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NorthRidge has developed a way for you to consider “legacy giving” through our Estate Planning Ministry. Designed to help you think through how to provide for your family through your estate, this ministry helps you avoid probate, minimize taxes, and support ministries close to your heart. More importantly, it provides a biblical understanding of stewardship and how biblical principles can influence your estate planning decisions.
A current life insurance policy can be transferred to NorthRidge, for which you receive an immediate income tax deduction for the cash surrender value. NorthRidge may elect one of two options: cash in the policy for immediate ministry needs, or keep it and utilize the death benefit later or you can simply name NorthRidge as a beneficiary of your policy.
Suppose you have planned in advance to give a gift as part of your overall personal financial strategy (retirement assets, bequests, trusts, etc.). In that case, we recommend you discuss your decision with your tax and/or financial advisor. Several types of gifts may fall under this category, many of which are very simple to make and do not require formal communication. These include:
Retirement Assets – Name NorthRidge as a beneficiary of your IRA, 401(k) or another qualified retirement plan. Any amounts left in your plan will transfer to NorthRidge free of income and estate tax.
Bequests – You can name NorthRidge in your will as a beneficiary, and your estate will receive an income tax deduction for the value of your bequest. A bequest written in a will can be made for either a percentage or an amount.
Charity Gift Annuity – Cash or marketable securities transferred to a charitable organization in exchange for a current income tax deduction and the organization’s promise to make fixed annual payments to you for life.
Charity Lead Trust – Cash or marketable securities are transferred to a trust, which makes fixed payments to the charitable organization over a specified period. The remaining assets are then transferred to your heirs. If you are interested in any of these options to give, please Email.
Employer Sponsored Donations – Many companies enjoy matching donations to organizations their employees support financially. So check with your employer and make your gift go further!
You may transfer ownership of stocks, bonds or mutual fund shares. Marketable Securities are a great way to maximize your giving, because you receive an immediate income tax deduction for the full fair market value of your securities. In addition, you pay no capital gains tax on the difference between your cost and the fair market value.
Merrill Lynch
Attn. Judith Helmuth
290 Town Center Drive, Suite 1100
Dearborn, MI 48126
Fill out this contact form to let us know if you are interested in non-traditional giving.
