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Additional ways to support Open the Bible
We are grateful for your support of Open the Bible. In addition to mailing a check or giving online there are several other methods of support which may be beneficial for you.
IRA Rollover
Reduce Your Taxable Income
With an IRA charitable rollover gift you can help the ministries of Open the Bible this year and enjoy valuable tax and income benefits. If you are 70½ or older, you can roll over up to $100,000 from your IRA to charity without paying federal income tax (even better, if your gift qualifies for your required minimum distribution).
Lower Your Social Security Tax
Reducing your taxable income with an IRA rollover gift may also reduce the tax due on your social security payments.
Avoid IRS Tax Limits
IRA rollover gifts may be made over and above the normal cash gift limit.
Stock/Mutual Funds Gifts
Donating stock or mutual funds directly to Open the Bible allows for a federal tax deduction for the full value of the asset while avoiding capital gains taxes on any unrecognized gains. By contacting Open the Bible we can provide a form which will assist your investment advisor in completing the donation.
Charitable Remainder Trust (CRT) or Donor Advised Fund (DAF)
These two versatile giving tools can be used to help fulfill your philanthropic objectives and to help avoid capital gains on the sale of assets by transferring the assets (stocks and/or mutual funds) into the CRT or DAF and then making a donation to Open the Bible directly from either the CRT or DAF. Until the funds are donated they can continue to be invested taking advantage of investment growth opportunities.
Beneficiary Designations
Some assets are easier to give to ministry and don’t require a visit to your attorney to draft a will or trust. For example, you can name Open the Bible as a beneficiary of your retirement plan (IRA or 401k), investment account, or life insurance policy. Many plan administrators and financial services companies include forms online, which makes it easy for you to complete a change of beneficiary.
Charitable Bequests
A charitable bequest is one of the easiest gifts to make. It permits you to leave a lasting legacy and often provides valuable tax savings. A bequest is made through your will or trust and can establish your wishes today without relinquishing needed assets during your lifetime. You can create a bequest of any dollar amount, gift specific property, or designate a percentage of your estate in your will or trust plan. Please contact us to request sample language that your attorney may use in drafting a bequest to Open the Bible.
A charitable bequest is an easy way for you to sustain the ministry of Open the Bible in our work. This can benefit you in these ways:
- It costs you nothing today to make a bequest.
- A bequest is free of federal estate tax.
- Your bequest can be changed down the road.
- You can still benefit your heirs with specific gifts.
- You can leave a legacy of generosity through a bequest.
More Information
If you have any questions, please call 877-OPEN-365 or visit our contact page to send us a message.
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Campuses in Arlington Heights, Barrington, Itasca, Marengo, Northfield, and Vernon Hills.
Colin Smith
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