What is Estate Planning? Your estate consists of everything you own: your car, home, bank accounts, investments and personal possessions. The process of estate planning refers to the written plans you make to distribute what God has entrusted to you. By including American Bible Society in your estate plan, you have the opportunity to give a percentage, specific dollar amount, specific asset or the remaining balance of your estate to share God’s Word with the world.
Estate planning offers several valuable benefits, including:
- Reduced estate taxes
- Income tax deductions
- Lower taxes and probate fees for your family
- Ability to select the recipients of your assets
- Leaving a God-honoring legacy
- Making a life-changing impact through God’s Word
Estate planning may take advantage of several different tools:
Wills: Name American Bible Society as a beneficiary in your Will and impact future generations with your estate. But Wills do not avoid probate.
Living Trusts: Similar to a Will, but trusts generally avoid probate, and are more confidential.
Life Estate Reserved: Deed your home or farm to American Bible Society—and continue to live there. When you no longer need the real estate, American Bible Society will use the proceeds to share God’s Word around the world.
Give It Twice Trust: A “give it twice” trust may be funded when a surviving parent passes away. Part of your estate may be transferred directly to your children, and the balance is placed into your “give it twice” trust. The trust then pays income to your children over a specified term, usually a span of 20 years. When the total of all of the children’s income becomes equal to the original value, the amount left in the trust is transferred to American Bible Society. So your original trust value is given away twice—once to your children, and once to our ministry.