Bequests allow you to name Beargrass in your will or revocable living trust as a beneficiary. Your estate will receive an income tax deduction for the value of your bequest. A bequest written in a will or revocable living trust can be made for either a percentage or an amount.
Retirement Accounts such as your IRA, 401(k) or other qualified retirement plans, permit you to name Beargrass Christian Church as a beneficiary. Amounts remaining in your plan, free of income and estate tax, will transfer to Beargrass.
Life insurance policies afford you the opportunity to name Beargrass Christian Church as a beneficiary of part or all of your policy. You can also choose to make Beargrass the owner of a life insurance policy that is no longer needed. With the Church as the owner, you may receive a tax deduction for the amount of premiums you continue paying each year. If the policy is whole life, you may receive a tax deduction for the cash value amount immediately.
Qualified Charitable Distribution allows you to distribute directly from your IRA to Beargrass Christian Church up to $100,000 and exclude the contributed amount from your gross income for tax purposes if you are over 70-1/2 years old. This amount can be counted towards the IRA’s annual required minimum distribution.
Appreciated stocks and mutual funds are a great way to maximize your giving because you receive an immediate income tax deduction for the full fair market value of securities you transfer that you’ve held for at least one year. You also pay no capital gains tax on the difference between the fair market value and your cost.
Real estate gifts at the request of the donor may also be accepted, depending on the circumstances. You can maximize your tax savings by giving appreciated real estate to Beargrass Christian Church before the property is sold.