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A Case for Planned Giving
We live in a strategic time in history. As a nation, we are in the process of transferring 41 trillion will pass from this generation to their heirs over the next twenty years!
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Estate Planning - Strategic Planning for Strategic Times
by Greg Ring
We live in a strategic time in history. As a nation, we are in the process of transferring 41 trillion dollars will pass from this generation to their heirs over the next twenty years. It's the largest intergenerational transfer of wealth ever!
I think it's fascinating that this transfer of wealth is taking place at a time in history when we also have a number of plausible opportunities to fulfill the Great Commission. All of those opportunities, including your organization's efforts, require financial resources in order to get the job done.
A big part of what we do with the Planned Giving Program of your organization is to harness some small portion of this ten trillion dollars that would have otherwise been lost to taxes - income taxes, capital gains taxes or estate taxes - and redirect it to the Lord's work, both here at your organization and other strategic ministries.
There are things going on today that God is supernaturally and sovereignly doing that I liken to what was happening in the first century church. If you look at Acts, chapter four, you'll see in the first part of that chapter people are being healed, people are being saved, and lives are being changed for eternity.
Now, remember the story of Barnabas? In my opinion, Barnabas was a businessman who observed what God was doing in the lives of people in his community. I think Barnabas looked at it all and said, “You know, I have this field over here and I don't really need it." So, he sells the field and he brings the money and lays it at the apostles' feet. Why? So their needs and their ministry can be provided for.
Barnabas recognized that God was doing something unique and he got personally involved. We, however, live in a more complicated day. If Barnabas were to follow that pattern today, he would sell the field, pay capital gains tax and then give the after-tax money to the apostles. But that's not necessary. Today, Barnabas could give the field to the apostles and pay no capital gains tax at all.
Through proper planning, we're helping modern-day people like Barnabas get involved in what God is doing in the most efficient way possible, so they can pay less taxes and give more from the same base of resource. It becomes an incredible “win-win" situation for both the donor and the ministry receiving the gift.
Congress has set up tools and avenues and trusts that encourage philanthropy. We are simply making those tools known and available to your organization's partners so that instead of sending money to the government for taxes unnecessarily, they can give it to your organization or other ministries they care about.
Complete estate planning addresses many issues related to taxes, family inheritance, and charitable giving. We help people work through questions like, “What happens with my IRA when I die? I've heard that it can be taxed at as high as 70 percent! How do I set up guardianships for my children? How much inheritance should I give to my children, and at what ages? Should I treat all my children equally? How can I transfer my business to my children?" We'll explore these important issues and others in future articles that will come your way with the your organization's newsletter.
By Greg Ring
Editor's Note: Greg Ring is president of PHILANTHROCORP, a Christ centered planned giving company that serves evangelical ministries and charities throughout the nation. Greg and the PHILANTHROCORP team specialize in helping Christians develop planned giving strategies that enable them to reduce taxes, meet family needs related to inheritance and give to the Lord's work in a significant way. Greg's article is the first in a series of informing articles that will explore your organization's Planned Giving Program.
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