Maximizing Your Retirement Savings for the Glory of God
Steve and Donna have four grown children. Steve worked as a carpenter all of his life and Donna has worked for a local insurance company since the children moved out of the house.
Steve and Donna 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 Mission India.
Steve and Donna own a home, a life insurance policy, some CDs and money market accounts, and have adequate retirement funds as a result of their diligent savings over the years.
One of Steve and Donna's assets is an Individual Retirement Account (IRA), which had been designated for their four children through a "beneficiary designation form" that their IRA administrator provided.
Recently, Steve and Donna learned through a conversation with Barnabas Foundation that the government could take up to 70 percent because of double taxation — income tax, plus a sizeable estate tax. In other words, it’s possible that Steve and Donna's children would only receive approximately 30 cents on the dollar from the IRA funds.
By using other assets to benefit their children, and designating Mission India as the beneficiary of their IRA, Steve and Donna avoided the double tax and used the IRA funds to help touch the lives of people for eternity. Because Mission India is a tax-exempt organization, all of the IRA funds will be available to Mission India when Steve and Donna go home to be with the Lord.
"It’s really a win-win-win situation,” Steve observed.
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Interested in more information about creating or updating your Will or Estate Plan? Contact Dave Bustraan at Mission India by calling (616) 453-8855 or toll-free 877-644-6342 or email plannedgiving@missionindia.org
This is general information and is not intended to be tax or legal advice. Please consult your own advisors.
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