You have many options to determine what your money will achieve in the years ahead.
Estate planning strategies can benefit Haggai International; they can also enhance your personal financial security.
Because of donors like you, over 100,000 strategically-placed Haggai leaders are sharing the Gospel in 189 nations, many where westerners have no influence.
Your estate plan allows you to include a bequest as a provision in your will; it is the simplest way to distribute your estate. There are three main types of bequests:
Residuary Estate: A residuary bequest is used to give a portion of the estate property – after all debts, taxes, expenses, and all other specific bequests have been paid.
Specific Bequest: A specific bequest is another way to make a charitable gift by will. With this bequest, you simply specify a dollar amount or a specific item of property.
Contingent Bequest: When writing a will, it is important to include provisions for the distribution of your property in the event that a beneficiary dies prior to your death or a beneficiary disclaims the property. In anticipation of such an event, Haggai International may be named as the alternate or contingent beneficiary.
Haggai International can be named as a beneficiary through a will or in a codicil to your will. (A codicil is a supplemental amendment to your will that does not require you to have your entire will redrafted.)
Another option is a gift of your retirement plan assets, which is a gift arrangement where you name Haggai as the beneficiary of your IRA.
Benefits of naming Haggai as your IRA beneficiary could include:
- Eliminating the income tax imposed on the retirement plan beneficiary.
- Reducing estate taxes by removing the asset from the taxable estate.
- Allowing other estate assets to pass to heirs without the burden of income taxes.
- Providing a lifetime income (via charitable trust) to a spouse or other heir and escape the income tax imposed on the plan beneficiary.
For more information contact Gary W. Key at 770-810-1413 or Garyk@Haggai-international.org.