Retirement accounts such as IRAs, 401(k)s, and 403(b)s are often among the most heavily taxed assets in an estate.
By designating ministry as a beneficiary of all or a portion of these accounts, you can direct funds to Gospel work that might otherwise go largely to taxes.
During life, individuals age 70½ or older may be able to make Qualified Charitable Distributions (QCDs) directly from an IRA to charity, satisfying required minimum distributions while reducing taxable income.
Using retirement assets for charitable purposes can free other, more tax-favored assets to pass to family, creating a wise balance between caring for loved ones and supporting ministry.
Benefits of a Retirement Assets
- May reduce or eliminate income taxes on retirement assets left to ministry.
- Can satisfy required minimum distributions through Qualified Charitable Distributions.
- Allows you to prioritize more tax-efficient assets when providing for family.
How It Works
Review your retirement accounts and current beneficiary designations.
Decide what portion you would like to leave to family and what portion to ministry.
Update beneficiary forms and, where appropriate, consider Qualified Charitable Distributions during your lifetime.
A smarter way to give
Planned gifts are designed to help you give more effectively by aligning your generosity with your overall financial and estate planning.
Rather than giving only from cash flow, you can use assets, retirement accounts, and long-term strategies to reduce taxes, provide income, and increase what ultimately supports ministry.
Our team can help you compare options so that you choose the approach that best fits your situation, your family, and your Kingdom goals.
