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Deferred Gifts

Deferred Gifts

The Foundation offers many attractive options to help individuals accomplish specific charitable and personal giving objectives. These options include charitable gift annuities, charitable remainder trusts, charitable annuity trusts and donor advised funds. Gifts through your Last Will and Testament and gifts through your IRA, 401k, or 403b. The Florida Baptist Foundation is happy to work with you and your attorney, trust officer, accountant, or other financial advisor to assist you in connecting your generosity with the ministries that God has placed on your heart.

Charitable Gift Annuities

Would you like to know for certain you will not out live your income, be guaranteed the same rate of income, and be assured that whoever passes first, your spouse will continue to receive the same income for the rest of their life. This describes some of the benefits of a charitable gift annuity. More specifically, a charitable gift annuity is a simple irrevocable contract between you, the donor(s) and the FLORIDA BAPTIST FOUNDATION. In exchange for your irrevocable contribution, the Foundation promises to make fixed, guaranteed payments for your life to one or two annuitants (usually, but not necessarily, the donor(s)). The amount of income paid is based on the age of the annuitant(s) at time of the gift, in accordance with the Foundation rate schedule. The rate is fixed for the life of the donors.

To establish a Charitable Gift Annuity with the Florida Baptist Foundation. You receive an immediate tax deduction and you will receive a fixed rate of income for you or your spouse’s life. When the annuitant or annuitants die, them ministry will benefit. This is an irrevocable agreement and the contract cannot be changed.

For more information on establishing a Charitable Gift Annuity with the Florida Baptist Foundation, please click here.

Donor Advised Funds

A donor advised fund is a way for individuals or organizations to make an irrevocable gift to the Florida Baptist Foundation to establish a Named fund. Your gift is invested into your fund, creating an opportunity for the gifts to possibly grow over time. You create your fund without having to name specific ministries or charities, then later you can make recommendations to the Foundation to make gifts from your named fund to the ministries or charities of your choice. These are called grants. Your named donor advised fund provides an easy and flexible way for you to direct your charitable giving to a variety of ministries over time.

You can establish your (Named) Donor Advised Fund with the Florida Baptist Foundation with an initial gift o f$5,000.00. You will receive an immediate tax deduction, and then you can make grants to specific ministries of your choosing.

For more information on establishing (Named) Donor Advised Funds with the Florida Baptist Foundation, please click here.

Life Income, Fixed Amount (Charitable Remainder Annuity Trust)

There are many folks just like you who find yourself in later years with a fairly comfortable accumulation of assets, not "super wealthy", but comfortable. Like others, you would like to have an assured income for yourself and your spouse for the rest of your lives. You figure out just the amount you will need each year. Would you want a ministry to benefit after both your lifetimes?

You establish a Charitable Annuity Remainder Trust, with the remainder going to your Florida Baptist Foundation Named Fund. You get an immediate tax deduction which you can use in the current year and then you may carry forward any remaining portion and reduce your income taxes for up to five years. You and your spouse will receive an income for life, (the same amount each year). When either dies, the survivor will continue to receive the income. Your estate taxes will be reduced and ministries will benefit by the remainder which becomes a permanent charitable Fund in your name.

If you prefer, you can do this in your Will, providing a life income for your surviving spouse or another individual. Because of the estate tax charitable deduction and because capital gains are not taxed to the trust, the income beneficiary may actually receive a larger income than would otherwise be possible.

Life Income, Variable Amount (Charitable Remainder Unitrust)

Similar to the above illustration, you are in the same situation but you are worried about inflation, handling investments and receiving current income. A fixed income might buy less and less after inflation. Would you like a chance to have the income grow over the years?

Just like the illustration above in setting up your Fund, you now arrange for a Charitable Remainder Unitrust instead of an Annuity Trust. You specify that you want a percentage, perhaps 5%, of the Fund's assets paid to you each year for life, instead of a fixed number of dollars. If the assets grow, your income would grow. Again, as indicated in the last example, a Charitable Remainder Trust can be established by your Will.

Named Gift through your Will

Would you like to make a gift to ministries through your Last Will and Testament? Here is the recommended language to provide to your attorney.

  1. Gifts to a specific church, ministry or cause:
    "I give, bequeath, and devise (the amount in dollars, the legal description of real estate, the number of shares of stock, percentage of the residue and remainder of my estate, etc.) to the Florida Baptist Foundation, Inc., a religious, non-profit corporation now domiciled in Duval County, FL, in perpetuity, to established a named endowment fund on the books of the Florida Baptist Foundation for the following uses and trusts:
    The Foundation shall pay out the net income from my fund at least annually to the following churches and/or ministries:
    A.________________ (name)__________%
    (If more than one Baptist cause is to receive the income, indicate the percentage assigned to each cause.)
  2. No Specific Baptist Cause
    "I give, bequeath, and devise __________________ to the Florida Baptist Foundation, Inc. a religious, non-profit corporation now domiciled in Duval County, FL, in perpetuity, with the net income from the fund to be disbursed by the Foundation in their sole direction."
    The Florida Baptist Foundation will be happy to help assist you with your Will.

IRA: Designate as the Beneficiary a Named Gift to Foundation

Let’s say that you have an IRA, 401k, or 403b retirement account and you would like to leave all or part of that retirement fund to ministry. You simply list the Florida Baptist Foundation and/or your named fund at the Foundation as the beneficiary on your IRA, 401k or 403b. You must arrange this through your IRA provider or employer. This is an excellent way to pass on gifts and distribute retirement funds into ministries.

You can either arrange this to happen at your death, or perhaps a better suggestion would be to establish your Fund in the Florida Baptist Foundation today. Then you arrange for your IRA provider or employer to list your fund at the foundation as your beneficiary. You get to know that ministry will be continued with the income from your fund in perpetuity.