Estate Planning

Helping your family and spreading the
gospel with retirement assets

Sue is a widow with three grown children. Sue and her husband Jerry had accumulated retirement assets with the idea that one day, if they didn’t need the assets for living expenses during retirement, a portion of those funds could provide for both their grown children as well as kingdom causes dear to their hearts, such as Bibles & Literature in French.

Sue and Jerry have been blessed during their lifetime financially and have a taxable estate of approximately $5 million.

One of Sue's assets is an Individual Retirement Account (IRA) worth $500,000, which she has designated to her three children through a "beneficiary designation form" that her IRA administrator provided.

Sue then learned that the government could take up to 70 percent once she died because of double taxation — income tax, plus a sizeable estate tax. In other words, her children would only receive approximately 30 cents on the dollar from the IRA funds.

By using other assets to benefit her children, and designating Bibles & Literature in French as the beneficiary of her IRA, Sue avoided the double tax and used the IRA funds to help reach people with the gospel at minimal cost to her family. Because Bibles & Literature in French is a tax-exempt organization, all of the IRA funds will be available to Bibles & Literature in French at her death. "It’s a win-win-win situation,” Sue observed.

For our FREE report “The Benefits of Giving Retirement Assets” simply write “retire” on the subject line of this email and return it or contact Harry Enns from Bibles & Literature in French at Harry2@BLFusa.org or (630) 221-1980.

This illustration is general information and is not intended to be
tax or legal advice. Please consult your own advisors.