Scripture commands us to be good stewards of the resources God has so graciously given us. This includes using our money in a way that honors Him. Over the past few weeks we’ve been highlighting ways that you can plan to invest in God’s Kingdom with your resources. We hope you’ve found these blog posts and articles helpful and thought-provoking as you consider how you can create a lasting legacy for you and your family.
Now, many Americans plan for the future with Individual Retirement Accounts, or IRAs, because Social Security will only provide approximately 40% of the average person's retirement income. An IRA can be an essential supplement to a successful retirement. But did you know that you can also use your IRA to make an impact for eternity in God’s kingdom?
Here’s a hypothetical example that was supplied to me to illustrate how this works:
Thomas is a widower who loves Answers in Genesis because he’s directly benefited from our work of spreading the gospel and equipping believers to stand on the authority of God’s Word from the very first verse. Thomas wanted to thank us with a gift from his estate so that he could be a partner in proclaiming the absolute truth and authority of God’s Word through AiG.
Thomas told his attorney that he wished to make a bequest to AiG. His estate included some stocks, real estate, and an IRA. His attorney recommended that he give the appreciated stock and real estate to his children and leave his IRA to AiG. This was an excellent suggestion because the stock and real estate would receive a step-up in basis when he passed away and his children could then sell them without paying tax. But, if he gave the IRA to his children, it would be subject to estate and income tax and there would be little left after these taxes. By giving the IRA to a non-profit, Answers in Genesis, Thomas would be able to make an investment in eternity and avoid any additional tax for his estate and children.
Thomas contacted his IRA custodian to obtain a beneficiary designation form. He filled out the form and designated AiG as the 100% recipient of his IRA account. Thomas' attorney then specified in his will the bequest of his other assets to his children.
You can learn more about bequests and how you can create a lasting legacy at GenesisGift.org. When you give to Answers in Genesis, you are partnering with us to ensure that we are able to keep on doing what we’re doing: spreading the precious message of the gospel and providing solid answers to the questions of today’s age to a world that desperately needs to hear them.
Thanks for stopping by and thanks for praying,
This item was written with the assistance of AiG’s research team.