Leaving a Living Legacy
Corban recently received a substantial legacy from a man who wanted his money to be used for the Lord's work after he died. It was evident that this gentleman saw the potential good his estate could do for the cause of Christ. Yet, so many times, Christians give little thought or consideration to giving some of their estate to Christian work. They are good givers who donate from their income while they are living, but when it comes to their estate, almost no consideration is given.
Many people don't realize that their estates can have a greater impact on Christian organizations than their regular giving. The substantial increases in the stock market, retirement plans and real estate have increased the size of most estates more than many often realize. Some have even reached the point where they will be faced with taxation, and there are many ways that bequests can be made to charities to ease their tax burden.
One example is a Qualified Terminal Interest Property Trust, or QTIP. With this plan, the trust makes sure the surviving spouse has income first before the estate transfers to a charity. When the donor dies, the gift (which can be property, stocks, cash, etc.), transfers to the trust and the interest provides income to the surviving spouse for life. After the survivor dies, the property passes to the charity named in the Will.
An added benefit is the QTIP trust allows property to pass free of estate taxes because when the donor dies, the transferred property qualifies for the marital deduction which is unlimited for a surviving spouse.
There are many other ways to be a good steward of one's estate. See your estate planning attorney or other financial advisors to learn which options would best meet your estate planning needs.
If you would like more information on how you can invest into the future of the University and its mission, please contact Kevin Brubaker at 503-375-7011 or email firstname.lastname@example.org.
Need more information?
We would be happy to answer any questions you may have or to help you plan your gift to Corban!