PLANNED GIVING TOOLS
A Stewards Fund is one of the best ways to maximize and simplify your charitable giving. A Stewards Fund allows you to make a one time gift to the Barnabas Foundation and then recommend distributions to your favorite charities at later date. This gives you an immediate tax benefit, yet allows you time to recommend distributions to charities you would like to support.
BEQUESTS AND LIVING TRUSTS
Some donors find that the best way they can help support the CCS Foundation is by making a bequest in their will. There are several different types of bequests, but with each, the entire value of the bequest is eligible for an estate tax charitable deduction.
ESTATE PLANNING CHECKLIST
HOW DOES YOUR CHECKLIST LOOK?
One of the many confidential services offered by Barnabas Foundation at no charge or obligation to you is the opportunity to discuss issues relating to your Estate Planning. We have extensive experience in helping families meet a wide variety of other Estate and tax planning needs.
Through this planning process with Barnabas Foundation, you also will discover distinctive ways of supporting your favorite Christian charities during your lifetime and after your death.
- First Wills are usually prepared when there are young children in a family whose needs include passing property to the surviving spouse and naming a Guardian/Trustee to care for and protect children. As children reach maturity, different concerns will emerge about one’s Estate. Wills and Estate Plans that were once adequate must be updated to meet new challenges and circumstances.
No "one-size-fits-all" solution meets the planning needs of every Christian. This Planning Guide provides a convenient ways to assess your own situation and plan accordingly. (Use it with your own Financial Planner or attorney to help meet your goals.)
QUESTIONS TO ASK......DO I HAVE ...
- An up-to-date Will or Living Trust?
- As your planning needs change over the years, your Will should be updated to manage these changes.
- 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.
- 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.
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.
Charitable Remainder Trusts
- Charitable remainder trusts (CRTs)
Like charitable gift annuities (CGAs), CRTS are life income gifts: you transfer assets now, receiving a charitable deduction for a portion of the transfer and you or your beneficiary receives income for the rest of your life or a fixed period of time. Both the CCS Foundation and you can benefit from life income gifts such as these.
A gift of stock (or other appreciated property) entitles you to a tax deduction for the market value of the donated stock (not just your cost basis). If the stock you wish to donate has been held for more than one year, you can avoid capital gains tax on any appreciation of the stock by donating the stock prior to the sale. The CCS Foundation benefits by selling the stock without paying taxes on the gain, and you benefit from making a contribution that would be larger than what you might have been able to donate in cash.
- Gifts of Real Estate or Other Property
Real Estate. Various forms of real estate, including primary residences, vacation homes, farms, undeveloped land and commercial property can be donated to the CCS Foundation. You can make an outright gift or retain an interest in the property.
Tangible Personal Property. A gift of tangible personal property to the HCS Foundation entitles you to an immediate tax deduction. Tangible personal property includes any property other than land or buildings, which can be seen or touched, such as artwork and books.
The amount of the deduction will vary depending upon whether or not your gift is related to the exempt purposes of Community Christian School.
Retirement plans (e.g. 401(k), IRA, or Keogh plans) allow you to enjoy many tax benefits during your lifetime. However, the assets in these plans can be heavily taxed when passed on to your heirs. In addition to estate taxes, retirement plan assets are subject to income taxes resulting in as much as 75% of these assets going to the IRS instead of your heirs.
You can avoid this tax burden, thereby getting the most from your money, by naming CCS Foundation as a beneficiary. If you prefer, you can name a family member beneficiary, with the CCS Foundation as an alternative or contingent beneficiary. Any amount that passes to the CCS Foundation will do so free of estate and income taxes.