Archive for the 'Planned Giving' Category

Here’s an example of tax-smart giving:

Katherine and Mark bought a piece of property 25 years ago for $50,000. This year, it was worth $500,000, and they wanted to sell the asset and then give the proceeds to the work of the Lord.

Doing so, however, would have sent tens of thousands of dollars to the Federal government in taxes.

Then Katherine and Mark learned about The National Christian Foundation (NCF), a recognized leader in accepting and liquidating innovative gifts such as real estate, business interests, and restricted securities. They decided to set up a Giving Fund at NCF.

After liquidating the property, NCF put the proceeds into Katherine and Mark’s Giving Fund, which they used to recommend grants to their favorite ministry.

Why was this a wise choice?

- They avoided capital gains tax, saving $94,500. These dollars went to support Kingdom work.

- They received a higher charitable income tax deduction. Katherine and Mark received a tax deduction of $500,000, the fair market value of their property. This saved them an additional $38,745 in income taxes.

- They maximized their gift. They were able to give a lot more to their favorite ministries.
The extra $94,500 went to Kingdom work that needed it most. With the extra $38,745 in tax savings, Katherine and Mark helped put their daughter through college.

For more information about tax-smart giving, call us at 800-617-9905 x112, or email partner@villagemissions.org

Are you feeling a little stretched financially? 

Here’s an interesting web site that puts Western affluence in perspective.  Go to this web site, enter your annual income, and see where you stack up against the rest of the world. 

 http://www.globalrichlist.com/

If your income is $50,000 or more, you are in the top 1% of the world’s richest.

What a reminder of why God gives wealth.  As Paul tells us “You will be made rich in every way so that you can be generous on every occasion, and through us your generosity will result in thanksgiving to God.”  2 Corinthians 9:11

As Randy Alcorn has said, “God prospers me not to raise my standard of living, but to raise my standard of giving.”   

(Thanks to Jason Pearson at http://www.ministryrecess.com/)

If you wish to remember Village Missions in your will, here is some suggested wording that you can share with your attorney:

“I hereby bequeath to Village Missions, an Oregon nonprofit corporation, with a tax identification number of 43-6043847, (insert percentage of estate or dollar amount) to be used for (insert name of ministry project) or for general purposes as determined by the board of directors.”

Our full legal name and current contact information is:
 

Village Missions
PO Box 197
696 E Ellendale Ave
Dallas, OR  97338
(503)623-4107
Toll Free (800) 617-9905
www.Village-Missions.Org 

We are a 501(c)(3) nonprofit charitable organization incorporated in the state of Oregon.
  Our IRS Tax Identification Number is 43-6043847.
 Contact us to receive your free Guide to Planning Your Will and Trust which will help you collect and organize the information you will need to furnish the attorney making your will. This workbook will greatly speed the process and save you attorney fees.
 

Are you over age 70 and 1/2 and need to take withdrawals from your IRA?

Are you concerned about your increasing income tax?

Contribute directly from your IRA and save tax with the IRA Charitable Rollover.

When you give through an IRA Charitable Rollover, the amount given to charity is not included in taxable income. 

Donors who give any amount can benefit:

• Tax on Social Security benefits is minimized by keeping IRA distributions out of taxable income;
• Donors who are no longer able to itemize deductions enjoy a reduction in taxable income;
• Donors who give large gifts can keep their tax return simple by keeping their taxable income lower
• Donors who want to give above the 50% deduction level can do so without a carryforward limitation.

How to Do It:
Contact your IRA custodian and tell them you want to make a “qualified charitable distribution” to your favorite charity.   The amount transferred will not need to be reported as income, and you will not have to itemize to take the deduction.

You’ll be served well and the Kingdom will benefit through simplicity and convenience of the IRA Charitable Rollover.

Village Missions is a 501c3 qualified exempt public charity;

Our Federal Tax ID # is 43-6043847.

This information is provided with the understanding that Village Missions is not engaged in rendering legal, tax or other professional services. If legal advice or other expert advice is required, the services of a competent professional should be sought.