By including a charitable bequest in your will or trust, you may designate any of the types of gifts we accept to make a gift to an existing fund or to establish a charitable fund upon your death. By giving a percentage, the residual or your entire estate; you may provide your family with a substantial reduction in estate taxes. We offer sample bequest language.
Retirement Plan Assets
Naming the Assemblies of God of Oklahoma as the beneficiary of your retirement plan assets allows you to establish a charitable fund upon your death or to designate the assets to an existing endowment. By transferring these assets to charity, you can avoid income and estate taxes and preserve 100 percent of your retirement fund assets for your charitable goals.
Life insurance policies can be used to make a charitable gift without a significant outlay of cash. You can designate your policy to create a charitable fund or to make a significant gift to an existing endowment.
Charitable Gift Annuities
Through the charitable gift annuity (CGA), you can make a gift with cash or other assets now, receive income for life and, at the end of the annuity, the remaining assets will go to the charitable fund of your choice. This option is currently only available through giving to the endowment fund at the OCCF.
Charitable Remainder Trusts
A charitable remainder trust (CRT) allows you to place assets in a trust that pays annual income for life or a term of years. Upon the trust’s termination, the remaining assets will go to the charitable fund of your choice. A CRT can provide significant tax benefits for yourself and for your heirs.
Charitable Lead Trusts
A charitable lead trust (CLT) allows you to transfer assets to the AGOKF, with a percentage of the assets’ value directed to the charitable fund of your choice. At the end of the trust term, the remaining assets are passed on to the designated heirs. A CLT offers several advantages including greatly discounted gift or estate taxes and any growth in the assets will be free of these taxes for the heirs. In certain cases, a charitable lead trust may also provide an income tax deduction at the time the trust is created.
Retained Life Estate Gifts
A retained life estate gift plan that allows you to donate a personal residence (including a vacation home) or a farm to a fund the AGOKF while retaining the right to live there for the remainder of your life or a specified period of time. You thereby receive a large income tax deduction and simplify that administration of your estate upon death.