Leave a Legacy
Many people enjoy the tax-free compounding of various retirement plans such as IRAs and 401Ks. However, most people are not aware that at the time of their death, or the death of their surviving spouse, these assets may be taxed as ordinary income under what is called “Income in Respect of the Decedent.”
Do you realize that one of the most significant steps to be taken in planning for the stewardship of estate assets does not require an attorney and has nothing to do with estate documents?
In most cases, any funds remaining in these accounts after the owner and spouse have both died make an excellent source for gifts to worthy ministries. Not only are such gifts fully deductible for estate tax purposes, but gifts from tax deferred assets also completely avoid the income tax that would otherwise be due if these funds passed at death to children or other non-charitable beneficiaries. Best of all, these gifts can be made by simply changing the beneficiary designation on the account.
To learn more, visit: www.fbcfairhope.org/legacy/
For further assistance, surmit a contact form and our friends at Philanthrocorp, a Christ-centered estate planning firm, will be in touch with you.
LEGACY GIFT UPDATE… To God be the Glory!
Last year First Baptist partnered with the Baptist Foundation of Alabama and PhilanthroCorp to begin educating our congregation on the benefits to the church of legacy or estate giving.
We are excited to report our first completed estate case that will at some point benefit the church. There is also at least one more case in process that will have a great value to the church as well. We praise God for these generous donors and their desire to continue the work of God for generations to come.
Do you have a Will? You don’t need all the answers to get a will started. You can begin with what you know and make changes and/or additions as you progress. Better to have something workable in place than nothing at all.
First Baptist Church Fairhope feels so strongly about this that we have a ministry in place to help you create or update your will. To learn more, please visit our website at www.fbcfairhope.org/legacy/ . There, you will also find the Estate Plan Organizer, a resource that will walk you through developing estate planning goals and instruct you on the best way to implement them.