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While gifts of cash may be the most conventional method of supporting the ministry of Biblica (click here to give now), the organization also provides other ways to give that will often benefit you. Whether it is reducing your tax liabilities, getting you a fixed income, or planning for your family, there can be multiple benefits in giving assets other than cash.
Ways to Give
- Estate Planning
- Wills and Bequests
- Retirement Plan Assets
- Life Insurance
- Donor Advised Funds
- Real Estate
- Personal Property
- Charitable Lead Trust
- Retained Life Estate
- Charitable Gift Annuity
- Charitable Remainder Trust
If you would like to give an immediate cash gift, please click here.
Planning for the future is always a smart thing to do. This is especially true when making plans for the financial security of yourself, your loved ones and the lasting legacy you have in mind for the Kingdom of God.
Most people think that they don’t have enough money to need an estate plan, but that is not true. Estate planning is one of the most important things you can do for your family and for the charities you love, and it includes tax benefits. It an investment of time and thought that can add to your financial and biblical stewardship.
Wills and Bequests
Including Biblica through a bequest in your Will is one of the easiest ways to leave a lasting legacy. It’s a simple designation that can be added to plans for how your property and assets will be distributed after you are gone.
To include Biblica in your Will, Revocable Living Trust, or as a beneficiary of life insurance, retirement or other financial account, please list us as “Biblica, Inc., Colorado Springs, Colorado.” Biblica, Inc. is our legal name. If you include Biblica in your estate plan, please make sure to inform us so that we can thank you properly.
The advantages of providing a gift through a Will or Revocable Living Trust are:
- Revocable to meet the changing needs of life
- No impact on your current cash flow
- Provides a lasting legacy
- Easy to do through a specific amount or percentage of your assets
- If done properly, it helps avoid income taxes for loved ones receiving certain types of assets as inheritance
- Reduces estate tax if your assets reach the estate tax threshold.
Gifts of Stock
Transferring appreciated stocks, bonds, or mutual funds to Biblica is a fast and easy way to give and is more beneficial than giving an equal amount of cash. These gifts qualify for a federal income tax charitable deduction for the full, appreciated value and avoid capital gains tax on the transaction.
Transfer the securities directly to Biblica’s account by using our Charles Schwab DTC number (Depository Trust Company) and account number below:
DTC number: 0164
Account number: 1907-9044
Please inform us once the transfer is made because your name will not be on the transfer and we will not know who gave it. Do not sell the stocks yourself and then give the proceeds to Biblica because you will lose some of the tax advantages if you do so. Please consult your financial or tax advisor for advice and tax deductions.
Stocks, bonds or mutual funds given to Biblica will be sold immediately and the proceeds used for Biblica’s Global Ministries Fund.
The advantages of a gift of stock are:
- Better than giving an equal amount of cash because the cash in your checking account has already been taxed
- Avoids capital gains taxes on the appreciated value
- Qualifies for a charitable income tax deduction for the full fair market value
- Enjoy seeing the immediate benefit on charity
IRA – Charitable IRA Rollover
If you have an IRA (Individual Retirement Account) and you are over the age of 70.5 years you are required to take a Required Minimum Distribution (RMD). This must be claimed on your taxes as income. The RMD can in part or in whole be given to charity through the Charitable IRA Rollover. There are certain benefits like avoiding reporting the withdrawn amount as income during the year. The rollover must be a direct transfer from the IRA account through the administrator to the charity for the donor to avoid claiming the withdrawal as income. These gifts are limited to $100,000 per calendar year.
Alternatively, you can designate part or all of the remaining value of an IRA to charity upon death. See more details in the Gifts of Retirement Plan Assets section below.
If you would like to give Biblica an IRA Charitable Rollover please contact your tax advisor to understand any impact on your income taxes and contact your IRA administrator to initiate the transfer to “Biblica, Inc.” or the other charities you desire to help. Biblica, Inc.’s Tax ID number is 84-1194554.
The advantages of making an IRA Charitable Rollover gift are:
- See the impact of your gift on charity now
- Avoid income tax on the RMD or other gifts made in this way
Gifts of Retirement Plan Assets
Giving qualified retirement plan assets at death is easy and tax-wise. Since retirement plans like the traditional IRA or 401(k) are funded with pre-tax contributions from yourself or your employer and grow in value tax-free over time, any withdrawals are taxable as income. This is true during retirement or upon death to loved ones receiving such assets as inheritance. Therefore, this asset makes a great source for charitable giving at the end of life—since charities can receive the amounts tax-free.
If you would like to make this type of gift to Biblica or your other favorite charities at death, an easy method is to list Biblica as a pay-on-death beneficiary of the traditional IRA or 401(k). The gift can be for a portion or the entire account balance as you wish. Simply list Biblica as “Biblica, Inc.” with our Tax ID number 84-1194554.
The advantages of giving Retirement Plan Assets at death are:
- Easy to accomplish-list charity on the beneficiary form
- Revocable if your needs or desires change
- Does not affect your cash flow now
- Creates a meaningful legacy to charity
- Gifts your annual RMD are possible now—see the Charitable IRA Rollover section above
Term or Whole Life Insurance can be an extraordinary gift to charity. It’s as easy as naming the charity as the beneficiary or as one of the beneficiaries.
If the charity is only named as a beneficiary upon death, there is no immediate tax deduction for you now. If your estate faces estate tax in the future, the charitable gift could help lessen any estate tax burden for the heirs when the estate is passed on. Beneficiaries can be revoked or changed if your circumstances change.
An alternative that produces an immediate tax deduction is naming charity irrevocably as owner and beneficiary of a permanent policy. If handled properly, future premiums you pay will be tax deductible as well.
If you would like to list Biblica as a beneficiary, contact your insurance company for a beneficiary change form. List Biblica as “Biblica, Inc.” on any designations or as beneficiary. You should also consult with your legal or tax advisor if you have questions about your unique situation.
The advantages giving a life insurance policy or making charity a beneficiary at death are:
- Does not affect cash flow now
- Leaves a legacy to charity
- It’s easy
- Percentage can be given to charity
- Revocable if needs or desires change
- Immediate tax deduction if the charity is made the irrevocable owner and beneficiary of the policy.
Donor Advised Fund
Funds can be set aside strategically and specifically to benefit charity and to manage income and capital gains taxes now through the Donor Advised Fund (DAF). Distribution of the funds can take place now or purposefully over many years.
The fund’s balance can be added to at any time and is invested according to the priorities set for the fund. Gifts from the fund can be distributed at any time to Gospel honoring charities. At the conclusion of the fund the remainder is given to designated charities according to your wishes.
If you set up a DAF, you are no longer the owner of the funds, so you receive an immediate tax deduction for the gift. This is particularly helpful with taxes if you have a major liquidity event: bonuses, sale of a business, appreciated securities or land, etc.
Biblica’s Donor Advised Fund ministry partner, Waterstone, can help you start and manage your Donor Advised Fund. Biblica requires that at least 10% of the distributions be made to Biblica and all other beneficiaries are non-profit Christian organizations that align with biblical principles.
The advantages of a Donor Advised Fund are:
- Enables perpetuating legacy gifts to charitable organizations over time that grows
- Builds a much larger gift than a one-time cash gift
- Advise where and when distributions to charities are made
- Receive immediate tax advantages on the year the gift is placed into the fund and can be spread over the next few years.
Gifts of Real Estate
Homes, buildings, or land can be an extraordinary gift to charity that help avoid taxes on appreciated value. The donor gives a portion or all of the real estate to the charity who usually sells it immediately unless it can be used to fulfill the mission of the organization.
Donors avoid capital gains taxes and can take a tax deduction on appreciated property.
There are lots of variations with gifts of real estate. Variations include transferring the title to a charity but continue to use it during your lifetime, see Retained Life Estate section below, selling to a charity for a discounted price, or funding a life income agreement where we you or loved ones receive a stream of income. See the Gifts That Pay You Income section later on this page.
Receiving gifts of real estate by Biblica are subject to Biblica’s gift acceptance policies and the situation.
The advantages of gifts of real estate are:
- Freedom from maintaining the property or bothering with selling it
- Does not affect your cash flow
- Immediate benefit to charity
- Avoiding taxes on appreciated assets in addition to a tax deduction.
Retained Life Estate
You can donate a residence or farm to charity now and enjoy it for the remainder of your life with the property transferring to the charity when you pass away. This kind of gift is generally made with a second home or vacation property. An agreement is signed with the charity that addresses responsibilities for the property until the property passes to the charity.
There is an immediate tax deduction for the present value of the future gift. We would be glad to talk with you about this type of gift. Contact Biblica Planned Giving by email or by phone at 800-987-3595. As with any planned gift, you should talk with your tax and financial advisor to best understand the impact on your unique situation.
The advantages of a Retained Life Estate gift are
- Continue to enjoy the home during the duration of your life
- Enjoy tax advantages now and avoid taxes later
- Leaves a legacy for the charity.
Gifts That Pay You Income
Charitable Gift Annuity
Gift annuities are a donation of cash or stock to a charitable organization in exchange for a fixed stream of payments for life. The payments can start within the first year or be deferred for several years. The gift annuity can benefit a single person or two people like spouses, a parent and child or some similar variation.
The Charitable Gift Annuity provides a charitable deduction for part of the amount used to establish the agreement. A portion of the annual payment is tax-free typically for many years. If an appreciated asset funds the gift annuity, part of the capital gains is avoided with the portion that must be spread over the donor/annuitant’s life expectancy.
Gift annuity rates are based on the age of the gift annuitant(s), with higher rates being paid out to people who are older. Biblica offers the rates determined by the American Council on Gift Annuities (ACGA) www.acga-web.org. Biblica can help you set up a Charitable Gift Annuity with $1,000 or more. Contact us at Biblica Planned Giving, by email or calling 800-987-3595.
Charitable Gift Annuities are the most popular of life-income gifts. The donor receives charitable tax deductions based on the way the agreement is funded. Please consult with your legal or tax advisor to understand how in your unique situation.
The advantages of a Charitable Gift Annuity are:
- Immediate tax deduction on the gift
- Receive a regular fixed payout that is mostly tax free as an income for the rest of your life or a loved one can receive a regular fixed payout for a set amount of time
- Remaining assets pass on to the charity.
Charitable Remainder Trust
This trust is created by a gift from a donor to a trustee, someone who understands the wishes and goals of the donor, pays income to certain beneficiaries and ultimately benefits charity with a future gift of the trust principal. The funding asset is sold by the trustee with the proceeds put into an investment account. Income beneficiaries, the donor or heirs, receive regular payouts from the trust. These regular payments fluctuate with the market but grow as the market grows. Additional tax-deductible gifts can be made by the donor to the trust along the way.
Trusts can be set by a term of years or for the lives of the income beneficiaries. When the trust expires the remainder is left to one or more charities.
There are different kinds of Charitable Remainder Trusts depending on the desires and goals of the donor. Donors receive a charitable tax deduction based on the fair market value of the asset that funds the trust. Capital gains taxes on the appreciated value are avoided on the transfer and sale of the asset by the trust. Charitable Remainder Trusts are the most flexible of the life-income gifts.
Biblica can help you set up a Charitable Remainder Trust and act as the trustee with assets of $50,000 or more. All charities who share in the future gift of trust principal must be Christian ministries. Contact us at Biblica Planned Giving, by email or calling 800-987-3595.
To best understand the implications of the Charitable Remainder Trust on your situation, please consult with your legal or tax advisor.
The advantages of a Charitable Remainder Trust are:
- Immediate tax deduction on the gift
- Regular payments are made to the donor and loved ones that are tax free over the life of the trust
- Investment strategy can be changed over time; i.e. more aggressive earlier on and conservative later
- Payments are subject to market fluctuation but generally grow over time
- The trust remainder benefits one or more charities
Cars, boats, homes, intellectual property, stocks are all types of personal property that can be donated to charity when you no longer want to insure or maintain them. Please talk to us about specific personal property you would like to donate as Biblica’s policies and federal laws that govern these gifts are varied. Also, please speak to your tax or financial advisor for benefits and restrictions. Contact us at Biblica Planned Giving, by email or calling 800-987-3595.
Gifts That Protect Your Assets
Charitable Lead Trust
The Charitable Lead Trust is started by a gift from a donor during life or through an estate plan that are put into an investment account and provides regular payouts to one or more designated charities from the growth of the investment over a designated time. The current rate is 3.4%. These regular payouts fluctuate with the market that will grow as the market grows. At the conclusion of the trust the principle of the gift, or remainder, returns to the donor or their heirs.
The Lead Trust is best at benefiting charity with a stream of income while delivering trust principal to family at low or zero gift tax. It can also help reduce or eliminate estate tax. Please speak to your tax or financial advisor.
Biblica can help you set up a Charitable Lead Trust with a minimum of $25,000 and all charity distributions benefiting Christian ministries. Contact us at Biblica Planned Giving, by email or calling 800-987-3595.
The advantages of a Charitable Lead Trust are:
- Immediate donation to charity
- Removes taxable assets from an estate
- Trust remainder will eventually return to the donor or their heirs after years of charitable donations from investment earnings.