By Tom Post, CFP
One of the biggest misconceptions about planned giving (or “legacy giving”) is that it’s something reserved for those with large estates and/or lawyers or financial planners. But the truth is, none of that is required. Making a planned gift to your church is easier than you think and truly open to anyone who wants to make a lasting impact.
As a longtime member of Christ Church Cranbrook and a Certified Financial Planner for more than 35 years, I want to share one of the easiest, most practical ways that virtually anyone can use to remember our church in your estate plans—something I’ve used myself and often recommend.
Pay on Death Designations
Making a planned gift can be as easy as naming “Christ Church Cranbrook” as a beneficiary on many of the different accounts you already have: Retirement accounts such as an IRA, 401(k), or 403(b), a CD, life insurance policies or even a basic checking or savings accounts. That’s it. No lawyers, no complicated documents, no expenses. In most cases, it’s a simple beneficiary designation form that you can usually complete online in a few minutes.
IRA example
For example, if you have a $50,000 IRA you can simply name “Christ Church Cranbrook” as a beneficiary. For example, if you were to leave Christ Church Cranbrook 20% of your IRA, then $10,000 will automatically come to the church at your death, with the remaining 80% going to other designated heirs. No probate. No hassle. No costs.
Tax benefits with Retirement Accounts
Designating the church as a beneficiary on your IRA or 401(k) or 403(b) has an extra benefit because there’s also a meaningful tax advantage. Because retirement accounts are funded with pre‑tax dollars, every dollar you leave to the church goes to the church 100% tax free — while your heirs would only get 60 to 80 cents on the dollar after taxes. In other words, this is one of the most efficient dollars you can give away.
If you’d like to talk through this or explore other simple legacy‑giving options, please reach out. Fellow parishioners Katie Wagner, Noel Villajuan, and I are always glad to help you think it through. Planned giving doesn’t have to be intimidating. Sometimes it’s as easy as filling out a single form—and the impact can last for generations.
If you’d like help getting started with a planned gift to Christ Church Cranbrook, you can reach Tom at TPost@divport.com or Rev. Chris Harris at charris@christchurchcranbrook.org