Legacy Gifts at Hancock
“When it came time to make our will, it was unthinkable not to consider this place that helped us
to grow and develop our faith. We had seen what others had provided for us all through their
financial gifts through the years. It was a no-brainer, and we were happy to do it.”A Hancock couple
Hancock Church has been the beneficiary of many generous souls who have left gifts to enrich the life of the church and build a strong foundation for those who will come through our doors in the future. Legacy gifts of any size are welcome, and may be directed to a purpose or program you care strongly about. What will your legacy be?
There can be several advantages to leaving a financial legacy for Hancock in your estate plan:
- Most such arrangements are not irrevocable and can be changed at any time, should you
find later that you need the funds for other purposes. - By giving from your estate, you may be able to make a larger gift than you could
prudently make during your lifetime. - Properly constructed, such gifts may have significant tax advantages.
There are a number of options for including Hancock in your estate plan:
Bequest in a will or trust. This is what people often think of when talking about including
Hancock in an estate plan. You can designate a specific dollar amount, a percentage of your
estate, a percentage of the remainder of your estate, or specific property, such as real estate. See
some sample language here.
Beneficiary designations. You can designate Hancock as the beneficiary (or one of several
beneficiaries) to receive a financial asset upon your passing. Possibilities include:
- Retirement accounts, such as an IRA or 401(k);
- A life insurance policy or annuity;
- A bank or brokerage account through a POD (Payable on Death) designation; or
- The balance remaining in a charitable gift fund.
Pooled Income Fund. Some charitable gift funds, like the Fidelity Charitable Gift Fund, offer a
pooled income fund by which a donor can receive income for life and a partial tax deduction for
the gift, and a charity receives the remainder upon the donor’s death.
Charitable remainder and lead trusts. These are complex financial arrangements set up with an
attorney and financial adviser, with Hancock named as the charitable beneficiary.
Do you want to designate your gift for a specific purpose? While unrestricted gifts give church
leadership the flexibility to put your gift to best use, many donors like to know it will be used for
a program or activity that is particularly meaningful to them. Your gift can be designated for an
endowment (a perpetual fund that generates income the church may use for its designated
purpose) or a special purpose fund that may be expended over time. For examples of what
previous Hancock donors have done, see a list here.
To discuss a legacy gift to the church, contact Senior Minister Barbara Callaghan or the church
Moderator (our board chair).
If you do include Hancock in your estate plans, let us know and we’ll enroll you in the Wilson
Society, recognizing and honoring those who plan to leave a legacy for Hancock. You’ll receive
relevant updates and occasional news of interest to members.
One person gives freely, yet gains even more; another withholds unduly, but comes to poverty. A generous person will prosper; whoever refreshes others will be refreshed.
Proverbs 11: 24-25