God’s story of your life doesn’t stop with you. You can leave a legacy that helps others experience the same biblical teaching, deep community, and presence of God that were transformative in your own journey. Making a legacy gift to Portland Bible College is a simple way to sow into future generations of leaders.
Legacy giving is a smart, practical way to help Portland Bible College be financially sustainable without asking students to take on school debt that will hinder their future ability to serve God, while still caring for yourself and your loved ones.
There are a number of ways to make a legacy gift to Portland Bible College. The method that is best for you will depend on your circumstances, needs, and goals. We recommend talking with a qualified professional to help you make the best decision for you. Here are some examples of ways you can leave a legacy gift that will benefit future generations of students at PBC.
MAKING A GIFT IN YOUR WILL
Making a gift to PBC in your will is one of the most common approaches to legacy giving. And it’s simple – for most people, it’s as easy as adding a couple of sentences to their will. Check out the case studies below for examples of how to do this:
John and Kathy wanted to make a $20,000 legacy gift to Portland Bible College. They had their attorney add the following sentence to their will: “I give the sum of $20,000 to Portland Bible College (9150 NE Fremont St, Portland, Oregon, 97220) for its general purposes.” This change will help them:
- Reduce the tax that will be owed on their estate.
- Maintain control of their financial resources throughout their lifetime, giving them the flexibility to change their plans if necessary.
- Dictate the exact size of their gift to PBC.
Elaine decided to write a will that would allow her to be a blessing to several people and institutions she cared deeply about. Her first priority was to leave a significant amount to several family members. Once these gifts were made, she wanted the remaining value of her estate to be divided between Portland Bible College and a charity she supported. Her attorney helped her include the following sentence in her will: “I give 50% of the residue of my estate to Portland Bible College (9150 NE Fremont St, Portland, Oregon, 97220) for its general purposes.” This helps her:
- Reduce the tax that will be owed on her estate.
- Ensure her loved ones will be taken care of first, regardless of the ultimate value of her estate.
- Make a gift to PBC that reflects its important place in her life.
MAKING A GIFT FROM LIFE INSURANCE
Making a gift through a life insurance policy is another very simple approach to legacy giving. It’s easy to set up, and it can be a great way to turn a modest investment into a substantial gift down the road.
Darren and Toni pastor a small but vibrant church in a rural area. Their salary isn’t large and they don’t expect to have a large amount of wealth at the end of their lives. But, they wanted to make a significant gift to Portland Bible College, the place where they met and had been equipped to serve the local church. So, they purchased a life insurance policy and made Portland Bible College the sole owner and beneficiary. This has several benefits:
- It reduces their current income tax because they receive charitable gift receipts for the premiums they pay.
- It allows them to make affordable payments that contribute to a much larger gift (the value of the life insurance policy).
- It gives them the satisfaction of making a generous legacy gift while still preserving the value of their estate for the sake of their children and grandchildren.
MAKING A GIFT FROM A RETIREMENT ACCOUNT
Gifts made from an IRA, 401(k), or other retirement plan can have important tax benefits for your heirs in some cases. These can also be among the easiest types of gifts to set up.
Robert has a 401(k) as well as other assets. He wants to ensure his heris are well taken care of, leave a gift to PBC, and minimize the tax burden on those who will inherit. He knows that the money in his 401(k) account will be taxed more heavily than some other parts of his estate. His attorney helps him amend his will so that the 401(k) funds are designated to Portland Bible College while the more favorably-taxed property is left to his heirs. This allows him to:
- Reduce the tax owed on his estate.
- Ensure his heirs are able to benefit from the gifts he leaves them without having to bear an unnecessary tax burden.
- Make a sizable legacy gift to PBC with very little effort (simply updating his retirement account documents).