Giving | Wills and Trusts
A way to support the next generation of ministry opportunities
An estate is the total net amount of what you own less what you owe. What is of great significance is what will happen with your estate when you pass away. If a proper will or trust is in place, your estate will be distributed to your heirs or specified organizations according to your dictates. However, if there is no will or trust in place, then your estate will be settled according to the laws of the state.
A well designed estate plan allows you and not the state to decide how you want your estate to be distributed. The plan can preserve more of your assets and distribute them to your heirs or specified organizations according to your desires.
Through wise planning, you can save taxes on your estate, distribute more to your heirs, and support the next generation of ministry opportunities.
There are three main estate options which can help you accomplish these objectives.
A Will: This is a legal declaration of an individual concerning the management and distribution of their estate after death
A Trust: This is a legal agreement in which an individual will set aside money or property to protect it for the use and benefit of other individuals or organizations. There are many types of trusts available which differ in how they distribute current and future income.
A Charitable Gift Annuity: This is a special type of annuity which allows you to give a current gift to an organization such as Gospelink, claim a partial tax deduction, and enjoy a fixed stream of income for life. Upon your death the remaining value of the annuity goes to the organization you have chosen.
There are other creative options as well to assist with the ongoing needs of Gospelink.
Benefits from IRAs and Pensions: You can name Gospelink as a death beneficiary of your individual retirement account (IRA), pension, 401(k), or other retirement plan. This can help with the proclamation of the Gospel after you pass on!
Life Insurance Gifts: You can also name Gospelink as a beneficiary of a life insurance policy. There are different types of insurance policies that can accomplish this objective.
These possibilities are excellent estate options for you to help with the ongoing needs of Gospelink. They should be evaluated with your attorney or financial planner to make sure that your needs and desires are met. You can also contact Gospelink at 434-485-7007 for more information about these options. The ministry works with certified financial planners which can also assist you with these possibilities.