Bequests

A Bequest is a gift made through a will or a living trust. It’s the most popular planned gift, the easiest to make, and costs nothing during a donor’s lifetime.  A Bequest can be included in a new will or added to an existing will or living trust through a simple amendment— often without the expense of hiring a lawyer.  A Bequest is usually a set dollar amount or percentage of an estate that goes to the United Methodist City Society after the donor’s death. 

 

Including a gift to UMCS in your will is easy.  Provide your attorney or include our official name and tax identification number in your document and your specific intentions.  Suggested language is below:

“I give to the United Methodist City Society, a New York nonprofit corporation, or its successor, that is recognized as exempt from tax under Section 501(c)(3) of the Internal Revenue Code, and whose Tax. ID number is 13-5562419, with its principal offices at 475 Riverside Drive, New York, NY, the sum of $_________ for its general purposes.”


or


“I give to the United Methodist City Society, a New York nonprofit corporation, or its successor, that is recognized as exempt from tax under Section 501(c)(3) of the Internal Revenue Code, and whose Tax. ID number is 13-5562419, with its principal offices at 475 Riverside Drive, New York, NY, [all (or _____ percent)] of my residuary estate for its general purposes.”

Make a Gift by Beneficiary Designation

Making a gift to the United Methodist City Society by beneficiary designation from any or all of the following types of TOD (“Transfer on Death”) accounts is a simple and tax-efficient way to fund your legacy and avoid the time and expenses that result from having the assets subject to the probate process.

TOD Gifts

TOD Gifts may take the following forms:
Retirement Plans
Many people do not know that when retirement plans such as pension funds, 401ks, 403bs, and IRAs are left to an individual other than a spouse, they can be subject to income taxes and estate taxes. The two taxes combined could erode up to 80% of the remaining benefits. If given to the United Methodist City Society, these funds would escape all income and estate taxes and reduce the size of your total taxable estate. The City Society would receive 100% of the remaining benefit in your retirement plan, whereas your heirs may receive only a portion of the benefit.
Life Insurance
If you own a life insurance policy that is no longer needed to protect your family or for other purposes, you may use it to make a gift to the United Methodist City Society (UMCS). One way to give a life insurance policy is to name the UMCS as the owner and irrevocable beneficiary of the policy. In doing so, you qualify for an income tax deduction for the cash value of the policy. The policy conversion terms are subject to review. Alternatively, you could name the UMCS as the beneficiary of the policy. In this case, your estate would be entitled to an estate tax deduction equal to the policy’s value.
Financial Accounts
Many people’s primary assets are held in savings, checking, and brokerage accounts. Designation of these assets incurs no cost to you and allows whatever balance (or portion thereof) remaining to pass to the City Society at your death.
Completing the Designation
Naming the City Society as a beneficiary of any of the abovementioned gift types is easy: Contact a representative of the institution that manages your account or policy and request a “change of beneficiary form.” You will need the following information: Name: The United Methodist City Society. EIN:13-5562419.