The Wesley Associates are people who have at least one thing in common: each has been moved by his or her interest in Garrett-Evangelical to make a planned gift to the seminary.
The Wesley Associates organization stands as a symbol and an inspiration. Since planned gifts are so vitally important to the future of Garrett-Evangelical, and since membership is only for people who have made a planned gift, the organization symbolizes the importance Garrett-Evangelical places on this kind of commitment. It also seeks to inspire others to join this distinguished group of people in making a planned gift to the seminary.
The following kinds of gifts qualify a person for membership in the Wesley Associates:
- A will directing all or a portion of your estate to Garrett-Evangelical
- An insurance policy naming Garrett-Evangelical as a beneficiary
- A trust arrangement naming Garrett-Evangelical as a beneficiary
- A charitable gift annuity purchased through Garrett-Evangelical
- A gift of property, with retained life interest, to Garrett-Evangelical
- An IRA naming Garrett-Evangelical as a beneficiary
Wesley Associates receive the satisfaction of knowing they are a part of an exceptional group of people who are playing a significant role in strengthening the future of the seminary.
What is a Planned Gift?
A planned gift is a gift made now, with the use of the gift by the seminary deferred to a later date. It is made for the mutual benefit of both the donor and the seminary. The donor receives tax benefits now while the seminary receives the gift at a later time. Our government encourages this kind of private philanthropy and has done so since the federal income tax laws were enacted.
Deferred giving opportunities include outright bequests, gifts of life insurance, life estates, gift annuities, testamentary trusts, and other plans.
Why are Planned Gifts Important?
Planned gifts are important to Garrett-Evangelical because:
- They are often substantial, even from people of modest income;
- They represent financial resources the seminary can count on for the future;
- When mature, they tend to be placed in the endowment, which means the seminary's financial reserves are supplemented and the gift "keeps on giving" as the endowment investments yield annual income.
Planned gifts are important to you because:
- They are a means for you to make a substantial gift to the seminary without depleting your day-to-day or retirement financial resources;
- They often offer substantial tax advantages to you;
- They are a way for you to share in both the present and future of Garrett-Evangelical Theological Seminary.