Maximum Impact with Minimum Time
A beneficiary designation is a quick and inexpensive way to support the work of GFA after you go to be with the Lord.
Benefits of Charitable Beneficiary Designations
- You can continue to use your plans and accounts throughout your lifetime.
- No expensive legal fees are needed to set them up.
- Beneficiaries can be changed easily at no cost to you.
- They can reduce the tax burden for your family.
- Your estate will receive a charitable tax deduction.
- Beneficiary designations are not subject to public probate.
- Your gift to GFA can start bringing help and hope to people in Asia soon after you leave this earth.
Simply contact the administrator of your:
- IRA, 401(k) or other retirement plan
- bank or savings account
- investment account
- life insurance policy
Ask for their beneficiary form. Complete and sign the beneficiary form, return it to them and keep a copy for your records. You can designate GFA as the beneficiary of all or a portion of your plan, account or policy; or as a contingent beneficiary should the primary beneficiary predecease you.
This one quick action could impact countless people's lives for eternity.
Something to Consider
Of the assets listed above, retirement assets may be the most cost-effective assets to donate to charity. Retirement assets left to heirs other than your spouse could be heavily taxed, leaving only a portion of their value to those you love.
If you plan to include charitable gifts in your estate plan, consider naming GFA as the beneficiary of your retirement assets, while leaving cash and other investment assets to your heirs. Why? Charities are tax exempt and, unlike your heirs, are not required to pay taxes on IRAs and other retirement plans.
You may want to leave your heirs assets like your home or stocks, which can step up in basis to fair market value when you pass away. This permits your heirs to sell these assets with little or no tax due and make use of their full inheritance. This wise stewardship will provide more funding for heirs and for the Lord's work, along with less taxes for your heirs.
Questions? Use this contact form, email email@example.com or call us at 1-800-946-2742.
All gifts are subject to Gospel for Asia'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).