A way to perpetuate your giving
An estate is the collective assets, large or small, a person owns when he or she dies. A person's estate is distributed to his or her heirs according to the dictates of a will or trust. If there is no will or trust, then the estate passes according to the laws of the state.
If the estate is distributed by a will or by the laws of the state, it requires a court process called probate. There are several reasons to avoid probate. Probate is a lengthy process which delays the fulfillment of your wishes. It is a matter of public record and the process of estate administration can sometimes result in controversies and litigation that may incur additional expense.
A well-designed estate plan allows you to decide the outcome. It can preserve more of your assets and allow you to pass them to the people and causes you care about most.
Through your estate plan, you can play an instrumental part in ensuring that the Gospel will continue to be proclaimed in Asia well into the future. Depending on the arrangements you choose, you may also:
- Reduce your income taxes
- Avert capital gains tax
- Increase your current income
- Receive payments for life
- Achieve no-cost, worry-free asset management
Estate planning can also reduce costly and lengthy legal proceedings for the division and distribution of assets, but most important, it will ensure that your assets are allocated according to your desires. A proper estate plan should accomplish the following:
- Express God's plan for stewardship
- Transfer the assets God has entrusted you to Gospel for Asia or other charities of your choice
- Transfer your estate in a tax-efficient manner with the least possible amount of heartache, cost or delay
Tools that can be used in planning the distribution of your estate include:
- A Will - A legal declaration of your wishes regarding the disposal and distribution of your estate after death.
- A Trust - A legal agreement that allows you to set aside money or property for the benefit of one or more persons or organizations. The legal title of a trust remains with the trustee. There are many types of trusts available, some of which provide income for you or loved ones as well as for the work of the Lord.
- A Charitable Gift Annuity - An annuity that pays out a certain amount to you (or someone you designate) over a lifetime, with the remainder going to Gospel for Asia or another charity upon your death (or the death of the designated annuitant). These can be set up to be immediate, meaning the payments start right away, or deferred, whereby the annuity is set up ahead of time and the payments start later (usually when you reach a certain age).
For more information:
If you have any questions or wish to request a personalized illustration, please fill out the contact form by clicking this link or call Gospel for Asia's Harvest Foundation at 1-800-WIN-ASIA (1-800-946-2742).
All gifts are subject to GFA's Gift Acceptance Policy.
DISCLAIMER: This information is designed to provide information and illustration of the subject matters covered. It is not intended, nor should it be used as legal, accounting or other professional advice. It is always a good idea to seek legal and tax advice from your professional advisor(s).