Page 32 - PC Fall 2023

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PRESBYTERIAN
FALL 2023
presbyterian.ca
The Poten)al of Gi/s of Insurance
Connection
PLANNED GIVING
The Potential of Gifts of Insurance
By Jim MacDonald and Karen Plater, Stewardship & Planned Giving
Are you looking for a way to make a meaningful gift to your church, but don’t think it’s financially pos- sible? There may be a way you haven’t considered. Life insur- ance can be a creative way to leave a lasting legacy with a rela- tively small investment of funds.
There are a variety of ways to use life insurance to give. You can transfer ownership of an existing policy to your church and receive an immediate tax receipt for the policy’s cash surrender value, or acquire a new life insurance policy with your church as the owner and beneficiary. In both these instanc- es, you receive charitable tax re- ceipts from the premiums to offset taxes now. Alternatively, you can make your church the beneficiary of your life insurance, providing a large charitable tax receipt for your estate when you die.
Example
Jean sat at her kitchen table pon- dering the paperwork for her life
insurance. She was no longer
PsLuArNe NifEDshGeIVnIeNeGded the policy.
Her house was paid off and both
children had good jobs and no
gift could work. Jean would gift
the policy to the congregation,
receive charitable tax receipts for
the policy’s cash surrender value
included detailed instructions on
how her gift would be used, and
contacted the insurance company
to initiate the transfer. When she
was done with the paperwork,
nuity to pay the premiums for a life insurance policy you’ve given to the church. One gift becomes two: you receive tax benefits of the annuity and annual tax cred- its from the premiums and, when you die, your church receives both the remainder of the chari- table gift annuity and the death benefit from the insurance policy.
2) Canada Life My Par Gift Life Insurance. Canada Life has devel- oped a unique program designed for charitable giving that allows donors to make a single premium payment for a policy that is owned and controlled by the registered charity. The donor receives the tax receipt for the premium payment (which is larger than normal) and the charity receives the payout on the death of the insured person. Over time, the life insurance poli- cy grows in value, so the donor’s smaller payment can make a sub- stantial gift.
To learn more creative and tax-efficient ways to give, email your questions or concerns to stewardship@presbyterian.ca or call 1-800-619-7301 and ask for Stewardship & Planned Giving.
longer needed her financial sup- and for the premium payments
By Jim MacDonald and Karen Plater, Stewardship & Planned Giving
port. The next day she brought she continued to make until the she was happy knowing that her
up the subject with her financial policy was paid up. She could use gift would continue God’s mis-
Are you looking for a way to make a meaningful gi: to your church, but don’t think it’s
advisor, who suggested donating the receipts for tax credits against sion in the world.
financially possible? There may be a way you haven’t considered. Life insurance can be a
the policy to her favourite charity. her current income. She learned
creaHve way to leave a lasHng legacy with a relaHvely small investment of funds.
The idea intrigued Jean. As a the congregation used planned Creative ways to
There are a variety of ways to use life insurance to give. You can transfer ownership of an
long-time member of a Presbyte- gifts like these to help ensure fu- give more for less exisHng policy to your church and receive an immediate tax receipt for the policy’s cash
rian congregation, she arranged ture outreach ministry. It would 1) Charitable insured annuities. sutorrmenedeterwvitahluhee,roardavcisqouriraenda naewhleiflep inrespulraacneceheprolriecgyuwlarithgiyvoinugr chCuormchbiansintghea ocwhanreitrabalnedgift an- bmeneemfibceiraoryf .hIenr bchoutrhchth’sestewinasrtda-nceasn,dyosuprpeocret ivtheecchoamrimtaubnleitytasxhereceniupitys farnodmathlife pinresmuraiunmces ptolicy osffhsipet ctaoxmems inttoeew.. AThlteyrngaaHthverleyd, youlovceadn. make your church the benedfiocniatriyonofisyoaugrreliaftewinasyutroanmcaek,e
around the table and Jean lis- After some discussion, Jean a tax-efficient gift. This involves
providing a large charitable tax receipt for your estate when you die.
tened as they explained how the
signed a gift agreement, which
purchasing a charitable gift an-
3 Ways to Give Life Insurance
How was insurance given?
Who gets the tax receipt?
Receipt amount
1) Purchased new policy in the name of the church.
Donor during life*
The amount of the annual premium(s) donor pays.
2) Transferred ownership of exisHng insurance policy to the church.
Donor during life*
A porHon of policy’s cash surrender value and receipts for any annual premiums paid a:er the transfer.
3) Made the church a beneficiary of an exisHng policy.
Estate
The amount of the life insurance in the year received by the church.
*Donor must ensure church receives a copy of the premiums paid each year.
By Amy Dunn Moscoso, Grace Presbyterian Church in Calgary, Alta.
Grace Presbyterian Church in Calgary, Alta., has been on a Truth, Healing and Reconcilia- tion journey since July 1, 2021, when red paint was splattered on the front doors of the church. This led to listening, relationship- building and learning steps on a generational journey.
In 2022, the Truth, Healing and Reconciliation Team at Grace commissioned local Tsuut’ina ar tist Nathan Meguinis (also
sanctuary as a reminder of the journey, and as an invitation for those who view it to learn and join the journey.
Nathan shared an ar tist’s statement in a video. These notes come from the video and now hang alongside the painting.
Artist’s statement
We Dene live a life of beautiful balance with the world around and with other Indigenous Na- tions. In my artwork:
colour has a meaning: Red – Mother Earth; Green – Plant Life; Blue – Air and Water; Yellow – Sun and Protection; and White – Soul and Spirit.
• The buffalo represents caring for family and all Indigenous Nations who have been resil- ient and rebounded from be- ing driven from known ways of life.
• The symbol above the pop- lar tree represents the North Star. The North Star is the guiding star and as people we are called to be North Stars guiding others into liv- ing in balance.
• The background colours are in a blanket pattern. The or- ange represents Truth and Reconciliation, and the blue represents water and air,
the Tsuut’ina people follow. We live in balance when we are working to care for one another and for the earth all the days of the year.
• My artwork shows people of the earth coming together in prayer and peace.
To view a video of Nathan shar- ing this statement, visit youtube. com/watch?v=gF1ZvBqSyDw
2023 steps: Orange
Shirt Day event
In 2023, for the second year, Grace is working with Stardale Women’s Group to welcome the community into coming together in honour of National Day for Truth and Reconciliation for Re- connection, Reconciliation and Resilience—an event for hope and a better future in honour of
Example
RECONCILIATION
Jean sat at her kitchen table pondering the paperwork for her life insurance. She was no longer
Healing and Reconciliation in Calgary
sure if she needed the policy. Her house was paid off and both children had good jobs and no
longer needed her financial support. The next day she brought up the subject with her financial
advisor, who suggested donaHng the policy to her favourite charity.
The idea intrigued Jean. As a long-Hme member of a Presbyterian congregaHon, she
akrrnaonwgnedastoBmueffealtowBitohy,heTravdevl-isor a•ndThaempermaybeerr porfinhtser hchanugricnhg’s stewawrhdischipneceodmtmo ibReeepr.oTtehcetyed galinthgeRreodcka,roKuinnddhetahretetdabMleana)ntdoJean lisitnentehde atsreteheryeperxepsleanint eoduhrow theagnid:ncootuplodlluwteodr.k. Jean
Orange Shirt Day.
This event is an opportunity to
discuss the effects of residential schools and their legacy and is open to the public. This year, the event has grown and is welcom- ing other churches in the Beltline neighbourhood of Calgary, and Stardale has engaged businesses and organizations. There will be performances by the Stardale Girls Drumming group, and film showings that educate on the residential school system.
Grace continues to share steps from the journey and celebrate the journey of others.
create an artwork. The painting prayers and these flags are • The 13 feathers represent
would gi: the policy to the congregaHon, receive charitable tax receipts for the policy’s cash
“Living in Balance” was created hanging from a poplar tree the 13 moon cycles in the
surrender value and for the premium payments she conHnued to make unHl the policy was paid
and it now hangs outside the which represents life. Each year, which is the calendar
up. She could use the receipts for tax credits against her current income. She learned the
•
•
The colour red represents Mother Earth. All the abstract human figures are red to show our connection to the earth, with each one having a white outline which is our spirit.
The braided sweetgrass cir- cle represents lasting unity.