Though not widely recognized, significant tax consequences are often associated with IRAs and other deferred benefit plans. Family members may have to pay federal, state, and estate taxes when IRA funds are distributed. This can be a significant tax liability. Due to these consequences, it is a tremendous advantage to consider listing Trinity and other charities as a beneficiaries. A charitable trust offers many options.
Charitable trusts make it possible to move assets into a trust.
Like an other gift, the donor always has the option to designate estate gifts in whatever manner they choose. This makes it clear to the school and to our auditors the purpose of the gift. Many of these kinds of gifts are designated to endowment. An endowment provides these funds to continue in perpetuity providing scholarships and other resources. It sounds complicated, but the key thing is to plan and seek the Lord s guidance for the stewardship of the resources with which you are blessed.