Most Effective Giving Plan: Your New Year's ChecklistBy Jeanne McMains, Vice President National Christian Foundation
1. Update Your Estate Plan: Be sure to update your wills and trusts to be sure your after-death bequests align wiith your values and vision.
2. Get Started: Whether you take baby steps or giant leaps, starting your giving is an excellent idea. Too many families leave the responsibility of managing personal inheritance and the family charitable legacy to their children without training, testing, equipping and encouraging them before they assume their stewardship role. Start now and celebrate the impact your giving has on your family and the world.
3. Sing and Stretch: Carry out your giving with prayerful, praise-filled worship. Witness and proclaim His work in the lives of those around the world. Stretch beyond the boundaries of your personal comfort following Jesus with complete dependency on His provision. Giving generously is invigorating!
4. Be Tax-Wise:
• Giving Now: Giving to family sooner rather than later gets resources to future generations so that income and growth appreciate to their estates and not to yours. For families with taxable estate concerns, this is almost always a smarter way to leave an inheritance to future generations. Giving to charity now provides valuable tax-savings deductions that are simply not needed or available after your death. Lower income taxes means more dollars in your pocket to bless family and ministry today!
• Giving Assets: Get more tax-saving leverage out of your giving by giving assets that have grown in value (stock, real estate, business shares, etc.), pass value on to charity, enjoy lower income taxes, and avoid capital gains taxes. By giving non-voting shares or minority percentage interests, you can still give part of your real estate or business and continue to control the ongoing management and day-to-day operations.
To learn more about how these planning tools could help your family, please call our Gift & Estate Planning Team at 1-800-782-8227 or email us at FocusGiftPlanning@fotf.org.