Gifts From Your Will or Trust
How it Works
- Include a bequest to Compass-finances God’s Way in your will or trust. (See sample language below)
- Make your bequest unrestricted or direct it to a specific purpose.
- Indicate a specific amount, or a percentage of the balance remaining in your estate or trust.
- Your assets remain in your control during your lifetime.
- You can modify your gift to address changing circumstances.
- You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
- Under current tax law there is no upper limit on the estate tax deduction for your charitable bequests.
Sample Gift Language for your Will or Trust
A gift to Compass- finances God’s way in your will or revocable trust:
- is easy to arrange.
- will not alter your current lifestyle in any way.
- can be easily modified to address your changing needs.
Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to Compass- finances God’s way (Tax ID# 27-1252917), located at 217 N. Westmonte Dr., Altamonte Springs, FL 32714, all (or state a percentage) of the rest, residue and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).
Specific Gift Language
Naming Compass- finances God’s way as a beneficiary of a specific amount from your estate is easy:
I give, devise, and bequeath __________(percentage or dollar amount) to Compass- finances God’s way (Tax ID# 27-1252917), located at 217 N. Westmonte Dr., Altamonte Springs, Florida 32714, 407-331-6000, to be further designated as follows:____________________(Affiliated Entity Name or Project)
Contingent Gift Language
Compass- finances God’s way or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to Compass- finances God’s way (Tax ID# 27-1252917) , located at 217 N. Westmonte Dr., Altamonte Springs, Florida 32714, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
Retirement Plan Beneficiary Language
You may name to Compass- finances God’s way (Tax ID# 27-1252917), located at 217 N. Westmonte Dr., Altamonte Springs, Florida 32714, as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.
Naming Compass- finances God’s way as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming Compass- finances God’s way as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support Compass- finances God’s way free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change of beneficiary form from your plan administrator. When you are done, please return the form to your plan administrator and notify Compass- finances God’s way. We can also assist you with the proper language for your beneficiary designation to Compass.
If you or your attorney would like Compass- finances God’s way to provide you with customized beneficiary language that is specific to your goal and interest, please contact us at 407-331-6000.
Need an Attorney?
If you are looking for an attorney to help you with this process, we recommend that you contact Kingdom Advisors and search for a Qualified Kingdom Advisor to help you with your specific needs.
If you are unable to find an attorney in your area who is a Qualified Kingdom Advisor, please contact Kyle Hasbrouck, Vice President of Compass- finances God’s way, for assistance at 407-331-6000.
Click here to download the Estate Design Consultation Discussion Questions document. This is a great tool to help you think and pray through designing your estate.
Click here to download the Letter of Instruction and Hope to My Loved Ones document. This is a great example of a Christian Living Will that can be used to help you communicate to your loved ones.