Your legacy gift is your final act of stewardship and care. Through it you can take care of your loved ones, model a legacy of generosity and ensure your favorite ministries continue to make a difference well beyond your lifetime.
Gifts in a Will
A gift by will benefits Christian Medical & Dental Associations® and may provide estate tax savings. The bequest may consist of cash, securities, real or personal property. It may be made outright or in trust.
Specific Bequest Examples
"I give, devise and bequeath all my right, title, and interest in and to [describe the specific property - real estate, personal property, securities, IRAs, etc.] to Christian Medical & Dental Society (dba, Christian Medical & Dental Associations) (Federal Tax ID #36-228-4267), P.O. Box 7500, Bristol, Tennessee 37621."
"I give, devise and bequeath [insert a dollar amount or percent of estate] to Christian Medical & Dental Society (dba, Christian Medical & Dental Associations) (Federal Tax ID #36-228-4267), P.O. Box 7500, Bristol, Tennessee 37621."
Residual Bequest Example
A residual bequest leaves the remainder of one's estate after debts, taxes, and other bequests.
"I give, devise and bequeath my residuary estate, which is all the rest, residue, and remainder of my property, real and personal of every kind and description and wherever located (including all legacies and devices that may for any reason fail to take effect), belonging to me at the time of my death or subject to my disposal by will, toChristian Medical & Dental Society (dba, Christian Medical & Dental Associations) (Federal Tax ID #36-228-4267), P.O. Box 7500, Bristol, Tennessee 37621."
Contingent Bequest Example
A contingent bequest provides for a contingent beneficiary if the one's first-named beneficiary(es) does/do not survive.
"If the above named beneficiary predeceases me, then I give, devise and bequeath such amounts of property absolutely to Christian Medical & Dental Society (dba, Christian Medical & Dental Associations) (Federal Tax ID #36-228-4267), P.O. Box 7500, Bristol, Tennessee 37621."
Unrestricted Bequest Intent
The following language should be used to describe the intent of an unrestricted bequest to be used for the greatest needs of CMDA:
"Said [describe the specific property or insert a dollar amount or percentage] is to be placed in the General Fund to benefit the Christian Medical & Dental Associations."
Designated Bequest Intent
The following language should be used to describe the intent of a designated bequest to ensure that all parties involved in the bequest clearly understand the donor's intent:
"Said [describe the specific property or insert a dollar amount or percentage] is to be used to benefit [insert name(s) of specific ministry(es), program(s), or initiative(s) of CMDA]."
If you have questions about making a legacy gift, feel free to contact the CMDA Stewardship Department: 888-230-2637.
Gifts That Pay You Income
A lifetime income gift is a wonderful solution if you wish to give a substantial way but are concerned about having enough retirement income.
Charitable Gift Annuity
Establish a charitable gift annuity by gifting cash, stock or other appreciated assets, and in exchange you'll receive an immediate tax deduction and then fixed payments for life for you and your loved ones.
Read more at the Barnabas Foundation page.
Charitable Remainder Trust
Gift CMDA appreciated assets instead of selling them and avoid the immediate tax bill. The full value of your gift will be invested for the benefit of your family and God's kingdom! Receive ongoing payments for one or more individuals, including yourself. Remaining assets are distributed to your favorite charities upon termination of the trust.
Read more at the Barnabas Foundation page.
A will (or trust) is your final act of stewardship and care. Through it, you can take care of your loved ones, model a legacy of generosity and ensure your favorite ministries continue to make a difference well beyond your lifetime.
Additionally, having a will may help you to…
- Save taxes
- Minimize family disputes
- Determine a guardian for minor children
- Provide for a family member with special needs
- Transfer a family farm or business
- Avoid probate expenses and delay
For many Christians, a will is an expression of their belief that God owns everything and wants us to manage the resources entrusted to us. Almost no other action you take will speak as powerfully to future generations about what matters most to you!
To learn more about making a gift in your will and other smart and powerful giving options, contact CMDA at 423-844-1011 or paul.montgomery@cmda.org.
Estate plans based on equal shares can lead to results that are not helpful, and in some cases, do more harm than good.
One child may be able to handle money responsibly. Another finds it irresistible to waste or give it all away. Your children may be far apart in age or at different life stages. Perhaps some of your kids require extra assistance for educational expenses, raising young families, health issues or other special needs. Some families face the added challenge of handing down a business or farm where the continued operation requires significant skill, expertise and capital.
Dividing an estate among children is a complex issue – and there is no one-size-fits-all solution. That’s why it’s important to discuss all of your planning options with a trusted advisor, who can help you find solutions that fit your circumstances and goals.
Through CMDA’s partnership with Barnabas Foundation, you can have a complimentary, confidential conversation with a trusted planner who shares your Christian values. To learn more, call Paul Montgomery at 423-844-1011 or email paul.montgomery@cmda.org.
Your power of attorney documents specify who can make critical decisions while you are still living, but are physically or mentally unable to do so for yourself.
There are several reasons why these critical documents may need revisions:
- The people you named are no longer able or trusted to make your decisions.
- You’ve moved across state lines.
- State laws have changed.
- Your family dynamics have evolved.
- Your wishes regarding your care have changed.
- Your property has changed in value or composition.
For example, in recent years, many states have updated their laws around “power of attorney” and “power of attorney for healthcare” forms. The specific names of these documents vary from state to state, and recent changes include new requirements, as well as additional provisions that can be included in your plans.
Bottom line, if it’s been a while since your power of attorney documents were prepared, it’s worth calling your lawyer to see if an update is needed.
Who are the other people in your plan, and what should you look for when filling these roles? Request your free copy of “The People in Your Plan” by calling Paul Montgomery at 423-844-1011 or email paul.montgomery@cmda.org.
One easy way to accomplish this is by giving through our trusted partner, Barnabas Foundation. Once you’ve designated Barnabas Foundation as the beneficiary in your legal documents, you can then tell them how funds should be distributed to CMDA and the other ministries close to your heart. What’s more, you can easily update your designation form with Barnabas Foundation at any time, without all of the costs and hassles of having to modify your will.
Through CMDA’s partnership with Barnabas Foundation, you also have complimentary access to trusted planning support from a Christian perspective. To learn more, email Paul Montgomery at paul.montgomery@cmda.org or call 423-844-1000.
One helpful tool many families use in this important decision is adding “a child named Charity” to their will or trust. For example, if a couple had four children, each of the children would receive 1/5 of their estate. The remaining 1/5 would go toward their “child named Charity.” In other words, 20 percent of their belongings will be gifted to their favorite charitable causes.
This process ensures that families not only care for the long-term needs of their loved ones, it also provides funding for Kingdom causes that are close to their heart — well beyond their lifetimes.
“A child named Charity” is just one of several ways that families choose to give to CMDA through their wills. What’s the right giving method for you? Request your free copy of “Leaving a Legacy: 3 Ways to Support CMDA in Your Will” for helpful ideas on how to incorporate charitable giving into your estate plan.