Planned/Estate Giving

A charitable gift annuity is a simple contract between you and the ELCA Foundation. In exchange for making a gift to benefit Lutherlyn, you will receive regular (quarterly, semiannual or annual) fixed payments for your lifetime and, if you desire, for the lifetime of your spouse or another person. Lutherlyn receives the remainder of your gift. You receive a tax deduction at the time the charitable gift annuity is established. A portion of each payment is tax-free in most cases.

A Charitable Remainder Trust (CRT) is an irrevocable trust designed to generate an income stream for you or your loved ones for a defined period of time, with the remainder of the donated assets going to the ministries of your choice. You might choose to fund your CRT during your lifetime with an appreciated asset — such as a home, land or securities — to provide lifetime income for you and potential income for your heirs for a predetermined time frame. Or, you might establish a testamentary trust, funded through your estate plan, to provide income to your heirs over time and avoid the financial risks associated with windfall inheritances.

A Donor Advised Fund (DAF) is like a charitable investment account, for the sole purpose of supporting organizations you care about, like Lutherlyn. It allows donors to make a charitable contribution, receive an immediate tax deduction (in most cases) and then recommend grants from the fund over time.  Donors can contribute to the fund as frequently as they like, and then recommend distributions to their favorite charities whenever makes sense for them.

A named endowment is a fund a donor establishes with the ELCA Foundation to provide perpetual support to Lutherlyn. Establishing an endowment fund in your name or the name of a loved one is a great way to establish a legacy and ensure support to Lutherlyn for years to come.

Every individual has an “estate” comprising all the assets (money and property) they own at death. An estate gift is a broad category of end-of-life gifts, made to charities from one or more of these sources. Working with a regional gift planner from the ELCA Foundation can help you structure your estate plan in a way that maximizes gifts to family and ministries like Lutherlyn and minimizes the risk of a lengthy legal process. An estate gift can be the largest gift you’ll ever give, and it’s important to ensure that the gift is well-planned and documented.

Life Insurance is insurance that pays out a sum of money either on the death of the insured person or after a set period. Generally, there are three ways to make a gift of life insurance to Lutherlyn: changing/adding Lutherlyn as a beneficiary, transfer ownership of your paid-up life insurance policy, or establishing a new charitable life insurance policy (Instead of paying your premiums to the insurance company, you will make regular gifts to the ELCA that will be used to pay the policy premiums. Each time you make a gift to the ELCA you will receive a charitable tax deduction. The life insurance proceeds will be directed to Lutherlyn.).

A Qualified Charitable Distribution (QCD) is a distribution from an Individual Retirement Account (IRA) that is made directly to Lutherlyn. Recent changes to the law have raised, from 70½ to 72, the age at which you are required to withdraw from your IRA a certain amount of money known as your Required Minimum Distributions (RMDs). These distributions are taxed as they are withdrawn. Despite this change in the law, a QCD continues to allow taxpayers over age 70½ to donate to Lutherlyn directly from their IRA, which would allow you to avoid federal income tax on this money while supporting Lutherlyn.

A Retirement Plan is a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions. Often there is a tax advantage to designating a charitable organization like Lutherlyn as a beneficiary.