Community Christian School's Foundation reflects the school and parent’s trust and faith in the future. Through the CCS Foundation parents are planning for their grandchildren and great grandchildren. They want to be sure that as we prepare to celebrate our Centennial next year, we prepare for the next century as Community Christian School will still be teaching the fact that this world belongs to God and that every aspect of life must be centered around the creator and Savior.
CCS FOUNDATION PURPOSE
The purpose of the CCS Foundation is to manage the growth and development legacy gifts supporting Community Christian School. Gifts to the CCS Foundation are invested and the interest earnings are used for the benefit of the school to enhance programs and maintain facilities. Opportunities through the Foundation enrich the lives of CCS students academically, physically, socially, and spiritually.
WHAT WE OFFER YOU
- Resources to help you develop your stewarship
- Direct access to the professional at The Barnabas Foundation
- Opportunities to support Christian Education at CCS give students an "Education for Life"
WAYS TO GIVE TO COMMUNITY CHRISTIAN SCHOOL
- Cash - a very simple way to give. You give CCS Foundation an immediate gift, paid in various forms. You can give a one-time gift, a gift of monthly payments, or make a pledge of a one, two, or three-year commitment.
- Memorials - make a gift to CCS Foundation in memory of a loved one.
- Marketable Securities such as stocks, bonds, or mutual funds - receive a charitable deduction for the full fair market value and avoid paying tax on any capital gains.
- Contracts/Note Receivables - contracts of various forms often have an impact on one's income and subsequently, tax liabilities. CCS Foundation can accept these as a charity donation, which will benefit the school and giver as well.
- Life Insurance Policies - receive a deduction on the computed current value of your paid-up policy or premium payments. Name CCS Foundation as a beneficiary in a new or current policy and provide a substantial gift through small premium payments. Consider CCS before dropping or discontinuing a life insurance policy.
- Real Estate - receive a deduction for the appraised market value and avoid paying tax on your capital gains.
- 401K, 403B, and IRA accounts - maximize the value of your gift by avoiding income and estate taxes.
- Commodities - God has often blessed us with non-monetary gifts that can be used for kingdom service. CCS Foundation is willing to accept almost any type of commodity that would benefit the school, which would also fit with your financial structure (ex. grains, cattle, fruit, dairy, feeds, etc.).
- Estate Planning – consider including the CCS Foundation as part of your estate plan. Naming the CCS Foundation as a beneficiary of an IRA or 401k account is a great way to pass assets at death on a tax-free basis. This can be as simple as changing the beneficiary designation on an account. Another way to accomplish this is to include the CCS Foundation in your will. Talk to your financial planner and/or estate planning attorney for more information and make sure your beneficiary designations are up-to-date and reflect your wishes.
God directs the events of your life to draw you closer to Him (Acts 17:26-27). He also uses specific times and events in your life to impact your gift planning, which can result in great benefits for both you and your favorite ministry organizations. Important events include the sale of appreciated assets, sale of a business, sale of a farm and retirement. All of these are excellent times to consider a Planned Gift. Planned Gifts may be made either during your lifetime or at death. They usually involve the assistance of professionals such as your accountant, attorney or financial planner.
To help you in your understanding of Planned Gifts, Barnabas Foundation has created a complete chart of "Planned Giving Options" which identifies income and tax implications, along with benefits to you and your favorite charities.
Estate Planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets should be distributed after your death. The plan is implemented through a Will or Revocable Living Trust. But for Christians, Estate Planning isn't just a legal process, it is also an act of worship, as you lay everything you are and have before the Lord for His purposes.
For many people a Revocable Living Trust is an excellent tool to implement their Estate Plan. Like a Will, a Trust makes provision for the transfer of your assets at death. Unlike a Will, assets in the Trust are not subject to the costs and delays of probate. During your lifetime, it remains completely under your control.
ESTATE PLAN PRIORITIES
As you consider the Estate Planning process, these are critical documents for you to have in place.
As your planning needs change over the years, your Will should be updated to manage these changes.
Your first Will is usually prepared when there are young children in a family. Needs include passing property to the surviving spouse and naming a Guardian/Trustee to care for and protect the children. As children reach maturity, different concerns will emerge. Wills that were once adequate must be updated to meet new challenges and circumstances.
A Living Trust disposes of property in much the same way as a Will, while providing other benefits. A Living Trust is a simple and flexible way for you to hold and manage your property. It will also allow for others to act on your behalf at any time it may become necessary. If the Trust contains all your property, then the Estate passes free of probate.
ESTATE PLANNING CHECKLIST
An up-to-date Will or Living Trust
A Durable Power of Attorney
Through this document, you appoint a person to manage your property if you become incapacitated. A Power of Attorney applies to property that you have not transferred into a Trust. Formal guardianships on your behalf are normally made unnecessary by this action.
A Living Will
Most states now authorize you to make a statement of your desires regarding medical treatment if you become terminally ill. Preferences about the use of "heroic efforts" and artificial life supports are frequently included.
A Health Care Power of Attorney
This document allows you to appoint a person to be your representative in making medical decisions for you at any time you are unable to make them yourself.
Barnabas Foundation exists to help individuals exercise good Christian stewardship through thoughtful Estate and Gift Planning. A representative from Barnabas Foundation would be happy to visit with you and help you to think through and develop a God-honoring Estate Plan. They can provide you with information addressing any specific concerns or questions you may have. They provide confidential, objective Estate Planning at no cost to you.
Contact Barnabas Foundation to see if you are a candidate for these substantial tax savings by calling 1-888-448-3040.
YOUR ESTATE PLANNING QUESTIONS...
Is an Estate Plan the same as a Will?
A Will is a legal document that describes your plans for your property upon your death. It is the foundational document required for all Estate Plans.
If my Estate is small, do I need a Will?
We are all managers of God's resources, whether He has entrusted us with little or much. If you don't have a Will, the state has one for you. Laws are enacted in each state to determine what will be done with the assets of an individual who dies without a Will (“intestate”). Unfortunately, the state's "Will" does not take into account your personal values, Christian commitment, goals, family situation or needs. A Will enables you to decide who will become the next "steward" of the resources God has entrusted to you.
How do I provide for my children’s care after I'm gone?
In your Will, you can name the person you would like to be the Guardian of your children. The Guardian has responsibility for the physical care of your children. By naming a Guardian in your Will, you, rather than the local court, can decide who should care for your children if something happens to you. Your children's financial needs can be met by creating a Children's Trust in your Will. It holds all of your assets for your children's benefit until they have reached the level of education you want to provide for them and are mature enough to handle an outright distribution from your Estate. In creating a Trust, you must appoint a person to be in charge of the Trust, called a Trustee. Your Trustee will invest the assets in the Trust and make decisions about their distribution to your children.
Should I consider a Living Trust?
For many people a Revocable Living Trust is an excellent way to implement their Estate Plan. Like a Will, a Trust makes provision for the transfer of your assets at death. Unlike a Will, assets in the Trust are not subject to the costs and delays of probate. During your lifetime, it remains completely under your control.
If structured and funded properly, the use of a Revocable Living Trust can eliminate court costs (except in an unusual situation); lower the amount of attorney time needed to administer your Estate, thus lowering attorney fees; and avoid time delays. In most situations, the successor Trustee can assume management of the Trust immediately. The payment of final bills, collection of insurance monies, sale of appropriate assets, etc., can be done very quickly. The actual time it takes to "administer the Estate of the decedent" by means of a Living Trust often can be reduced by half, as compared with the probate process.
On the other hand, Trusts are not for everyone. Because of the added initial cost, funding requirements and other issues, some people prefer a Will for their primary Estate Planning document. Even with the Trust, it is recommended that you have a Will, often called a "pour-over" Will to cover any assets not included in the Trust at your death.
Will Barnabas Foundation do my legal work?
Barnabas Foundation will assist you in producing a plan that you can take to your local attorney to implement. While we assist you with your Estate Plan, we do not provide legal advice. It is important that your own attorney be involved in this planning process.
What is the Hidden Double Tax?
Hidden double tax refers to the tax liability due on tax-deferred benefits at the time of death. Both income tax and Estate tax may become requirements. Your tax-deferred benefits could be taxed at rates that could total between 15 and 70 percent.
How Does It Happen? (Hidden Double Tax)
Almost everyone today has some form of tax-deferred retirement program because of the tax advantages these programs provide. Retirement money is often a combination of employer-provided pension, profit sharing plans, personal IRA's, KEOGH's, annuities, etc.
The problem is that "tax-deferred" means exactly that. The tax is not eliminated; it is merely delayed until the money is withdrawn during your lifetime or by your children after your death.
Any retirement funds remaining at death are included with your other assets for Federal Estate Tax purposes. Retirement fund assets are also subject to income taxes when they are received by your children. For people in the highest tax brackets, the double tax can send more than 70 cents of each dollar to the Federal government! State taxes may further shrink the amount received by your children to about 25 cents on the dollar.
How Can It Be Eliminated? (Hidden Double Tax)
There are two ways to eliminate the double tax while assuring that retirement funds will be available for you and your spouse until death:
The most direct method is to change the final beneficiary to a specific Christian charity, after you and your spouse. This means that all funds remaining (tax-deferred assets) after the death of both spouses will go to the charity you have chosen.
The other way is to indicate in your Will or Trust that you wish to leave a portion of your Estate to Christian causes, and that the assets used for this gift should be those that have not previously been subject to income tax (known legally as "Income In Respect Of a Decedent").
Either way, all tax-deferred retirement funds remaining at death can be entirely excluded from both income and Estate taxes. The Will or Trust method, since it is broader in scope, has the added potential to eliminate double taxes on other assets as well.
Neither method is difficult to implement but must be structured properly to maximize the benefits. However, due in part to a lack of information about the benefits of giving tax-deferred assets, many planning professionals are not fully aware of how to apply these advantages to particular Estate Plans. Barnabas Foundation professionals are willing to assist you and your advisors in making sure your plan eliminates the double tax.
Don't forget the IRA Charitable Rollover gifting opportunity
The IRS now allows those who are at least 70 1/2 years of age, to gift up to $100,000 from their IRA directly to charities, tax-free.