As you prepare for your future, we hope that you will consider including Cherry Creek Presbyterian Church in your estate planning and help sustain our mission for generations to come.
Ways to Make a Planned Gift
Bequests and Wills
The simplest way to make a planned gift is by naming Cherry Creek Presbyterian Church (CCPC) in your will. A bequest is a meaningful way to support our work without affecting your cash flow during your lifetime. Your attorney can include it when you prepare or revise your will or you can add a codicil at any time.
There are several types of bequests:
- A specific bequest indicates the amount of cash, securities, or other asset you wish to leave to CCPC. Or it can indicate a specific percentage of the total value of your estate.
- A residuary bequest leaves the remaining portion of your estate (or a percentage of the total) after all other bequests have been satisfied.
- You can make CCPC the recipient of a contingency bequest, which takes into account the possibility of a change in your beneficiary’s circumstances.
You can contribute to the Cherry Creek Presbyterian Church through your retirement plan. Certain retirement plans, including IRAs, Keoghs, 401k and 403b plans, allow you to defer paying taxes until you withdraw income during retirement. However, after your death these accounts are often exposed to significant taxes.
Therefore, you might find it beneficial to contribute all or part of these funds to CCPC while leaving other assets to your heirs. Simply name Cherry Creek Presbyterian Church a beneficiary of your retirement plan. You will retain control of the plan during your lifetime, and you can change your beneficiary at any time if your circumstances change.
Bank Accounts and Certificates of Deposit
A no-cost way to make a planned gift to CCPC is by designating it the recipient of a bank account or security. You can instruct any financial institution in which you have an account or the holder of a security to place your asset in a trust (often called a Totten Trust or a Transfer upon Death Account) which will be transferred, upon your death, directly to Cherry Creek Presbyterian Church.
This allows you to retain complete control of the asset during your lifetime and to give the remaining asset to CCPC upon your death. Most Totten Trusts can be created easily, using a form obtained from your bank, financial institution or the holder of the security.
Life Insurance Policies
CCPC welcomes philanthropic support through gifts of life insurance policies when the policies are paid in full and CCPC is named as the owner and irrevocable beneficiary of the policy.
You can name CCPC as the primary or contingent beneficiary of an existing or new life insurance policy. Although a current income tax deduction is not available, it will result in a federal estate tax deduction for the full amount of the proceeds payable to the charity, regardless of policy size. Or you can make an assignment or gift of a life insurance policy that you currently own or donate a new life insurance policy, approaches which allow a current income tax deduction.