Although giving is rarely inspired solely by tax and financial incentives, it is good stewardship to ensure that your gifts are made efficiently and effectively. Therefore, consideration of the tax implications in giving is sensible. Your contribution, and the amount that you can afford to give, is increased through income tax deductions. The importance of careful planning in an environment of ever-changing tax laws should not be diminished. Such planning can bring much more benefit to you.
We strongly advise you to consult with a professional gift-planning counselor before making a planned gift. Help from a trained, experienced professional is a necessity. In some cases, your own personal accountant, tax advisor, or lawyer will have the knowledge needed to help. If no such person is available to you, then you may want to turn to the LCMS Foundation.
The Lutheran Church-Missouri Synod Foundation has agreed to assist Lakeview Ministries as we create and maintain planned gifts. Their gift-planning counselors are fellow Christians who understand your desire to provide for the ministries that you care about. They will customize gift plans to meet your special needs and can simplify today’s often-confusing charitable giving concerns. Most importantly, they provide this service at no cost and would be happy to come to your home or church at your convenience.
Ways to Give Immediately
Cash — This has always been the easiest and most popular way to give. It provides a tax deduction for the contributor and immediate help for the camp.
Securities (Stocks, Mutual Funds, etc.) — This provides the charitable tax deduction and also avoids any capital gains tax as long as the securities were given before liquidation.
Real Estate or Personal Property — This provides a charitable tax deduction for the fair market value or the cost of acquiring the real estate or property, whichever is lower. It also provides the benefit of avoiding the capital gains tax.
Life Insurance — Giving an unnecessary life insurance policy can provide proceeds immediately if surrendered, or can provide greater proceeds upon maturity, which is usually the time of your death.
Ways to Give in the Future
Bequests — An outright gift through the will of a particular piece of property, a specific sum of money, or a designated share of such property.
Charitable Gift Annuity — A transfer of money or property to the camp in return for an agreement by the camp to the contributor (or someone designated by the contributor) a fixed income for life. Another option is to defer the beginning date for receiving the annual income.
Charitable Remainder Trust — The contribution is placed in a trust during the contributor’s life, with the contributor receiving a fixed dollar amount, the net income, or a fixed percentage of the market value each year. Upon the contributor’s death, the remaining amount goes to the camp.
Life Insurance — Turning over an existing policy or a newly-created policy to the camp can be a great way to give. Each annual payment is tax deductible, and upon your death, the camp will receive a sum much greater than you could imagine you would be capable of giving.
Life Estates — This is a gift of one’s personal residence or farm to the camp while retaining the right to live on the property. Income, gift, and estate tax benefits accrue to the donor from such a gift.
Charitable Lead Trusts — These are the exact opposite of a Charitable Remainder Trust. In a lead trust, the charity receives the income from the gift for a period of years or until the donor’s death. Then the remainder goes back to the donor or their beneficiary.
If you would like to speak with a Lakeview Ministries representative about your desire to give, please contact Lakeview Ministries at 812-342-4815. We will be able to evaluate your situation and, if necessary, use the knowledge and talents of outside professionals to determine the best course of action and to assist with the details.