Planned Giving - Bethany Global

PLANNED GIVING

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Creating a Will

How do I create a last will and testament from a biblical perspective?

WHAT IS A BIBLICAL WILL?

A biblical will is a last will and testament that was prayerfully designed with scriptures and biblical concepts in mind.

WHY IS IT IMPORTANT TO HAVE A BIBLICAL WILL?

To answer this question, let’s first look at the two alternatives to not having a biblical will. First, you could choose to have no will at all, but this would leave important stewardship responsibilities – entrusted to you by God – in the hands of the courts. We know from 2 Kings 20:1 that God wants us to have our affairs in order, so this doesn’t seem like a fitting alternative. Second, you could choose to just have your attorney draft your will from an entirely legal viewpoint. However, when you stop to consider that everything you have actually belongs to God (Psalm 24:1) and you are His steward, designing your will simply from a legal viewpoint isn’t a good alternative for Christians either.

Your will is the legal document that transfers stewardship of everything God has given you. So, a Christian’s will should be prayerfully designed with God’s Word in mind. Consider the following scriptures:

- God wants us to be good stewards: 1 Corinthians 4:2
- God wants us to provide for our loved ones: 1 Timothy 5-8
- God wants us to give cheerfully to the Lord’s work: 2 Corinthians 9:6-7
- God doesn’t want our heirs to get too much too soon: Proverbs 20:21

Whether writing your will from scratch, or updating your existing will, our Will and Trust Planning Ministry will fully prepare you – from a scriptural perspective –to have your will or trust drafted with an attorney.

HELPING YOU IMPACT THE WORLD FOR CHRIST; THROUGH YOUR WILL:

As you design your will, consider biblical principles of stewardship when answering important questions such as:

- How do you plan for your spouse, children, parents, or grandchildren?
- What does the Bible say about taxes and debt?
- How do you plan for a child who wastes money or is living an ungodly lifestyle?
- Will the amount of inheritance you leave your children draw them closer to Jesus or push them further away?
- How do you choose the right guardians to raise your minor children if you and your spouse both pass away?
- What’s the best way to transfer remaining retirement?

What Assets Can I Give

What assets am I able to give outside of writing a check?

APPRECIATED ASSETS

Appreciated Assets includes items such as publicly traded stock, closely held stock, bonds, mutual fund shares and real estate.

WHY GIVE APPRECIATED ASSETS?

When Christians give to their church and other ministries they care about, most simply give from their income or cash reserves. However, this is not always the best plan of stewardship for the giver. Giving appreciated assets such as stocks, bonds, mutual funds and real estate provide double tax benefits not available when giving cash. You not only receive a charitable deduction for the fair market value of your gift, but you also avoid capital gains tax. As stewards in God’s kingdom, we should take advantage of tax incentives available to us in order to harness as much as possible for the Lord’s work and our families. So, if you’re thinking of selling an appreciated asset and you want to give back to the Lord, we can help. We can assist you in developing the best plan of stewardship as you give to your church and other ministries you care about. This service is a gift to you for your faithful support.

THE POSSIBILITIES ARE NUMEROUS

You can give appreciated assets such as:

- Publicly traded stock
- Mutual funds
- Bonds
- Real Estate
- Business Interests
- Private C-Corp stock
- S-Corp stock
- FLP or LLC shares
- Mineral rights
- Gold and Silver
- Cryptocurrency

APPRECIATED GIFT EXAMPLES

If you’re not able to give the entire appreciated asset, there are many other possibilities available to you. Below are a couple of examples.

PART GIFT – PART SALE

Let’s say, for instance, you have 500 acres of appreciated farmland you want to sell. Prior to entering into a sale agreement, you could gift 250 acres to ministry. Then you and the ministry would sell the property together. You would receive a tax deduction for the fair market value of your gift and avoid 50% of your capital gains tax upon sale. These tax savings could then be used to help offset, or possibly eliminate, the capital gains tax on the portion of the property you kept for yourself.

GIFT AND INCOME STREAM

Using the scenario above, you could also gift all or part of the farmland into a charitable trust and sell the land in the tax-free environment of the trust. The trust would be designed to pay you income for life or a term of years. When the trust terminates, the funds remaining in it become a gift to your favorite ministries. Through this gifting option, you also avoid the capital gains tax and receive a charitable deduction for your generous gift.

Charitable Giving Tools

What charitable tools are available to me in different situations?

WHAT TOOLS CAN I USE TO GIVE?

When Christians give to their church and other ministries they care about, they often give cash. However, giving cash is not always the best plan of stewardship for the giver. For example, did you know that you can receive a double tax benefit when giving appreciated assets such as stock or real estate?

As stewards in God’s kingdom, we should take advantage of tax incentives available in order to harness as many resources as possible for the Lord’s work and our families. To accomplish this, we provide a comprehensive, biblically based stewardship ministry to assist you in making a variety of non-cash gifts. This ministry is a gift to you as our faithful partner.

Giving Appreciated Stock

By giving appreciated stock directly to ministry, you receive a charitable deduction for the fair market value and also avoid capital gains tax.

Giving From Your IRA

Seniors who are 70 ½ years of age and older can give up to $100,000 a year directly to ministry. This can provide a tax benefit by reducing your adjusted gross income.

Giving Appreciated Real Estate

By giving appreciated real estate directly to ministry, you get a charitable deduction, avoid capital gains tax, and can even receive an income stream for life. It’s also possible to give just a portion of the property.

Donor Advised Funds (DAFs)

DAFs provide an immediate charitable deduction and a great way for you to give over time during your lifetime or after death. DAFs are a simple and inexpensive alternative to a family foundation.

Giving When Selling a Business

There are many giving options available when selling a business that can significantly reduce taxes and allow you to give back to the Lord.

Charitable Gift Annuities (CGAs)

CGAs can be a perfect solution for seniors wanting to create a fixed income stream for life. You can receive an attractive rate based on your age at the time you make the gift, and when you go to Heaven, the remainder goes to your favorite ministries.

Charitable Remainder Trusts (CRT)

A CRT can be a great tool for those who want to make a large gift of appreciated assets (typically in excess of $250,000). Appreciated real estate and stock are common assets used to fund a CRT. The asset is placed into the CRT and sold in the tax-free environment of the trust. The giver then receives an income for a term of years or lifetime. The payout percentage is determined by the giver and the percentage then determines the amount of charitable tax deduction. At the end of the trust term, the remaining balance goes to support the ministry.

Charitable Remainder Trusts can also be created through a will or living trust and designed to pay income to friends or family for a term of years of lifetime.

Giving When You Pass On

It’s simple to name your favorite ministries as beneficiaries of your financial accounts, as well as your will or trust, when you pass on. Naming a ministry as the beneficiary of your tax-deferred retirement accounts is often the best way to make a bequest because the ministry can receive the funds in a tax-free environment.

Giving Life Insurance

Life insurance policies can be gifted during life, and you will receive a charitable deduction for the fair market value of the policy.

Will & Trust Planning Ministry

This ministry helps you design your will or trust from a biblical worldview considering that God is the owner of all and we are His stewards (Psalm 24:1). Writing your will should be a scriptural and prayerful process before it becomes a legal process. This ministry is a gift to you as our valued partner with no cost or obligation; however, you will need to obtain an attorney to prepare your legal documents.

Cryptocurrency

Cryptocurrency gifts require special care in order to qualify for a charitable deduction.

If you have questions related to making gifts from stock and/or crypto currency, please contact Randy Dirks at Randy.Dirks@bethanyintl.org or 952-334-0049.

GET STARTED

Randy Dirks, PhD

Senior Stewardship Advisor
randy.dirks@bethanyintl.org
952.334.0049

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