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Gift Planning
Most gifts received by charities are in the form of cash, even though this is not always the most tax-efficient way to give. Barnabas Foundation can help you plan your charitable gifts for maximum efficiency and impact, while taking care of your family and other needs required by your particular circumstances.
IMPORTANCE OF A WILL - A Will is a legal document that expresses your direction for distribution of your property at death. It is a fundamental document used to implement your Estate Plan. (If you have no other estate documents, it is your Estate Plan.)
LIFETIME GIFT GIVING is considered by many Christians to be an important dimension of their support of kingdom causes. Here are a couple of suggestions of ways to give.
Stewards Fund (donor-advised fund)
LIFE INCOME AGREEMENTS - With a Life Income Agreement, you make a charitable gift of cash or other property and receive an immediate tax deduction while receiving an income for life, with the remainder going to your favorite Christian causes at the time of your death. Two types of Life Income Agreements frequently used are Charitable Gift Annuities and Charitable Remainder Trusts.
STOCK & OTHER SECURITIES - Transferring appreciated securities (stocks, bonds, mutual funds) directly to a charity rather than donating the proceeds after selling them is wise stewardship of the resources God has entrusted to you. If you have owned the securities for more than a year, you receive an income tax deduction for what the stock is worth on the day the stock is gifted. You also will not pay any capital gain tax upon the transfer, freeing up even more money for the Lord's work!
REAL ESTATE - You can gift your second home, cottage, land, commerical building, and investment property. Your designated charity can then use the property for its ministry or sell it and use the proceeds for reaching more people with the Gospel.
BUSINESS INTERESTS - Gifts of business interests - closely held stock, S-Corporation stock, partnership investments, and publicly held shares in a corporation - can be a very effective way to advance the ministry of your favorite charity(ies).
RETIREMENT ASSETS - The most tax-efficient way to give retirement assets is from your estate at your death. The tax-efficiency comes from the lack of any income tax due, as well as no estate taxes due on assets that go to charity. The gift is accomplished by naming a charity as either a primary beneficiary (if no living spouse) or contingent beneficiary.
LIFE INSURANCE provides another opportunity to make a gift to your favorite charities.
PLANNED GIFT OPTIONS - Christians use Planned Gifts from their estate to further support kingdom causes that are important to them. To help evaluate your options, we've created a complete chart of "Planned Giving Options " which identifies income and tax implications, along with benefits to you and your favorite charities.
Top 10 Estate Planning Mistakes or Misconceptions