Leave a legacy
Planning now to take care of our loved ones when we are no longer around is very important. If we don’t plan, somebody else will be making these important decisions. Perhaps somebody who doesn’t share our values.
- The entire family dies in a tragic car accident. What happens to the estate?
- A couple wants to to leave their will to the children, but they want them to first learn the value of work and money. So they decide to support a charitable organization from the growth of their trust fund for next ten years, before going to the kids.
- A couple has more than they want to give to their children, or have no children.
- Certain assets, when passing to people, have high tax. When passing to non-profits, they have low tax.
- A person decides to put assets into a trust that cares for them until they die, and then passes on to the charity of their choice.
The Power of a Will
If you die without a Will, your property must be distributed according to the laws of your state – not necessarily according to God’s law, your wishes, or your family’s needs. Your estate and the care of your minor children, among other things, will be managed by a court-appointed administrator. This can be avoided by having a written Will, which allows you to exercise your right to say how your possessions will be distributed upon your death.
When you create a will based on an inventory of your estate, including real estate, personal property, retirement accounts, life insurance, savings accounts, stocks, mutual funds, etc., you can decide how you want to care for your defendants, loved ones, and what you want to give to Christ’s ministries and when.
Following are descriptions of several ways you can designated your assets to Lutheran Bible Translators in your Will and/or trusts.
Gift by Bequest
There are several ways that you, as a donor, may remember LBT in your Will. Specific bequests let you express your personal desires regarding the distribution of your estate. A Planned Giving Representative can help you understand and compile this information, including different types of tax benefits and income plans for survivors.
Charitable Gift Annuity
Simply put, a gift annuity is a contract between you and Lutheran Bible Translators. As donor, you transfer your gift of cash or securities to the organization. In payment, we promise to pay you a fixed guaranteed amount of income for as long as you live. It is a way to give a gift and, at the same time, receive income that may be at a higher rate of return than you are now getting for CDs, IRAs, and other savings plans.
Gifts of Appreciated Securities
Securities are stocks, bonds, or mutual funds. Appreciated securities are simply those that have grown in value since time of purchase. Making a gift of securities can offer important advantages to you, such as bypassing capital gains taxes, getting maximum tax deduction, and making the most of current market values.
Gifts in Trust
Placing certain assets in trust now can be extremely valuable by assuring you current income, while providing a gift in the future for LBT’s ministry and the people it serves. Charitable Remainder Trusts pay currently to you or members of your family and when the trust term is over, the trust terminates and whatever is left, the trust remainder, is transferred to LBT. Charitable Lead Trusts provide income you can give to LBT for a designated term of years. After that time, the assets are returned to you or your beneficiaries.
Gifts of Life Insurance
Life insurance is a way for you to make a major gift at a very low cost. You can receive an immediate tax deduction. Lutheran Bible Translators can benefit from a new or existing life insurance policy when you designate our organization as Sole Beneficiary, Owner, or Contingent Beneficiary. A life insurance policy is an asset that can double or triple its original value, providing long-term income for LBT’s ministry and the people it serves.
What To Do Now
If you already have a Will, you can modify it easily to include a gift to Lutheran Bible Translators. If you don’t have a Will, this information is a good place to start.
Your attorney will help you summarize the property you own and guide you in your bequests, keeping in mind the best tax advantages for those who are to inherit your estate.
We’d be privileged to talk with you about opportunities and options you can access that will provide ongoing support for the mission of Lutheran Bible Translators.
LBT does not do estate planning for you, but we can provide you with basic information that may help you think through your estate plans, especially as they relate to possible legacy giving for Bible translation. Feel free to contact our development office here:
In his second letter to the Corinthian church, the Apostle Paul explains the necessity and rewards of gifts given in the name of Christ. As believers, we are challenged to excel in this grace of giving.
Designating, or bequesting, gifts in Wills or Living Trusts is one way to answer God’s call. As faithful stewards of His abundance, we fulfill His will when we include Christ’s ministries in our charitable giving.
If you are considering making a commitment to Lutheran Bible Translators in your estate planning, we hope this information will help. From a Christian perspective, it explains why a Will is necessary, along with some methods of giving that are beneficial to both giver and receiver.