What Will Your Legacy Be?
My great-aunt lived a frugal lifestyle. When I was a child, our family visited her and she treated us to a meal of $0.49 hamburgers. Each family member received one hamburger. When she died, we were shocked to discover that her estate was worth over a million dollars. Her entire life she carefully saved her money and invested it. In her records, we discovered an entry that said, “Today, I found a dime on the sidewalk and I deposited it into my bank account.”
What did she do with her money? In her Last Will and Testament, she donated all of her money to several different ministries. She gave several hundred thousand dollars to a Christian university. She donated a large gift to an evangelistic ministry. She helped a teaching ministry distribute cassette tapes in Africa. Her estate became an enormous blessing to the kingdom of God. Even though she did not give any money to my family, I am thankful for her because she used her wealth to spread the Gospel around the world. My great-aunt left a legacy that will remain for all of eternity.
Are you planning to leave a legacy? Your careful planning can ensure that your estate will continue to be a blessing long after you go to heaven.
Here are some examples of how your generosity can continue to make a difference in the years to come.
1. Give a gift of retirement assets, such as Pension Plans or Individual Retirement Accounts (IRAs). By giving you may be able to eliminate taxes that might otherwise consume these assets.
2. Give a gift of life insurance. Gifts of policies or proceeds you may no longer need offer excellent tax benefits.
3. Establish a trust with King Ministries International as the beneficiary. Putting your assets into a trust helps you avoid probate court. By making King Ministries International the beneficiary of a living trust, you can receive significant tax benefits now, continue to receive a yearly income until your death, and be a blessing to the kingdom of God, all at the same time. Ask your lawyer or tax professional for more details.
4. Consider donating stocks to help us lead people to Jesus. When appreciated securities are donated, you are entitled to a deduction for the full value, not just the original cost. This gives you a tax deduction based on the “paper profits” you have not yet realized. Alternatively, if securities have decreased in value, consider selling them, thereby creating a loss for tax purposes, and making deductible gifts of the cash proceeds. If you transfer your stocks directly to a charity they are not subject to capital gains tax, plus you get a charitable tax credit. However, if you sell them and then donate the proceeds they are subject to capital gains (though you still get the tax credit).
5. Include a gift to King Ministries International in your will or your living trust.
Suggested Methods and Wording For Remembering
King Ministries International
in your Personal Will
(Please review this with your lawyer)
1. General bequest [Dollar Amount]
“I give, devise and bequeath $ _________ to King Ministries International, (PO Box 701113 Tulsa, OK 74170), for its corporate uses and purposes.”
2. Percentage bequest [Percentage of Estate]
“I give, devise and bequeath ________ % of my Estate to King Ministries International, PO Box 701113 Tulsa, OK 74170, for its corporate uses and purposes.”
3. Residual bequest (This gives the charity all or a percentage of what remains of the estate after paying debts, taxes, expenses and other bequests.)
“All the rest, residue and remainder of my Estate, both real and personal, whatever situated, I give, devise and bequeath to King Ministries International, (PO Box 701113 Tulsa, OK 74170), for its corporate uses and purposes.”
4. Bequest of Shares
“I give, devise and bequeath my shares in XYZ stock to King Ministries International, (PO Box 701113 Tulsa, OK 74170), for its corporate uses and purposes.”
Neither the author, nor this organization is engaged in rendering legal, investment, or tax advisory services. This information is of a general nature only, does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. King Ministries International strongly cautions you to seek appropriate legal, estate planning, and financial advice before deciding upon your course of action.