Planned Giving
Leaving a Legacy
Do you want to make a difference? Most people - especially those who love and serve the Lord feel a compelling need to pursue the purpose they were created for. They want their lives to have a lasting impact on loved ones as well their neighbors, here and around the world. This yearning for significance combined with a desire to make a difference in God’s kingdom leads many to think about their legacy.
What kind of legacy will you leave? Your Will or Estate Plan may be one of the most important ways for you to have a lasting impact on the people and organizations that you care about. An estate gift may also be an effective way for you significantly lessen the burden of taxes on your family and your estate.
Consider Jim and Tina, volunteers for many years with Grace Bible College. The ministry of Grace Bible College was very important to them. They already faithfully made annual gifts, but wanted to do more. Although they had a modest estate, they discovered they could significantly expand their impact with Grace Bible College by making a bequest. After having an initial conversation with West Michigan Christian Foundation, they met with their attorney and revised their Will, gifting a percentage of their estate to Grace Bible College.
Jim and Tina were surprised how easy it was to make the bequest, and that they could continue to use their assets during their lives. Their estate would also be permitted a charitable deduction for the gift at their death. And best of all, their estate gift would help achieve their ministry goals by furthering Grace Bible College's mission far into the future.
For a FREE copy of “7 Questions Every Christian Should Ask About Their Estate Plan” write ‘7 Questions’ on the enclosed reply card or contact Steve Hilbrands from Grace Bible College at 616-538-2330 or email .
This is general information and is not intended to be tax or legal advice. Please consult your own advisors.
New Law Allows Tax-Free IRA Gift
On October 3, 2008, Congress passed The Emergency Economic Stabilization Act, which extends the IRA Charitable Rollover Provision to Dec. 31, 2009.
What does that mean for seniors over age 70 1/2?
It means you can now transfer funds to Grace Bible College from your IRA that will count against your minimum required distribution without being taxed on the income for the gift!
Typically, when seniors draw out IRA funds, they are subject to income tax - sometimes as high as 35%. In addition, heirs in your estate plan would also be subject to income tax on IRA funds if they are the beneficiaries of your IRA.
For example, suppose you send Grace Bible College $1,000 each year (and for the sake of this example, we'll also assume you are in the 25% tax bracket). Instead of sending a check, you could tell your IRA administrator to send Grace Bible College $1,000 from your IRA account, resulting in a $250 tax savings. Plus, the gift counts against your minimum required distribution for the year.
If you would like to use this limited opportunity to ‘stockpile’ future gifts for Grace Bible College in a tax preferred environment, you can even accomplish that up to the $100,000 maximum.
Here are the conditions to be aware of:
• Gifts are tax-free up to $100,000 per year
• IRA holder must be age 70 1/2 or older
• Gifts must be made directly to a charity
• Gifts may only be made from traditional IRAs and Roth IRAs.
For a FREE copy of “Cut Your IRA Tax Bill in 2008” simply write ‘IRA’ on the enclosed reply card or if you have questions or would like assistance completing your gift, please call Joyce Storms from Grace Bible College at (616) 261-8573 or .
This is general information and is not intended to be tax or legal advice. Please consult your own advisors.
Please contact for more information.
Yes! Please send me a FREE copy of “Cut Your IRA Tax Bill in 2008”