As a donor-dependent Bible-teaching ministry, Insight for Living is grateful for our faithful financial supporters who generously share a portion of their God-given wealth with us in order to proclaim God’s Word all across the world. Some of our financial partners have turned to simple and effective charitable-giving methods as a way to support causes they believe in. We explain some of these methods below in case you’re in a position to take advantage of them as well.
Donor-Advised Fund (DAF)
A Donor-Advised Fund is an easy-to-establish, flexible vehicle for charitable giving. When you establish a DAF through a fund provider, you can receive an income tax deduction in the year you make contributions. A DAF enables you to spread and schedule your charitable giving over time. In this way, your DAF functions like a personal charitable checking account.
Qualified Charitable Distribution (QCD)
You can transfer funds from your individual retirement account (IRA) directly to Insight for Living. This is an effective way to have an immediate impact and ensure that Insight will continue to impact the world for generations to come. Here’s how it works:
- You must be 70 ½ or older.
- An individual may transfer up to a total of $105,000 per year and a married couple may give up to $210,000.
- An individual may take a one-time QCD up to $53,000 to fund a charitable gift annuity (CGA) or charitable remainder trust (CRT).
- Your gift must be transferred directly from the IRA account to Insight for Living.
- Your gift is a transfer of funds from your IRA to Insight for Living so it does not create taxable income for you and is not considered a charitable tax deduction.
- If you are 73 and older, the transfer of funds counts towards your annual Required Minimum Distribution from your IRA.
Estate Gifts
Making a legacy gift in your will or trust is one of the easiest ways to make a lasting impact. Once you have provided for your loved ones, we hope you will consider making our shared mission of evangelism part of your legacy through an estate gift.
There are four simple “no-cost-now” ways to give in your will:
- General gift: Leaves a donation of a stated sum of money to IFL in your will or living trust.
- Residual gift: Leaves what is left over after all debts, taxes, and other expenses have been paid.
- Specific gift: Leaves a specific percentage or fraction of the total value of the estate.
- Contingent gift: Leaves a stated amount or share only if a spouse, family member, or other heir/beneficiary does not live longer than you. In other words, your gift is contingent upon whether or not they survive after you.
You can mix these “no-cost-now” ways together. For example, you might consider leaving a specific percentage (such as 50%) of the residual to IFL contingent upon the survival of your spouse.
Legacy Gifts by Beneficiary Designation
It’s easy to add IFL as the beneficiary of bank accounts, retirement funds, savings bonds, and more to ensure that solid biblical teaching is available for generations to come—and it costs you nothing now.
For more information on how to use your wealth to create an eternal impact, please email EstatePlanning@Insight.org or call 888-272-1640.
The content found on this site is for informational purposes only. It should not be relied upon as legal, tax, accounting or other professional advice. To determine how a gift or estate planning decision might affect your specific circumstances, it is recommended that you consult an attorney, financial advisor or other qualified professional.
