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Revocable Charitable Trust--A trust that you can revoke or change at any time.
If an irrevocable gift seems unwise, a revocable charitable trust might be created to relieve you of management and investment worries. The trustee (an individual, a bank or the Board of Stewardship, Foundation and Benefits) would pay you income earned by the trust. At your death, the remainder of the trust would be given to the Cumberland Presbyterian Church as directed by the terms of the trust agreement.
Savings Account in Trust for the Church--Available in many states.
You would retain complete control of deposits and withdrawals during your lifetime. At the time of your death, if you had properly notified the bank in advance in writing, the balance in that savings account would automatically be transferred to the Cumberland Presbyterian Church to be used according to your written instruction.
Life Insurance Policies
If you have a life insurance policy that is no longer needed for its original purpose, you can give it to the Cumberland Presbyterian Church and receive a charitable contribution tax deduction as well as the grateful appreciation of your church. You can do so by notifying your insurance company that you wish to name the Cumberland Presbyterian Church as owner and beneficiary of that policy.
HOME FOUNDATION ENDOWMENTS For more information, contact Richard Magrill
Page updated on May 2, 2007 Pages maintained by Elinor Swindle Brown