'Legacies of Faith'

The driving motivation for parishioners who participate in “Legacies of Faith” is the desire to make a lasting impact in the Saint Philip’s community beyond their lifetime. However, there are also practical reasons that make this type of gift attractive to donors.

A planned gift is arranged in the present but does not usually get funded until the donor dies. That means it does not cost the donor anything during their lifetime. These types of gifts can be made through an estate plan, a life insurance policy, or a retirement account.

A planned gift is especially well-suited for people who have most of their wealth concentrated in non-liquid assets (e.g. a home or securities). And because this type of gift is funded in the future, it doesn’t impact present concerns about having enough money for retirement or medical costs.

“Legacies of Faith” gifts are important no matter their size. One of the advantages about entities like Ministry Endowment Funds Trust (MEFT) and the Preservation and Endowment Foundation (P&E) is that smaller gifts can be aggregated, thus making their collective impact greater. Although a large gift is always a delightful surprise, it is the steady stream of smaller gifts that builds the size of an endowment over time.

Some donors settle on an amount that is sufficient to provide an annual payout equal to their current pledge amount (i.e. a gift of $90,000 earning 4% would provide $3,600 annually, which is roughly the average pledge at Saint Philip’s). Other donors prefer to leave a percent of their total estate rather than a specified dollar amount. Your financial planner or lawyer can offer advice on what might be best for your situation.

If you would like to discuss how to join “Legacies of Faith,” please contact parishioner Nancy Atherton at ncatherton@gmail.com for information about MEFT or Jane Prescott-Smith janeprescottsmith@gmail.com about P&E. Thank you!