WHO CAN MAKE A LEGACY GIFT? IS THIS SOMETHING ONLY RICH PEOPLE DO?
Anyone can make a legacy gift! This type of gift is just a way to decide how you’d like to allocate the resources God has blessed you with. Whether it’s a set amount or a percentage of your estate, this is a way for you to plan ahead so that you can leave a legacy. Whatever amount that is, we believe God will bless your generosity and faith and be faithful to use that gift to transform lives.
HOW OLD SHOULD I BE WHEN I START THINKING ABOUT WILLS AND ESTATE PLANS?
This is a very personal choice. Most financial advisors would simply say, “now!” Writing a will doesn’t mean you are close to the end of your life, it just means you are planning ahead. Most wills sit unused for decades, and that’s great. Your will can be easily modified at any point, so there’s no downside to writing yours early and then periodically reviewing and updating it. Writing a will is a great way to better understand your present finances, future goals, and key priorities. It also helps bring about the peace of mind of knowing that you have set things in place for the future so that any material possessions God has entrusted to you get used in a way that matches how you believe He wants them to be used.
WHAT WILL PBC DO WITH MY GIFT?
If you give an unrestricted gift to PBC as part of your estate planning, that gift will be allocated by the Portland Bible College leadership, after prayer and deliberation, in ways that best advance the mission and vision of the college. Needs vary over time, so an unrestricted gift is the simplest way to ensure that your gift has the greatest impact. If you feel passionately about a specific aspect of the college and want to ensure your gift goes to that particular area, please reach out to us here or at 503-255-3540 to discuss how best to accomplish this – we want to be sure we can use it in the spirit in which it was given and we’ll work with you to design a plan for that.
ARE THERE TAX BENEFITS TO MAKING A LEGACY GIFT?
Yes, there can be significant tax benefits, depending on your situation and the type of gift you give. Some types of gifts (such as a gift through your will or retirement account) may help reduce the tax owed on your estate, and some types of gifts (such as gifts through a life insurance policy or charitable gift annuity) provide donation receipts for contributions made during your lifetime. We recommend that you consult with a professional if you have questions about the tax implications of legacy giving for yourself and your loved ones, as each situation is unique.
CAN I KEEP MY MONEY FOR NOW TO ENSURE I HAVE ENOUGH TO LIVE ON?
Of course! Most legacy gifts, such as gifts in your will, don’t come into effect in your lifetime. You can even set up legacy gifts that pay you money throughout your life. (See About Legacy Giving for some examples.)
HOW HARD IS IT TO MAKE A LEGACY GIFT?
Making a legacy gift can be as simple as adding a line in your will. Other types of legacy giving require some additional steps, but generally they are relatively easy to do. A financial or legal professional can help you make the decision that is best for you and your family and walk you through the process.
HOW DO I INCLUDE PBC IN MY WILL?
Including a gift to PBC in your will is usually as simple as adding a couple of sentences that explain your intent. To learn more and download some examples, check out how to include PBC in my will.
DO I NEED A LAWYER?
You don’t necessarily need a lawyer. For example, you can add PBC to an insurance or pension policy simply by speaking to the policy administrator. You may be able to have a notary, rather than a lawyer, update your existing will. If you don’t have a will already, you may or may not need a lawyer’s services to create a simple document. Laws vary by state, however, and this is not an area where you want to leave people in confusion. So in general it’s a good idea to consult with a professional when making any estate plans.
DOES MY GIFT HAVE TO BE A CERTAIN SIZE?
No! Any gift makes a difference. Whether you designate a set amount or a percentage of your estate, and whether that gift seems large or small to you, it is a real blessing to our students and faculty. We are grateful you would choose to partner with us in our mission.
WHAT IF I CHANGE MY MIND LATER?
We know that sometimes plans change! For gifts made through your will and most other types of legacy gifts, you’re completely free to change your mind whenever you want. In fact, we’d recommend you regularly examine your estate plans and make adjustments as you feel necessary. You just need to update the relevant documents to implement your new wishes.
DO I NEED TO TELL PBC ABOUT MY PLANS?
We would really appreciate it if you did! There’s no legal requirement of course, and it doesn’t obligate you in any way, but knowing your plans helps us to plan better for the future of the school. It is also a real encouragement to us and a reminder that he sees and provides for needs we may not even be aware of yet. Finally, it gives us a chance to say “thank you!” in person and to find out whether you wish to be acknowledged in any way – a very personal decision that we take seriously.
You can let us know through email, phone (503-255-3540), or by filling out the form below and mailing it to PBC. Thank you for partnering with us!