The idea of leaving a legacy is nothing new. Generations before us have done it, and we, too, will leave legacies that give guidance to the impact that younger generations will have on the world after we pass. As we live out our beliefs and values on earth, we divide our time, talent and treasure amoung a variety of competing voices, which will shape the lifelong legacy each of us leaves behind. It's critical that we carefully consider where we invest our "three T's" while we're living, and after we're gone.
Here are a few tools to get you started.
Charitable remainder trusts
A charitable remainder trust is an irrevocable trust that pays a fixed or variable dollar amount each year to a beneficiary. After the death of the beneficiary, or at the end of a set number of years, remaining assets are distributed to Mennonite Mission Network, who is named in the trust.
Endowments
An endowment allows you to make a major gift to fund mission programs for an indefinite period of time. Your gift is invested by Mennonite Mission Network, and the earnings continue to support the mission program for years to come. A minimum donation is required to create new endowments. Endowments can support all Mission Network ministries or be more specific. Because of the long-term nature of endowments, care must be taken to assure the future relevance of the endowment. Your Mission Network development associate can give further counsel in helping you hand on your legacy.
Gift annuities
With a gift annuity, you make a gift to Mennonite Mission Network in cash or marketable securities. In return, you receive guaranteed payments for life. The older you are, the higher the annuity rate you receive. At the time of your death, Mennonite Mission Network will receive the balance of your gift annuity. We accept annuities beginning with $5,000 or more in increments of $1,000.
Life insurance
When you no longer need life insurance, consider donating the policy to Mennonite Mission Network. Policies may be fully paid or still require premiums. You may also make Mennonite Mission Network one of the beneficiaries. In either case, you receive tax benefits while Mennonite Mission Network receives the face or cash value.
Wills
By remembering Mennonite Mission Network in your will, you leave behind a lasting statement about your faith and priorities. If your stewardship priorities or your financial situation have changed since you wrote your will, consider revising your will.
Through your will, you can contribute to God’s mission in the world in three ways:
- Designate a percentage of your estate for mission.
- Adopt mission as one of your “children.”
- Specify real estate, stocks, insurance or other property for mission.
Identify Mennonite Mission Network in your will with this phrase, “I give ____ percent of my estate to Mennonite Mission Network.”