How often do I need to update my will?

A good rule of thumb is to review your will every three years. Also is should be reviewed at any major life events, such as marriage, births, retirement, etc.

What services are provided by the Planned Giving and Property Management staff?

Our consultants and legal counsel assist Adventist church members in Central California with personal, family estate and financial planning elements. Included can be:

• Wills
• Revocable Living Trusts
• Charitable Remainder Trusts
• Charitable Gift Annuities
• Appreciated Property Gifts and Sales
• Endowment Funding
• Personal Property Gifts (collectables, vehicles, etc.)

Planned Giving and Property Management staff members are pleased to work with your attorney, accountant or other advisors to make sure your objectives are met in the most effective manner, both during your lifetime and for your survivors. You may call for a personal appointment without obligation.

Can I change my mind?

With a Will or a Revocable Living Trust, you can change your mind as long as you are living and have the legal capacity to make decisions. For example, if you were to find that you need to spend more or less of your assets than you anticipated, you can always modify or cancel your estate plans. This flexibility is especially important for younger individuals who are not able to predict with accuracy what their income needs will be in retirement, many years later. As needs and interest change you can also alter your charitable distributions in these plans – perhaps more for the school or local church, less for another program, etc.

Unlike these revocable plans, however, the Charitable Remainder Trusts, Gift Annuities and outright gifts of property are irrevocable. This means, by law, that they’re completed gifts at the time of the original transaction and their terms are generally not subject to change later on.

Why does the Conference provide these services and how are they paid for?

Biblical teachings about property ownership, stewardship and family responsibility place these issues high amount the priorities of contemporary Christian life. Assisting in such practical matters for believers within our fellowship is just one of the services provided by the Conference and its organizations for the spiritual growth and fulfillment of church members. There is no charge to member clients for the work of the Planned Giving and Property Management personnel.

Even for young parents with very limited financial assets, basic wills providing direction for the guardianship and education of their children can be important beyond measure. This protection for vulnerable little ones is a family service the Conference provides most willingly.

As part of an over-all estate plan, many Seventh-day Adventists voluntarily arrange planned-gift support for ongoing programs such as youth camps, evangelism, local churches, schools, welfare work and other special projects. As with other Conference programs, the Planned Giving and Property Management budget is funded from the tithes and free-will offerings of local church members – not from trust funds or bequests. But that modest annual cost to the Conference is repaid many times over by families and individuals who choose these ways to help spread Christ’s gospel and feed His lambs in Central California and throughout the world.

Can my will bequests or trust gifts for God’s work reduce my estate taxes?

All estate gifts to the Central California Conference Association (CCCA), whether by your Will or through your Revocable Living Trust, qualifies for a charitable deduction from your gross estate. We will receive a full dollar for every dollar you direct to the Church – not just what’s left after estate taxes and probate expenses.

In fact, some of our life-income plans – a Charitable Trust or Gift Annuity – may let you give at the same time you provide attractive income for yourself and others. Such a “split-interest” transaction also entitles you to a current income-tax deduction for the value of your charitable gift and assets in the trust are not taxed as part of your estate.

Why should I consider a Central California Conference Gift Annuity?

Our Gift Annuity provides you dependable, fixed payments for your lifetime. Because you make your annuity-funding gift now, you also benefit from an immediate charitable deduction that can reduce your current income tax.

The return you receive from a Gift Annuity is based on your age, the older you are at the time the agreement begins the higher your payments will be. The amount of each check is completely unaffected by economic conditions or investment fluctuations – it’s exactly the same for every period. (Entering into the agreement, you will have chosen to receive checks monthly, quarterly or annually.)

A part of each payment you receive is treated for tax purposes as ordinary income – the same as would be true of earned bank interest. But part of the annuity return can be treated, for tax purposes, as a return of your “investment principal”, this portion of your payment can be tax-free income throughout your life expectancy as calculated from government tables.

Especially for very senior donors, these benefits – combined with the immediate income-tax saving from an annuity gift – make the Charitable Gift Annuity an outstanding choice for supplementing your retirement income. Rates for your age are available at the “Calculator” section of this web site, or one of our planned giving consultants will be glad to provide the answers and information you need.

Are there minimum ages or amounts that will be accepted for a Gift Annuity?

Yes, the minimum amount is $10,000 is required for a Central California Conference Gift Annuity, although exceptions are considered in special circumstances. And if you want annuity payments to begin right away, you must be at least 60 years of age. An exception to the minimum age requirement is the “Deferred Gift Annuity”. In this special agreement, the donor can begin annuity funding at an earlier age, with the provision that contributions effectively grow within the plan and with not payouts being made for a stated period of time. This deferral period must be at least one year. At the selected time – most commonly the year when the donor expects to retire – payments begin at a rate that is significantly higher than for a “standard” annuity at that age. For this plan there’s no minimum age to begin the funding, but deferred annuity payments can not start before the annuitant’s 60th birthday.

Can I contribute appreciated assets to fund a Charitable Gift Annuity?

Yes, we accept cash or readily marketable securities in exchange for a Gift Annuity. Other property types, such as real estate, illiquid, or hard-to-value assets will be considered but might be accepted only at less than face value. (Theses properties can be better suited to funding a Charitable Remainder Trust, where problems of valuation and liquidity are often less severe.) Nevertheless, if your Gift Annuity is funded with appreciated securities or other assets that are found to be appreciated, you may realize additional income-tax.

How complicated is a Gift Annuity and will I need an attorney?

A great advantage of the Charitable Gift Annuity is that it’s so easy to arrange. All that’s required is completion of a simple application form. Of course, it’s always a good idea to discuss financial or legal plans in advance with your professional advisors.

What is a Trust, why have one and how is it different from a Will?

A trust is a legal entity that you crate to hold and manage assets for you. It has essentially the same powers (to own, buy, borrow, rent, sell, etc.) as an individual or corporate property owner. These powers are exercised by one or more persons who have been appointed to serve as “trustee” over the property.

If you place money or property in a trust, those assets are legally owned by the trust you created. They are no longer yours to manage as you please unless you have retained the right to withdraw assets or to cancel (“revoke”) the trust. The trustee must follow your directions, written in the trust agreement, and make payments in the manner you have chosen. Most commonly, this means income to you and your spouse during your lifetimes and distribution to other family members or charities after your death(s).

Like a trust, your Will can control the distribution of property after your death. But if does not provide continuity in managing your assets, if you experience failing health or other inability during your lifetime, as a trust can. And it does not avoid the potential expense and delay of the probate process, as a trust can. We will be happy to provide you information that can help you understand and decide if a trust is right for you and your circumstances.

How does a Charitable Trust differ from a Living Trust or a Revocable Trust?

The “Living Trust” and “Revocable Trust” are terms often used interchangeably. This type of trust can be changed or even canceled, thereby the tern “revoked”, at any time you wish. It does not provide a current charitable deduction or other income-tax savings at the time it’s created. A “Charitable Trust” is irrevocable and once crated, cannot be altered. It does provide and up-front charitable deduction for your income tax as well as other, very significant financial benefits to you and your family. There are several different kinds of charitable trusts which allow you to determine such provisions as the income recipients, the payment rate, the length of the trust and what charity or charities will get the remainder. Additional information about trusts is available at on the web site or by calling for assistance by one of our Planned Giving Consultants.