Last month we discussed making a New Year’s resolution to create a legacy ministry in your church and what that would mean for your church. For review, a legacy ministry is:
A way to expand the stewardship conversation with believers beyond tithes and offerings. It’s a tool by which Christ followers plan their estates to not only take care of their families at death, but to also establish a legacy that supports the work of the Kingdom—through the local church and beyond.
Studies reveal when a person makes a contribution from securities (stocks, bonds, mutual funds, etc.), total contributions to churches and other nonprofit organizations increase at a greater rate than from gifts of just cash. Most of the time these are larger gifts, and they are not from assets we typically utilize each month for our household operating expenses. These types of gifts can feel smaller when compared to a cash gift. Most of the time we do not think about these assets when we think about giving, but when we do, it reminds us of the wealth we have that has been provided to us by God.
By creating a legacy ministry in your church, you are helping members think about the legacy they can leave for future generations to propagate the Gospel and make a significant impact for the Kingdom of God. There are several other benefits for the church as well, including:
- A new income stream for collecting resources to engage in the Kingdom work to which it has been uniquely called in its community
- A steady and consistent income stream to support Kingdom work
- Another avenue to develop the spiritual discipline of stewardship among members
This type of ministry provides benefits to members who make contributions as well, including:
- Additional lifelong income created by utilizing a typically non-income-producing asset during the donor’s life before then benefiting the church
- Immediate income tax deduction as a charitable contribution
- Reduction or elimination of capital gain taxes and inheritance taxes, because the asset is transferred to the church
- A new way to carry on the Gospel of Christ
As a leader, how do you begin a legacy ministry? The Tennessee Baptist Foundation (TBF) is here to help you walk through the process by:
- Helping you determine how the concept of stewardship through estate planning fits in the overall Kingdom strategy of your church
- Helping you identify and train leaders who will communicate the ministry to the church
- Using specific examples of how your congregation can leave a legacy
- Helping develop policies and build an infrastructure
- Providing ongoing assistance as we work with staff and church leadership
Ready to get started?
You can reach us via phone at (615) 371-2029 or fill out this form.
Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
