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.

Comments

Post a Comment

Popular posts from this blog

Justified in Jesus

Image
Matthew 27:27–31 27 Then the governor’s soldiers took Jesus into the Praetorium and gathered the whole cohort of soldiers around him. 28 They stripped him and put a scarlet robe on him. 29 They twisted together a crown of thorns and put it on his head. They put a staff in his right hand, knelt in front of him, and mocked him by saying, “Hail, King of the Jews!” 30 They spit on him, took the staff, and hit him repeatedly on his head. 31 After they had mocked him, they took off the robe and put his own clothes on him. Then they led him away to crucify him. 1) Jesus on cross picture. We are still in the five hundredth anniversary of the Lutheran Reformation. With the Reformation, the Lord of the Church allowed His truth to be retold through the writings of Martin Luther. But, God also used artists to visually portray this gospel to the minds of His people. If we wanted to “picture” the Reformation in our mind’s eye, there is no better “picture” than The Weimar Altarpiece . In thi
Read more

Water into blood and water into wine

Image
Here are some thoughts that didn’t make it into Sunday’s sermon. The Old Testament lesson for the 2nd Sunday after Epiphany is the account of Moses turning the water of the Nile River into blood. The first of the ten plagues God used to get the Israelites out of Egypt. Exodus 7:14-24 Then the LORD said to Moses, "Pharaoh's heart is unyielding; he refuses to let the people go. 15 Go to Pharaoh in the morning as he goes out to the water. Wait on the bank of the Nile to meet him, and take in your hand the staff that was changed into a snake. 16 Then say to him, 'The LORD, the God of the Hebrews, has sent me to say to you: Let my people go, so that they may worship me in the desert. But until now you have not listened. 17 This is what the LORD says: By this you will know that I am the LORD: With the staff that is in my hand I will strike the water of the Nile, and it will be changed into blood. 18 The fish in the Nile will die, and the river will stink; the Egyptians will not
Read more

Jesus has prepared a place for you - A funeral sermon for Jim Hermann

Image
John 14:1-4 “Do not let your hearts be troubled. You believe in God; believe also in me.  2  My Father’s house has many rooms; if that were not so, would I have told you that I am going there to prepare a place for you? 3  And if I go and prepare a place for you, I will come back and take you to be with me that you also may be where I am.  4  You know the way to the place where I am going.” “In my Father’s house are many mansions: if it were not so, I would have told you. I go to prepare a place for you.” Did you catch the difference between what I read just now and what I read in the Gospel lesson? The Gospel lesson was from the NIV. The second verse I read was from the King James Version. If you’re older than 50, that’s the version of the Bible that you heard in church and learned in catechism class. But, even if you’re older younger than 50, you know about the mansions. “The mansions of heaven” is a term Christians use pretty often. Preachers say it, poets write it, people
Read more