you have questions about including the Church in your estate plans or would like a free copy of our Estate Planning Guide and Estate Inventory Form, again please call (insert best contact person here) at (insert best phone number here) or email him/her at (insert best email address here).
Bequest Language
As a way to help simplify the process for you, following is sample language for your use and to share with your attorney:
I give, devise, and bequeath to Salem First Baptist Church, a non- profit Oregon institution (tax ID# ___-__________), located at (insert mailing address here), Salem, Oregon, the sum of $____, or _____% of my estate, or _____% of the residue of my estate, to be used for such purposes as the Deacon Board determines at the time this bequest becomes effective.
To further designate your bequest for a specific purpose:
You may designate your bequest for a specific purpose, such as missionary support, capital expansion, youth programming, pastoral staff additions, etc. Donors who wish to restrict the use of their bequest are encouraged to contact the church business office to ensure that the Church fully understands your wishes. If that is the case, you might instead consider including language that reads as follows:
I give, devise, and bequeath to Salem First Baptist Church, a non-profit Oregon institution (tax ID# ___-__________), located at (insert mailing address here), Salem, Oregon, the sum of $____ (or _____% of my estate, or _____% of the residue of my estate) to be used for (insert specific program area here).
In the case of a restricted bequest, many people like to add language that would give the Church flexibility to use the funds for some other purpose in the event the project or purpose designated by the donor is no longer needed when the funds become available. If that is the case, we recommend adding the following sentence to the end of your bequest provision:
If, at the time this bequest becomes effective, the funds are not needed for this purpose, then the Deacon Board may direct the funds to be used for a purpose as closely related as possible to the original purposed described in this provision.
CREATING YOUR OWN ENDOWMENT FUND
Endowments at Salem First Baptist are a relatively new concept. Your commitment to give funds that are to be held over the long-term, require special attention by those associated with the church.
Endowments can help to provide the church with a more secure financial future as we extend the gospel of Jesus Christ more fully into our surrounding communities. Establishing a permanent endowment in your name, or the name of a loved one, is a wonderful way to create a charitable Christian legacy, as well as provide needed ongoing support to the church.
Like bequests through your estate, endowments can also be structured to generate support for a designated project(s) of your choosing such as missionary support, capital expansion, youth programming, pastoral staff additions, etc.
A contribution or bequest of (insert amount here) or more will establish a named endowment. To learn more about setting up an endowment or supporting one already in place, please contact call (insert best contact person here) at (insert best phone number here) or email him/her at (insert best email address here).
CONCLUSION
Salem First Baptist wants to provide its members and friends with resource material, and people, who can help you be wise stewards in the process of completing your estate plan. Again, there are no insurance or investment products being promoted or sold. We hope you will take advantage of this unique service!
