A COMMON MISCONCEPTION IS THAT GIFT PLANNING IS ONLY FOR THE “WEALTHY”

The truth is, even people of modest means can make a difference through gift planning. Gift planning is finding ways to make charitable gifts now or after your lifetime while enjoying financial benefits for yourself.

Planned gifts require planning and in many cases require the assistance from your professional advisors. Unlike cash donations, they are typically made from assets in your estate rather than disposable income and come to fulfillment upon your death. The most common gift is a bequest in your will or living trust. Other planned gifts can include retirement plan assets, life insurance or a charitable gift annuity.

It is also important to consider how you want your gift to be used. The following list summarizes many of the options:

When planning a bequest to the BBFI Mission Office, you should think about how you want your gift to be used. The following are some of the ways you can designate your bequest:

• Unrestricted Gifts – These are especially valuable to the BBFI Mission Office as they allow the BBFI Mission Office to fulfill its highest priorities when your bequest arrives.
• Restricted Purpose – Restricted gifts can support important initiatives such as building projects, Candidate School, disability, medical funding and etc. You can direct your bequest to any approved program of the BBFI Mission Office.
• Current Use or Legacy – Establishing a current use fund for a specific program allows the BBFI Mission Office the flexibility of using the full amount of your gift.
• Trust Fund – Establishing a trust fund creates a permanent legacy, providing income every year in perpetuity to carry out its purposes. If you make a gift to the BBFI Mission Office each year, you can perpetuate that gift with a bequest equal to 20 times its size. For example, a bequest of $100,000 can create a trust fund that will distribute approximately $5,000 each year, adjusted for inflation, to the BBFI Mission Office for years to come.

If considering this option, please contact Director of Finance at 417.862.5001 or financeoffice@bbfimissions.com to learn how you can create a trust fund and ensure your family’s financial security.

This article is not intended to be investment advice; because your tax situation may be unique, always consult your attorney, tax advisor or financial advisor about the plan best suited to meet your needs.

THE ASSETS MORE COMMONLY USED TO FUND A GIFT ARE LISTED BELOW:

• Cash Bequest – You can simply leave a specific amount to the BBFI Mission Office, ensuring that your legacy will impact missions for generations to come.
• Bequest of Assets – You can leave specific assets such as securities, your home, or other property to the BBFI Mission Office.
• Residual Bequest – You can designate that the BBFI Mission Office will receive all or a percentage of the remainder of your estate after you have provided for your beneficiaries.
• Designation of Retirement Fund Assets – By designating retirement fund assets to the BBFI Mission Office, you can eliminate both the income tax and estate tax (up to 70 percent) that would have to be paid if you left this to individuals.

The easiest way to leave a gift to is to include the BBFI Mission Office in your will or living trust. This type of gift offers several benefits:

• Simple – Just a few sentences in your will or trust are all that is needed. Share the sample bequest language for the BBFI Mission Office with your estate planning attorney:
• Flexible – Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
• Versatile – You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to us.
• Nontaxable – If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift’s full value.

This article is not intended to be investment advice; because your tax situation may be unique, always consult your attorney, tax advisor or financial advisor about the plan best suited to meet your needs.

The following examples can be tailored to your interests. Be sure to consult your attorney for assistance in making a bequest.

• Unrestricted Bequest

I give _____________ to THE Baptist Bible Fellowship MISSION OFFICE IN THE CITY OF SPRINGFIELD, MISSOURI for its general purposes.

• Restricted Bequest

I give ______________ to THE Baptist Bible Fellowship MISSION OFFICE IN THE CITY OF SPRINGFIELD, MISSOURI to provide…

or

If there is a particular area that you would like to support, please discuss your intentions with the BBFI Mission Office so that we can provide the appropriate language.

• Trust Fund

I give ______________ to THE Baptist Bible Fellowship MISSION OFFICE IN THE CITY OF SPRINGFIELD, MISSOURI to create a separate trust fund to be known as The ______________ Fund. The Directors shall make distributions from the fund each year, pursuant to the BBFI Mission Office then current spending policy, to support ________________ .

A bequest is deductible for federal estate-tax purposes, and there is no limit on the amount of the estate tax charitable deduction your estate can take. In addition, bequests generally are not subject to state inheritance or estate taxes. In a large estate, the savings can be more than half the value of the bequest.

To create a Trust Fund in your will, please contact Director of Finance at 417.862.5001 or financeoffice@bbfimissions.com to discuss wording. This will ensure the gift can be used as intended.

This article is not intended to be investment advice; because your tax situation may be unique, always consult your attorney, tax advisor or financial advisor about the plan best suited to meet your needs.