Feb 19, 2013
Why do they call it rush hour when no one is moving?” a comedian once asked. None of us like being stuck in traffic. When we’re forced to wait in line, bumper-to-bumper with lots of other cars, we can quickly become frustrated and impatient. We may feel like the highway motorists in the cartoon who were all thinking, “If everyone else would just take the bus, I could be home by now!”
There’s another kind of “traffic jam” experienced by ministry-minded families like yours – a bottleneck of taxes against their hard-earned retirement assets. It happens when well-intentioned people name their heirs as beneficiaries of these assets, unaware that estate and income taxes can be as much as 70% on qualified retirement assets such as 401(k) accounts or IRAs.
The good news is that you can avoid this traffic jam when you name a Christian organization such as Bethany Christian Services as the beneficiary of all or part of your remaining retirement account balance. The full value will be received by Bethany Christian Services and these funds will not be subject to estate taxes. Because the funds were not passed on to heirs, they also avoid income taxes—freeing up the resources God has entrusted to you to get to their intended destination.
For the full version of this article, ask for a FREE copy of our special bulletin "Getting Where You Want to Go” by contacting us toll-free at 866.905.7526.