Legacy Society

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Background

As members and friends of Saint Sophia, we have benefited greatly from the spiritual and material gifts of the faithful, visionary, and generous people before us. The mission of the Legacy Society is to build on the foundation of prior and current generations by ensuring the permanence and progress of Saint Sophia’s ministry for generations to come. We do this by (1) thanking and honoring living members and friends who include Saint Sophia in their wills, trusts, or other legacy gifts, and (2) by educating parishioners about the mutual benefits of long-range gift planning.

 

 

Gifts That Keep On Giving

Funds received from legacy gifts will be invested in Saint Sophia’s permanent Endowment Fund unless the donor chooses to direct their gift to another parish need.* The Endowment Fund was established to secure and strengthen Saint Sophia's ministry in perpetuity. It is overseen by the Endowment Committee and its investments are managed by a professional portfolio manager. The Fund is structured so that its principal will always remain intact and only a percentage of its annual interest/earnings is distributed to the parish each year.

 

 

*Donors wishing to direct their gift to another purpose should consult with the Presiding Priest or Parish Council, prior to designating their gift, to ensure that the intention of their gift is consistent with the mission, goals, and strategic plan of Saint Sophia and can be honored. In the interest of both parties, Legacy gifts designated for a purpose other than the Saint Sophia Endowment Fund should be agreed upon in writing in advance. 

 

Benefits & Honors

By joining the Legacy Society, you will allow us to thank you and honor you today, for your gifts of tomorrow. Every year, in conjunction with the celebration of the Feast Day of our parish, the new living members of the Legacy Society will be individually recognized and have their names added to a plaque displayed in the narthex. Members who have fallen asleep in the Lord, will be memorialized and prayed for name by name. Legacy Society members will also be thanked and honored at an annual members fellowship luncheon.  Finally, Legacy Society members will be invited to seminars and special events on planned giving, financial planning, and estate planning.

 

Why Planned Giving

Making a legacy gift is not just for those who "wealthy" or have special financial expertise, but for anyone who wants to designate their gifts while they are living.  As members and friends of Saint Sophia, we share a deep sense of gratitude for all God gives to us. So, we lovingly and freely give back to Him, to do His work on earth. Such giving is a great blessing which lives on in eternity even after we have departed this life.  By planning our future gifts now, our Legacy gifts – whether large or small – will combine to sustain the continued vitality of Saint Sophia's mission and ministries from generation to generation.

 

 

How To Join

Individuals and/or couples can qualify for membership in the Legacy Society by completing and submitting the attached form and by doing one of the following: including Saint Sophia in their will, naming Saint Sophia as the eventual recipient of life insurance, making an outright gift to the Saint Sophia Endowment Fund, or creating a revocable or irrevocable trust with Saint Sophia as a beneficiary.

 

Types Of Planned Gifts:

 

Appreciated Securities (or other assets)

The gift of appreciated securities is most often in the form of common stock or mutual funds. Such a gift is a valuable way to benefit Saint Sophia and for you to receive tax benefits based on the fair market value of the assets. Other appreciated assets, like real estate, may be gifted, but it is important to discuss these in advance with the Church.

 

A Bequest In A Will

The easiest and most common way of making a planned gift is through a bequest in your will.  You can designate a specific amount of money, a percentage of your estate, or a specific asset. St. Sophia could also be named as a contingent beneficiary.

 

Life Income Gifts

Gifts such as a charitable gift annuity, a charitable remainder trust, or a pooled income fund provide you and/or your designated beneficiary income for life.  Upon your passing, Saint Sophia receives the gift.  Life income gifts generally reduce or eliminate certain taxes and guarantee an income for life.

 

Life Insurance

Life insurance can be used to make a sizeable gift to St. Sophia in a number of ways. To name a few, you can purchase a new policy and make Saint Sophia the owner and beneficiary of the policy. Or, you may choose to make Saint Sophia the owner and beneficiary of an existing policy you no longer need.  You could also name Saint Sophia a contingent beneficiary of an existing policy.

 

We encourage you to consult with your professional advisers on how a legacy gift would fit into your overall plans.