Heritage Fund

The Heritage Fund is The Second Reformed Church's endowment fund and is funded by bequests and other planned giving. We have used monies from this fund to cover nearly 60% of our annual operating budget. The Heritage Fund also provides for a Capital Improvement Reserve which over the years has funded many maintenance and upgrade projects for the sanctuary and the church building. As a result, there is a need to rebuild the fund for future generations. For more information on how you can include The Second Reformed Church Heritage Fund in your planned giving, please contact any member of the Heritage committee or email us at heritage@secondreformed.org.    

Memorial Funds

Financial gifts are often made to Second Reformed to memorialize a loved one or a friend. Funds can be given towards a specific purpose or for use in the church's general fund. Amounts contributed are used to fund special projects at the discretion of Consistory.

Planned Giving*

Planned giving is your opportunity to make an enduring statement of your faith and your legacy for the programs of The Second Reformed Church. There are many ways to create your legacy to Second Reformed. Some ways, such as a gift through your will, are usually very simple. Other methods, such as using a charitable gift annuity or a charitable reminder trust, can pay you an income while a portion will be set aside for Second Reformed.

Gift or Bequest from your Will  

Writing your will is one of the most important steps in your estate planning. Without a will directing the distribution of your estate, no assets will go to the church, no matter how important Second Reformed was to you.

If you have a will, you should review it and update it as needed. The updates can reflect the changes in your life, as well as ensure a statement of your faith.  A bequest in your will can be written to give a percentage, a stated amount, or a residual amount.

  • A percentage amount may be written as: "I leave to The Second Reformed Church of Hackensack, NJ, one-half (50%) of my estate." 

  • A stated amount may be written as: "I leave $50,000 (fifty thousand dollars) to The Second Reformed Church of Hackensack, NJ."

  • A residual amount may be written as: "After expenses and stated bequests, any residual [or remaining] amount of my estate will go to The Second Reformed Church Hackensack, NJ." 

Charitable Gift Annuity

You use a charitable gift annuity to provide you with an income stream for life in exchange for your irrevocable gift. After your life, the remainder in the charitable gift annuity will be given to the church.

† The design should include timing and amounts of payment, as well as designating the remainder amount to The Second Reformed Church.

Retirement Accounts

It is not unusual for a retirement plan to build up, tax-free, over many years. The accounts may be Individual Retirement Accounts (IRAs), 401(k), 403(b), Keogh, and other retirement accounts. Beneficiaries of account balances will be subject to federal income tax upon distribution.

Possible estate and income taxes can result in the loss of a substantial portion of your retirement savings for your heirs. By designating The Second Reformed Church as beneficiary of your retirement accounts, you may be able to reduce the income and estate tax liabilities.

Also, it may be possible for you to name your Charitable Remainder Trust (see below) as a beneficiary to provide lifetime income (or income for a certain number of years) to a loved one, such as your spouse. After that person dies, or the trust expires, the balance of the trust will benefit The Second Reformed Church

Life Insurance  

Life insurance policies may no longer be needed or serve the purpose for which they were originally intended, such as funding for a key person in a business, or providing for loved ones who now may not need the additional income. Life insurance offers a few ways to make a gift. You can name The Second Reformed Church as a beneficiary on an existing life insurance policy. You might even be able to get an immediate income tax deduction by transferring ownership of a policy to The Second Reformed Church.

Charitable Remainder Trusts

A charitable remainder trust (CRT) is an irrevocable trust that provides payments for a single life, multiple lifetimes, or a set term of years. These payments can be made to you or other income recipients. A trust company manages the trust assets and makes the payments. After the lifetime of the payment recipient(s) or the expiration of the term of years, the remaining trust assets become available for the work of The Second Reformed Church, according to your wishes.

The CRT is often funded with low-cost basis property, such as stock. The property is usually sold to create a diversified portfolio. This sale within the trust is not subject to taxes. The portfolio then pays an income to you and possibly others. There are two general types of CRTs: a unitrust, which pays a variable income to you; and the annuity trust, which pays a fixed dollar amount to you each year.

Real Estate

One may bequest real estate in your will to The Second Reformed Church. Also, it may be possible to make a gift of real estate and still retain the use of it during your lifetime. This allows you to claim a charitable deduction for the gift while retaining all the benefits, and usually expenses, of ownership. After your lifetime, the charity will have complete control of the property.

Charitable IRA Rollover

If you are 70 1/2 years of age or older, the Charitable IRA Rollover allows you to make a tax-free transfer of up to $100,000 per year, directly from your IRA to charities. 

*The Second Reformed Church does not provide tax, legal, or investment advice. The planned giving topics presented here are educational and not meant as an in-depth discussion. You should always seek professional assistance and counsel, such as experienced attorneys, accountants, and investment professionals when constructing your planned giving and estate plans.

†The Second Reformed Church does not endorse any particular Charitable Gift Annuity.