Planned Giving

Each year, the Planned Giving and Memorials Committee solicits applications for Endowment Fund grants. As directed by the Session, the purpose of these grants is to support programs of the church including spiritual and mission growth and improvements to our physical plant.

The total of all grants typically range from three and a half percent to five percent of the average of the value of the endowment fund over the past three years. Last year, for example, the Planned Giving and Memorials Committee distributed approximately $24,000 to such diverse projects, among others, as choir robes and the kitchen renovation.

Download the grant application or request one from the church office. The deadline for submitting grants is the start of January. Completed grants may be delivered or emailed to the church office. Grant awards will be announced at the annual meeting, typicall the last Sunday in January.

Your bequest will be used to preserve, protect and bequeath to future generations the church’s ministries of education, social outreach, global mission, and pastoral care.

We invite you to become a Member of the First Presbyterian 1846 Anchor Society. Designating the church in your will, or as one of the beneficiaries of a retirement plan or through any other estate planning vehicle, will include you in the Anchor Society. And as an added bonus, there can be significant tax and income benefits for you and your heirs. All you have to do is let us know in writing that you have done so. As a member of this esteemed circle of supporters, you join others in proclaiming your commitment to the life and mission of First Presbyterian Church.

Q. How do I include First Presbyterian in my will or living trust?
A. The most common way people remember First Presbyterian in a will or living trust is through a charitable bequest. You do not have to rewrite your current documents. You simply add an amendment, called a codicil, to your will or living trust. Here is some suggested language you can have your attorney review: "I give devise and bequeath to First Presbyterian Church located in Annapolis, Maryland the sum of ____________ dollars ($ _________). (Or state a percentage of your estate, or describe real or personal property, including exact location.) For the benefit of its general purposes (or specify the First Presbyterian program you wish to support)."Your bequest is entirely under your control during life and becomes irrevocable only at death.

Q. What's the big advantage in making First Presbyterian a beneficiary of my retirement plan?
A. A designation in your IRA or other retirement plan may be a very cost-effective way of making a gift to First Presbyterian Church. If you leave your retirement plan to your children, they will have to pay income tax on either a lump sum distribution or the income stream from the plan. First Presbyterian Church does not pay this tax. Here's an example of what this can mean to your heirs: A widower died a few years ago. He left his $300,000 house to charity and his $300,000 retirement plan to his relatives. He should have done just the opposite.

The relatives had to pay income tax on the $300,000 in the retirement plan, an $80,000 cost to them. If they had received the home, and the charity had received the retirement plan payment, no one would have paid income tax.

Q. Can I use my life insurance policy to make a planned gift to First Presbyterian Church?
A. Yes. Using an existing life insurance policy is a quick and convenient way to make a planned gift commitment to First Presbyterian Church. Ask your insurance company for a beneficiary designation form, name "First Presbyterian Church located in Annapolis, Maryland" as a beneficiary of a percentage of the ultimate value of the policy or for a fixed amount, and send the beneficiary designation form to the company that holds your policy. Some life insurance company Web sites make this exceedingly easy.

Q. What kind of donors should consider a charitable remainder trust?
A. Donors who want income for life, bypass of capital gains tax on stock or real estate, reduced taxes, and the satisfaction of providing for First Presbyterian Church. Anything you place in a charitable trust--cash, stock, real estate--is invested by the trustee to pay you income for the rest of your life and, if you wish, pay your heirs for life or for a term of years. After the death of all income beneficiaries, what remains in the trust passes to First Presbyterian Church. Your trust may provide you with some important tax benefits:

• An immediate income tax deduction for a percentage of your gift.
• No tax on the sale of appreciated property.
• The trust principal passes to First Presbyterian Church free of estate tax.

Q. What should I do if I have already remembered First Presbyterian in my estate plan?
A. We would be honored to enroll you in First Presbyterian’s 1846 Anchor Society, so please let us know of your bequest by contacting our Business Manager, Dottie Ballard, at [email protected] or 410-267-8705 ext. 107.

For more detailed information about the different types of planned gifts, please click here.