Wills and Beneficiary Designation

Wills—a gift your family will remember

A will is a legal document, which declares how you wish your possessions to be disposed of after death.

Upon your death, your will is filed in probate court and it becomes a public record. Anyone can go to the Court House and obtain a copy of your filed will.

Personal Benefits of Leaving a Bequest to BBC&S in Your Will

• Your wishes, desires and advice are carefully carried out
• You save on estate and inheritance taxes
• You name your own executor to carry out your wishes
• Your assets go to the right people—no mistakes
• You specify the percentages you wish to give to people and ministries
• You save on expensive legal and probate expenese
• Your family is not disturbed with unnecessary details
• You can put God's word in your will and have the privilege of supporting God's work on earth long after you are in heaven
• In short, it is a way you can continue to provide for your family and the Lord's work, "If anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever." (1 Timothy 5:8)

The Charitable Bequest
The Charitable Bequest lets you express your support for ministry. In fact, the bequest is the most frequently utilized method for supporting charity in America. A bequest may take on a number of forms, including:

A specific dollar amount (Hometown Church to receive $1,000)
A percentage of the estate's residual value (Hometown Church to receive 20%)
A specific asset (Hometown Church to receive the grand piano)

Every bequest to ministry makes a mark that will last throughout eternity.

Testimony
Frequently Asked Questions

Beneficiary Designation—a smart way to leave a legacy
Like many Americans, you are aware that the accumulation of assets in your retirement plan is the basis for a financially secure future. To preserve your retirement assets after your lifetime, consider the benefits of using them in a totally different way. By naming BBC as a benficiary of your retirement plan, you avoid losing the value of your assets through taxation, while giving a gift that will make a difference for future ministry leaders.

IRAs & Retirement
In order to illustrate what can happen to traditional IRAs and Tax Deferred Retirement Plans, consider an individual with a qualified retirement plan totaling $1,000,000 at death. Unaware of the ultimate consequences, Mr. Smith has bequeathed his retirement plan funds directly to his children at his death.

What is often overlooked is the multiple taxation that may occur in a situation like this. It is clear that retirement planning incentives have been designed to create funds for retirement . . . and not as inheritance plans. (See Illustration 1)

You may have worked hard to secure your retirement years, but your IRA could be hit with taxes totaling as much as 75% or more at your death!