Ending 2020 Wisely
Act now to reduce the amount of taxes you have to pay
Your gifts to Family Life Radio or Intentional Living can be a financial blessing to you and reach people for Christ! If you are 70½ or older, your IRA Required Minimum Distribution can be used as a direct or Qualified Charitable Distribution to avoid increased taxable income. However, tax-wise giving can be done regardless of age. No matter where you are in life, there are ways to bless God’s work and manage your tax liability. Consider these ways to give before December 31st:
Age 70 ½ or older?
Instruct your IRA custodian to turn your Required Minimum Distribution into a Qualified Charitable Distribution before year end.
Appreciated stock and capital gains tax?
Avoid capital gains with a charitable gift to Family Life Radio or Intentional Living today.
IRA Charitable Rollover
If you are 70½ or older and have an IRA, you can benefit from a law Congress passed that allows direct distributions from IRA Charitable Rollovers to be excluded from your taxable income. As you work directly with your asset manager and IRA custodian, arrange to send your gift directly from your IRA to Family Life Radio or Intentional Living. You will be supporting God’s work while avoiding unnecessary tax burden. This has become a popular, tax‑wise way to give for many people in the Family Life Radio and Intentional Living family. An IRA direct rollover gift will not be included in your taxable income and can satisfy your annual required minimum distribution. It’s easy, will make ministry possible and accomplishes managing your taxable income simultaneously. Now is the time for you and your asset manager to process the direct rollover gift before the year ends, so call them today. Contact us to learn more about an an IRA Charitable Rollover.
“I knew I would never use all of the money in my IRA. But I didn’t know that a gift from my IRA could reduce my income taxes this year while helping the ministry!”
Appreciated Stock
If you wish to make a gift to support our ministry this year but are concerned about preserving your cash resources, consider a gift of an appreciated asset. A gift of securities, business interests or real estate can provide you with significant income and capital gains tax savings, often exceeding the benefits of a cash gift.
401k, 403b, pension funds or other retirement account gifts
These gifts accomplish your desire to bless your Family Life Radio or Intentional Living ministry, yet they are not treated the same way as IRA gifts for calculating taxable income. These gifts are included in taxable income yet may be tax-deductible gifts as the law allows. If you are at least 59½, you can make a distribution from your retirement account, in most cases. Be sure to check with your asset manager on how to make a gift and talk with your tax preparer to see how a gift from your retirement account will be managed. Your tax preparer can also help you understand the best way to make the most of a tax-deductible contribution to Family Life Radio or Intentional Living.
Future Gifts with Beneficiary Designations
You can designate Family Life Radio or Intentional Living as a beneficiary of a retirement, investment or bank account, or your life insurance policy. Your legacy gift will make it possible to reach future generations for Christ.
Family Life Radio and Intentional Living are two separately incorporated nonprofit ministries.
Contact your Team
We are here to serve you! Whether you are looking for information regarding ways to give, attorney and financial planner referral lists, or updates on how God is using your efforts to change lives, please, contact your team.
800-776-1070 x 7716
planning@flc.org
flrplan.org
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