I’d like to put Western in my will

Thank you! Bequests are wonderful blessings for which we are immensely grateful. These gifts have helped to train thousands of pastors and teachers who have impacted lives all over the world.

The process:

If you already have a will, simply ask an attorney to draft a codicil (an addition) for you. The following wording can be used whether it is a new will or a codicil to a will:

Specific dollar amount:

I give $_______________ to Western Theological Seminary of the Reformed Church in America whose address is 101 East 13th Street, Holland, Michigan, 49423 to be used for the general purposes of the seminary (or you may designate to a specific fund).

Percentage:

I give _______________% of my estate to Western Theological Seminary of the Reformed Church in America whose address is 101 East 13th Street, Holland, Michigan, 49423 to be used for the general purposes of the seminary (or you may designate to a specific fund).

Residue:

(Remainder of the estate after all expenses and specific bequests have been granted)

I give all (or a specific percentage) of my residual estate to Western Theological Seminary of the Reformed Church in America whose address is 101 East 13th Street, Holland, Michigan, 49423 to be used for the general purposes of the seminary (or you may designate to a specific fund).

Specific property:

I give Western Theological Seminary of the Reformed Church in America whose address is 101 East 13th Street, Holland, Michigan, 49423 (description and exact location of the property).

Please contact a member of the Advancement staff to make appropriate arrangements for gifts of real estate.

Inform us of your plans! We look forward to thanking you by inviting you to be part of the Zwemer Society.

I’d like to give my life insurance

This is an excellent idea for giving away an asset you may no longer need. Three options for giving life insurance:

1. Name Western Theological Seminary the primary or secondary beneficiary to your life insurance policy.
2. Give Western Theological Seminary the paid-up portion of your life insurance policy and receive a tax deduction.
3. Sign over the policy to Western Theological Seminary and we will become the owner and manager of the life insurance policy for which you have named the seminary the beneficiary.

Inform us of your plans! We look forward to thanking you by inviting you to be part of the Zwemer Society.

I’d like to give my retirement account

Your tax adviser will commend you on your wise choice. Often retirement assets passed to family members can be subject to estate and income taxes upwards of 70%. By gifting your retirement accounts to Western Theological Seminary, you can avoid these taxes.

Qualifying accounts:

• IRA
• 401(k) or 403(b)
• Profit-sharing plan set up by employer

The process:

Speak to your plan administrator about giving your retirement assets to Western Theological Seminary.

Inform us of your plans! We look forward to thanking you by inviting you to be part of the Zwemer Society.

I’d like to give, but I need a source of income

There are ways to donate money to Western Theological Seminary, receive a tax deduction, and still retain an income stream for yourself or loved ones.

Charitable Gift Annuity

• For amounts over $5000
• You contribute cash or stock to Western, we invest the money, and you receive a percentage back annually, quarterly, or monthly
• You cannot cash out a charitable gift annuity like a certificate of deposit. The gift remains a donation to the seminary.
• You receive a tax deduction for the year in which it was given and a partial deduction on a percentage of the income you receive annually from the annuity.
• Interest rates for Charitable Gift Annuities depend on your age and whether the annuity is on the life of one person or two. Contact us for current rates.
  • Example: in February 2010 a husband and wife, both 75 years old, bought an annuity returning 5.60% annually for the remainder of each of their lives.

Charitable Remainder Trust:

• For amounts over $50,000
• Rather than incurring capital gains tax by selling your assets outright and then giving away the proceeds, set up a charitable remainder trust first.
• You will receive an income stream of 5-8% of the trust each year.
• You receive a tax deduction for the year in which it was given and a partial deduction on a percentage of the income you receive annually from trust.

Inform us of your plans! We look forward to thanking you by inviting you to be part of the Zwemer Society.