Severance

Unless he needs the whole 142ooo.oo right now or thinks he might not have another 5 years to live absolutely arrange for it to be apread over 5 years.

When a tax exempt entity shuts down, its assets MUST be given to other tax exempt entities, charities, depending on state law. They don't have to be churches, just other 501(c)(3)s. We're in NJ.

I worked with a church whose declining membership sold the building and then started to disburse their money to other charities.

The funny bit: the church people wanted to give $$ to my synagogue, as an acknowledgement of my help to them. They gave money to a similarly-named synagogue, but we didn't get it. When the lawyer asked me to be certain, I said nope, that's not us. That's in another town.

They nicely cut another check.

Or the other church (how close is it to shutting down?) can pay it to him over a long enough period that all of it can be considered a parsonage allowance.  Is he going to retire, or move on to working for another church?