Planned giving allows you to make the fulfillment of the Great Commission a part of your legacy by creatively investing in IMB both during and after your lifetime.
Each planned giving opportunity offers different potential tax savings and gift benefits, and our Giving Team stands ready to assist you, your family, and your trusted professionals in determining which opportunity will best leverage the resources God has given you. Our team works diligently in partnership with a number of Christ-centered organizations around the United States in order to make sure you are fully informed as you steward your finances.
You are free to take advantage of any of the planned giving opportunities outlined below.
Your will is a written document signed by you and by two or more witnesses. In some states, your signature must be witnessed by a notary public. If the will is believed to be authentic by the probate court, it is used to determine the distribution of your property. If the will is not valid or you do not have a will, the court will follow state law for those without a will. Many of the court decisions might be completely contrary to your desires.
If you have a moderate or large estate, you may find it desirable to create a living trust. The living trust is completely within your control during your lifetime. You can add property to the trust or remove property from the trust at any time. During your lifetime, the trust income is taxable to you.
IRA, 401(k) or Other Retirement Plan
Your IRA, 401(k), or other retirement plan is transferred by a beneficiary designation. Normally, the beneficiaries should be named on the IRA, and it should be given directly to your family or a charity and not to your estate. The IRA or 401(k) custodian should provide a form for you to select a primary and contingent beneficiary.
Life insurance is usually permanent (whole life or universal life) or term. The insurance policy is a contract, and there is a beneficiary designation form. You will select the primary and contingent beneficiary to receive the death benefit if you pass away with a valid insurance policy.
Charitable Remainder Trusts
A charitable remainder trust is an excellent way to benefit yourself, your spouse, or other family members. It combines substantial tax savings with the ability to produce a very good income for you or your family members. Charitable remainder trusts are especially helpful for individuals who retire and would like to sell land or stock tax-free and receive a generous income.
Charitable Gift Annuity
Many of our friends, especially those age seventy and above, are very interested in fixed payments from a charitable gift annuity. If you fund a gift annuity, you receive a substantial income tax charitable deduction and fixed payments for life. A gift annuity may pay for one life or for two lives. For a husband and wife, the payments will last until both have passed away.
Donor Advised Funds
Many families find that a Donor Advised Fund (DAF) is a simple and efficient way to help ministries they love. By establishing such a fund, you can time the gifts you make (for investment or tax reasons), and you can select the ministries you want to benefit from your gifts.
Another option you may prefer is to leave property or money in an endowment form so that the ministry/charity does not spend the principal. Instead, the ministry/charity pays the endowment income (as the donors often have done throughout their lives).
Custom Estate Plan for Business, Investments
If you own a family business, substantial real estate holdings, or a large estate, then a custom plan that considers your special property goals and requirements should be created.
Custom Estate Plan for Special Needs Child
Another custom plan option is important if you have a child with special needs. A child with special needs may be provided for through a special needs trust. A special needs trust will facilitate care of the child by providing resources and directions. In some cases, a child may qualify to receive federal or state benefits if that is helpful in providing care for the special needs child.