Tag Archive for: Grace of Giving 112023

A gift for family and ministry

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Joyce and Don Frisque

For Don and Joyce Frisque, supporting Christ’s gospel ministry is close to their hearts. Joyce served as a WELS teacher for over 35 years, and Don served as a WELS teacher for 6 years and as a school social worker for 31 years. Their two children, Deb and Paul, have also devoted their lives to ministry.

When the Frisques retired, they planned to thank the Lord for his goodness to them. “God has blessed us, and we want to pass those bless­ings on,” Joyce says. “We don’t need anything more for ourselves, so we are going to give it back where we can to the church.” They also wanted to share their blessings with their children and grandchildren.

The Frisques knew that funding a legacy gift from their individual retirement accounts (IRAs) could help them fulfill their giving goals, but they were searching for the right type of planned gift. When they met with WELS Christian Giving Counselor Rev. Tom Mielke, he explained the benefits of a legacy charitable remainder trust.

Don and Joyce were intrigued. A legacy charitable remainder trust (often called a “give it twice” trust) would allow them to support both the people and the ministries they love, in addi­tion to providing tax benefits.

After consideration, Don and Joyce set up a legacy charitable remainder trust, with WELS Foundation serving as trustee. When they are in heaven, their children will receive quarterly income payments from the trust for 15 years. After that, the remain­der will support the multiple WELS ministries that the Frisques have chosen.

Don and Joyce appreciated Rev. Mielke’s assis­tance and the ease of filling out a single form, the Letter of Instruction, to select the ministries that will benefit from their trust. Joyce also loves the fact that after Jesus calls them home the trust will support their family members and the Lord’s work.

“Everything we have been given has been entrusted to us, and we are responsible for managing it in a God-pleas­ing way,” says Don. “In this way we believe we are doing that.”

Learn more about legacy charitable remainder trusts by contacting your local WELS Christian giving counselor at 800-827-5482 or [email protected].

“Give it twice” through a legacy charitable remainder trust

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A legacy charitable remainder or “give it twice” trust is funded after both parents (or a single parent) go to be with the Lord. In addition to any immediate gifts to children or other heirs, a portion of the estate is placed into a trust that pays five percent each year to children for a term of up to 20 years. When the trust ends, the remaining assets are distributed to designated charitable beneficiaries, such as your church and/or synod.

BENEFITS

  • Provides for your heirs: Instead of leaving a one-time lump sum inheritance, you can provide an ongoing source of income for your heirs for up to 20 years.
  • Tax savings: Funding the legacy trust from a tax-deferred retirement account may provide additional tax benefits. Rather than having to distribute an inherited IRA within 10 years, the IRA can be used via beneficiary designation to fund a legacy charitable remainder trust with a 20-year payout period.
  • A gift to ministry: At the end of the payout period, the trust remainder is distributed to the ministry (or ministries) of your choosing. This charitable distribution can be made as a lump sum or used to fund an endowment—providing an ongoing source of support for your favorite WELS ministry.

The minimum gift amount for a legacy charitable remainder trust is $200,000 funded through your estate planning documents such as your will and beneficiary designations (for example, your IRA).

Legacy charitable remainder trust illustration

Learn more about legacy charitable remainder trusts by contacting your local WELS Christian giving counselor at 800-827-5482 or [email protected].

In this video, WELS Christian Giving Counselor Rev. Tom Mielke and WELS Foundation Executive Director Jim Holm talk about the basics and blessings of legacy charitable remainder trusts.

Did you know you can donate . . .

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. . . appreciated assets (stocks, bonds, mutual funds, real estate)?

Receive a double tax benefit when you give appreciated assets held longer than one year. First, you can deduct the full fair market value of the investment. Second, save by avoiding all tax on the capital gain.

. . . from your IRA?

Direct transfers from an IRA to charity (up to $105,000 per year) are free from federal and potentially state income tax for anyone 70.5 or older.

Want to learn more? A WELS Christian giving counselor can help you get started. If you are interested, call 800-827-5482 or e-mail [email protected].