retirement funds
Giving from retirement funds can provide resources to meet stewardship goals as well as potentially significant tax savings. Baptist Mid-Missions can be named as the primary or contingent beneficiary of an amount, percentage, or remainder of qualified retirement account. Qualified accounts include IRAs, 401(k), or 403(b) accounts. Funds contributed in this way are not subject to federal income and estate tax.
If you have a revocable trust and the trust contains the appropriate language, the trust can be made the beneficiary of a retirement account. The trust can then use the funds from retirement accounts to fulfill charitable designations of the trust. This reduces both estate and income taxes.