Legacies, Memorials & Endowments
With good planning, you can make sure that your estate not only reflects your wishes, but can positively impact the history of Knox Church, its missions, and the lives of its members for years to come. You may provide a gift for use wherever it is most needed at the time, or consider adding to a particular fund of the Knox endowment.
Ways to Give
Gifts can be made currently with cash, securities, real estate or other personal property, or can be planned, generally as deferred gifts through bequests, trusts, or retirement or insurance plan beneficiary designations. Many of these gift types are tax-deductible for all or part of the gift.
Plan a Future Gift
Legacy, or Future Gifts, are planned now for the future benefit of Knox. Bequests or Beneficiary Designations provide a way that members can make a significant contribution, often allowing for much larger gifts than can be made in one’s lifetime. It is always recommended to seek experienced legal and financial counsel in planning such gifts.
Bequests through Wills or Trusts
Bequests can be made to Knox Church in your will, or in a codicil to your will. A codicil may be added without changing the rest of the will.
- Specific bequest--This may be a particular sum of money or a specific asset that you wish to leave to Knox.
- Residual bequest--This is made by naming Knox to receive a percentage of your estate, or the residual portion that remains after first taking care of your loved ones.
- Contingent Bequest—This names Knox to receive a bequest only in the event that other beneficiaries are no longer living.
Life Insurance
You may designate Knox as the owner and beneficiary of a paid-up life insurance policy that you wish to donate. Alternately, you may make Knox the full beneficiary, percentage beneficiary or contingent beneficiary of a policy. This type gift may provide you with tax benefits now and in the future.
Retirement Plan Beneficiary Designations
You may also designate Knox as the beneficiary of many types of retirement plans. Using the beneficiary designation form avoids potential tax liabilities that may occur if leaving them through your will.
Trusts
Trusts such as Charitable Remainder Trusts provide income, charitable tax deductions and avoid capital gains on the sale of appreciated property for donors, while benefiting Knox.
Endowment Gifts
Presently, income from the endowment created by the financial legacy of others contributes almost 7% of each year’s annual operating budget. Yet, even as funds are distributed yearly, the endowment continues to grow, and the amount in the funds is larger than the total of all contributions made to it. Think of all the ministries this makes possible.
Endowment Funds
- The Knox Presbyterian Church Permanent Endowment Trust has as its intended mission “to ensure the continuation and stability of Knox, its mission and its programs, and to promote and facilitate its ministry”. This fund has been in existence for 40 years.
- The Knox Presbyterian Church Mission Projects Endowment Trust is intended to help meet unbudgeted opportunities to expand the mission work and ministry of Knox Church to our congregation, our community, and the world.
- The David Scott Mooney Fund for Troubled Youth, is intended to “focus on serving the needs of troubled youth in the Tri-State area of Ohio, Indiana and Kentucky.
- The Barbara York Fund for Christian Education, is intended to support, enrich and recognize the Sunday school teachers of Knox Church. It was created in 2012 with Memorial Funds from Barbara’s family and friends.
Memorial Gifts
Memorial gifts can provide the opportunity to give in a particularly meaningful way. Families often request that, in lieu of flowers, a loved one be remembered with a memorial donation. These gifts can range from a small contribution to an endowed memorial fund in memory of the deceased loved one.
Memorial gifts can be made right now, with a current donation, or through a pre-planned estate gift, or deferred gift. You can designate how you want your donation to be used, but it is best to check on the need and ability of Knox to use the gift as you intend. Undesignated gifts are also welcome, and allow Knox to use the funds to fulfill whatever need is most critical at the time the gift is made.
View the most recent list of memorials, tributes and legacies.
Information & resources to help you in your planning.
For additional information, contact your financial advisor, estate-planning attorney or call the church office.
Knox does not provide tax or legal advice but if desired, members of the Memorial and Endowment Committee are available to meet with you and your financial advisor, attorney, or accountant to discuss potential gifts.
