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Leaving a Legacy For an Eternal Perspective

April 14, 2017

Have Your Eternal Perspective Continue After You Are Gone!

A note from Mike and Debi:

No Greater Joy has had inquiries about being the recipient of donations as part of an estate plan. You can donate to our general fund or for a specific purpose such as Good and Evil, Light Bearers, or our prison ministry. Since Debi and I know very little about this, we asked our general manager Mel Cohen to provide the basics of planned giving in layman’s terms for our readers and core supporters. Mel will be glad to provide you with additional information and wording, and work with your financial advisor, insurance broker, or attorney. The rest of this article is written by Mel.

You can leave NGJ a specific dollar amount or a percentage of your estate. There are a number of ways to accomplish this through wills, revocable or non-revocable trusts, life insurance, or retirement plans.


(sample language)

I hereby give to No Greater Joy Ministries, Inc., a Tennessee 501(c)(3) nonprofit corporation (Tax ID 62-1855964) with its principal office at 1000 Pearl Road Pleasantville TN 37033 PH 931-593-3115 the sum of $___ (you fill in an amount) or (you fill in) ___% of the residue of my estate, to be used for its general ministry purposes.
(The amount can be in dollars or a percentage, but not both.)
Either one of these would be acceptable to show your estate attorney. Both are for general fund donations. If you would like to designate your gift to a specific part of our ministry, we would help you with the wording.
I give, devise, and bequeath to No Greater Joy Ministries, Inc., a Tennessee 501(c)(3) nonprofit corporation (Tax ID 62-1855964) with its principal office at 1000 Pearl Road Pleasantville TN 37033 PH 931-593-3115 the sum of $____ (you fill in an amount, or a description of a specific asset or assets), for the benefit of No Greater Joy Ministries, Inc. and its general purposes.


Naming NGJ—a tax-exempt nonprofit—a recipient of one or more of your retirement plans can be accomplished through your brokerage firm or financial planning firm. This method may have a double benefit, by reducing or avoiding the future taxation of these accounts. All firms require a beneficiary designation. It is also wise to have a contingent beneficiary designation in the event of a common tragedy. You can designate NGJ as one of the beneficiaries (or the only beneficiary) of your specific traditional IRA, Roth IRA, 401(k), 403(b), etc. plan. You would change your current beneficiary designation form to add NGJ to it and alter the percentages accordingly. It is an easy process that will only take a few minutes to accomplish. This form is a legal contract between you and your firm; it ensures your confidentiality and does not have to be written into your will.


Naming NGJ as beneficiary of your life insurance policy also ensures your confidentiality. The death benefit proceeds are paid directly to NGJ from the insurance company that issued the policy. Naming NGJ as a beneficiary ensures the death proceeds are not contestable by anyone that you fear may want to contest your will. You work directly with your insurance company to accomplish this using the beneficiary designation form.
You would pick the dollar amount or percentage. NGJ would be a named beneficiary. You can notify your insurance agent or broker for the paperwork to make a change to your retirement assets or life insurance.
No Greater Joy Ministries, Inc., a Tennessee 501(c)(3) nonprofit corporation
Tax ID 62-1855964
1000 Pearl Road
Pleasantville TN 37033
PH 931-593-3115


Payable-on-death bank accounts avoid probate. You need to check with your bank to see if they offer a payable-on-death account. Most national and regional banks do, but not all local banks will. This account is easily created by filling out bank-specific forms with the bank designating No Greater Joy Ministries, Inc. to receive all or a percentage of the funds when you die. This kind of account leaves you in total control of your account during your lifetime. The bank will do the rest, bypassing probate entirely. As long as you are alive, NGJ has no rights to your payable-on-death (POD) account.


There is a similar POD process for securities (stocks, bonds, etc.) called transfer-on-death (TOD). Most states have adopted the Uniform TOD Security Registration Act. This act provides non-probate transfer of specifically registered investment securities from you, the owner, to a named beneficiary at the owner’s death. All states recognize this form of transfer except Texas and Louisiana.


This type of giving is used for real property such as a farm, home, apartment building, etc. This type of giving provides for a current-year tax deduction by transferring the deed to NGJ, but it provides you with the right to live in and enjoy the property throughout your lifetime.

In this article, we just wanted to cover the basics. Please check with your financial advisor or attorney for specific advice since the above is general information only. If you have a sizeable estate, your advisors may also suggest a Charitable Gift Annuity or a Charitable Remainder Trust. I am available to answer specific questions at [email protected] or 931-593-2484.

Mel is a licensed CERTIFIED FINANCIAL PLANNER™. He has been a CFP® since 1989 and was in private practice prior to joining NGJ. While working in PA, Mel was also a Registered Investment Advisor and Registered Financial Consultant. His full biography is available HERE.

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