CROWN'S MISSION:
Equipping people worldwide to learn, apply, and teach God's financial principles so they may know Christ more intimately, be free to serve Him, and help fund the Great Commission.

Giving Through Your IRA: A New Giving Opportunity

Opportunities For Giving Through Individual Retirement Accounts

In order to help charities further their good work, Congress recently changed the rules for charitable gifts made from individual retirement accounts (IRAs). If you are over age 70 1/2, the Federal government now permits you to rollover amounts from your IRA to Crown Financial Ministries without claiming any increased income or paying any additional tax. These tax-free rollover gifts could be $1,000, $10,000 or any amount up to $100,000 in one year. Here are several reasons why you might want to take advantage of this special opportunity.

• Simple, Easy Gift
  If you are like many individuals, your IRA has increased in value over the years and you have more income than you may need. The IRA rollover gift is a simple and easy way to provide resources for Crown, while not increasing your taxable income. Simply contact your custodian and request that an amount be transferred to Crown. Crown can then teach more people about God's financial principles and you avoid any additional tax.

  Easy IRA Gift
  Gary was a retired county administrator and a volunteer for his favorite charity. Gary’s retirement plan with the county had grown substantially and he had almost $450,000 in his IRA. Since Gary had all of the income he currently needed, he decided to make a gift of $2,000 from his IRA to his favorite charity. Gary called his custodian and requested a transfer of part of his minimum distribution amount. It was easy for Gary to make the gift and he liked the fact that he could help his favorite charity without increasing his taxes.*

• You Can Give More!
  Perhaps you have already made cash gifts to charity this year up to the Federal limit. Your charitable
  deductions for cash gifts are limited to 50% of your adjusted gross income for a given year. With an IRA rollover gift, you can transfer excess funds from your IRA to Crown and still make your regular cash gifts up to the Federal level. Give more without paying any more in tax.

  Generous IRA Donor
  Irene was a retired nurse and a regular supporter of charity. She was an avid volunteer and made annual cash gifts to charity up to the Federal limit, which is 50% of Irene’s adjusted gross income. However, Irene wanted to make a one-time gift to a particular charity for a special project, without exceeding Federal limits or increasing her taxes. Irene decided to make a charitable gift of $10,000 from her IRA to charity. She was able to continue to make her regular contributions in addition to the IRA gift. The satisfaction she gained from helping charity was immeasurable.*

• Make a Major Gift
  Like many individuals, your IRA may be the largest asset in your estate. Your CPA may be looking for ways to save taxes. By making annual IRA charitable rollover gifts of up to $100,000, you can reach your goals of helping Crown in a significant way and reducing taxable income.

  Major IRA Donor
  Henry was a retired investment advisor. He had watched his IRA blossom and grow through good investments. It now was the largest asset in his estate. Based on his age and the increased value, his required distribution this year was nearly $100,000! Henry was a frequent volunteer for his favorite charity and wanted to make a major gift to a special project. In November, he decided that he did not actually need the distribution for this year. So, Henry contacted his IRA custodian and had the full $100,000 IRA payout sent to favorite charity. He and his CPA were both delighted - Henry made a wonderful gift and his tax situation was simplified.*

* Please check with your qualified tax advisor to learn about your IRA charitable rollover tax benefits.

Future IRA Gift Options

You may appreciate the desire of Congress to assist in charitable giving by permitting current IRA rollover gifts to charity. However, perhaps you are already making good use of your IRA income and may be interested in helping Crown in the future rather than right now.

• Bequest of IRA
  There are several ways that you can make a future gift of your IRA to Crown. One option is to designate Crown as the beneficiary of your IRA. This permits you to continue to take withdrawals from your IRA during life and then leave the remaining value of your IRA to Crown.
  
  
• Testamentary IRA Gift Annuity
  Another option is to make a future gift of your IRA to Crown while providing life income to your heirs. Your family will receive fixed payments based on age at rates that can be as high as 10.5%.
  
  
• Give it Twice Testamentary: IRA Unitrust
  An IRA could also be transferred to a special “Give It Twice” trust, that usually provides income to children for a period of up to 20 years. After that time, the trust may pass to Crown, creating a wonderful way for you to make a charitable gift.

Want to know more?

Request More IRA Giving Info

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Share this and Year-End Giving information with family, friends, and your church:

Click here to download a copy of our "End of Year Giving" brochure.

 

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