Will

For many it is very practical to provide gifts to GPLHS through a will.  Such bequests can be made in any amount and can significantly reduce estate taxes.  Types of bequests include:

 

     Specific bequest

     Such a bequest designates a specific amount, specific property, or a percentage of the assets the will

     controls.

 

     Residual bequest

     After provisions have been made for loved ones, GPLHS can receive all or a fractional portion of the

     estate’s remainder.

 

     Contingent bequest

     GPLHS receives all or a designated portion of the assets controlled by the will in the event that

     another beneficiary has predeceased.

 

     Trust

     A trust can be created by a will which provides payments to a loved one for a specified period of time.

     GPLHS receives the remaining trust principal after the income interest has ended.

 

Living trust

Under certain circumstances your attorney may recommend using a revocable living trust.  Property which you place into the trust will pass directly to others, including named charities (GPLHS, for example), according to the provisions you establish in the trust.  This may occur during your lifetime and/or after your death.

 

GPLHS/WELS Foundation as beneficiary

When preparing your estate plan, it is important to identify any charitable beneficiary by their legal name, address, and tax identification number.  If your sole charitable beneficiary is GPLHS, it may work well for you to simply name GPLHS as your beneficiary.  If you have multiple charitable beneficiaries, you may want to consider making the WELS Foundation a beneficiary (see their website - https://wels.net/giving/wels-foundation/).  The WELS Foundation receives and disburses gifts on behalf of WELS members who want to benefit some aspect(s) of work of the synod, its congregations, schools (like GPLHS), and other related organizations.