Time May Be Running Out

Time May Be Running Out

For those over 70.5 years of age the opportunity to make tax-free distributions from traditional Individual Retirements Accounts (IRAs) for charitable purposes will expire at year’s end unless Congress takes further action.

·        These distributions are not counted as taxable income.

·        Required minimum distributions (RMD) won’t be taxed, even if you do not itemize deductions.

·        Each IRA owner can give up to $100,000.

This type of gift is especially appropriate for those who:

·        do not itemize deductions.

·        would not be able to deduct all charitable deductions because of deduction limitations.

·        are required to take RMDs but do not need them for living expenses.

Consult your tax and/or financial advisor for any applicable tax/financial consequences. If this unique opportunity is of interest to you, contact your local WELS Christian giving counselor by calling 800-827-5482.

A Gift That Also Pays You

What if you could make a charitable gift toward the Lord’s work that would also provide you and/or a loved one with fixed annuity payments for life?

You can! The charitable gift annuity allows those 60 and older to make a gift of cash or securities (stocks, bonds, mutual funds) in exchange for fixed quarterly payments. After you go to heaven, the residual of the gift will be used by your congregation, synod, or another WELS affiliated ministry. The following example illustrates the benefits of a single-life annuity (two-life annuities are also available). It is based on:

·        a gift of $10,000 (minimum) in cash

·        a payment rate of 5.8 percent for someone who is 75 years old (rates vary based on age)

You may claim a charitable income tax deduction of $4,577 and receive quarterly payments totaling $580 each year for the rest of your life. And $437 of the payments you receive each year will be tax-free during the first 12.4 years. Best of all, after you are taken to heaven, the remainder value of your gift annuity would go to the ministry of your choice!

Many people appreciate the charitable gift annuity for this reason. They benefit from receiving payments while serving their Savior. If you are interested, call 800-827-5482 for more information and assistance from a WELS Christian giving counselor.

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