LEGACY GIVING
“For where your treasure is, there your heart will be also.”
– Matthew 6:19-21 NKJV –
“For where your treasure is, there your heart will be also.”
– Matthew 6:19-21 NKJV –
A Christ-centered financial plan helps you wisely steward what the Lord has entrusted to you. Biblical generosity produces “the fruit that increases to your credit” (Philippians 4:17 ESV), so you can effectively accomplish what God leads you to do on earth while laying up treasures in heaven. This is the process of building a Godly legacy.
A legacy plan starts with “today” and extends beyond your lifetime as your resources are used to help hurting people and share the Gospel with those who have never heard. Person by person, your legacy plan makes an eternal difference.
The resources provided here will help you. Our legacy planning team also stands ready to assist.
Please tell us more about yourself by visiting the Legacy Partner page.
That appointment awaits each person. An up-to-date Will can offer peace of mind as you put in place the plan for blessing your family and the ministries you love. Perhaps, the largest gift you’ll ever give can be prepared thoughtfully and managed efficiently. If you have young children, you’ll have a plan in place naming who will care for them.
It may not be as difficult as you think to get an up-to-date Will. Here are some resources and information to help you get started:
with some Bible-based tools such as the “Prayer of a Good and Faithful Servant.”
with easy tools you can download and resources that can help you get your Will done.
the peace that comes from having your plan in place and how you intend to bless your family and the ministries you love. The Legacy Love Letter and other helpful tools may be used to communicate with them.
“Unless the Lord builds the house, they labor in vain who build it” (Psalm 127:1 NKJV).
Pray & Read
Ask the Lord to inspire your heart and guide your steps with principles from His Word.
1 Timothy 5:8 reinforces the principle of responsibly providing for one’s family, following our heavenly Father’s example in caring for His children’s material, physical, emotional, and spiritual needs.
"He who troubles his own house will inherit the wind, And the fool will be servant to the wise of heart" (Proverbs 11:29, NKJV).
"An inheritance gained hastily at the beginning will not be blessed at the end" (Proverbs 20:21, NKJV).
"Then [the property owner] said, ‘I will do this: I will pull down my barns and build greater, and there I will store all my crops and my goods" (Luke 12:18, NKJV).
Now he who supplies seed to the sower and bread for food will also supply and increase your store of seed and will enlarge the harvest of your righteousness (2 Corinthians 9:10).
“In everything give thanks; for this is God’s will for you in Christ Jesus” (I Thessalonians 5:18). A steward’s heart is a thankful heart – cultivate gratitude for God’s big and small blessings, and rest on His promises during difficult times.
“Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy.” (1 Timothy 6:17). The only path to true peace is to put our trust in God, not our bank accounts or abilities.
“Keep your lives free from the love of money and be content with what you have...” (Hebrews 13:5). Contentment isn’t getting what we want - it’s trusting that God has provided what we need. Contentment comes when we tune out our culture’s relentless pursuit for more and fix our eyes on Jesus who supplies all our needs.
“These commandments that I give you today are to be upon your hearts. Impress them on your children. Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up” (Deuteronomy 6:6-7). Our children may fail to listen, but they often will imitate us.
“I can do everything through Christ who gives me strength” (Philippians 4:13). We can live on less than we make by the power of the Holy Spirit. Even if we have plenty to live on, our spending choices should line up with God’s Word, will, and the opportunities He gives us.
“Each one should use whatever gift he has received to serve others, faithfully administering God’s grace in its various forms” (1 Peter 4:10). Effective stewards see their time and talents as precious gifts and use them to bless others, advancing God’s kingdom.
“Honor the Lord with your wealth…” (Proverbs 3:9a). When we give, we demonstrate the depth of our loyalty to Christ and understanding of His grace. As our love grows, it pours from our lives in generosity and joyful giving to the things He cares about - during and after our lifetimes. How can we do this? By remembering to include the ministries we love in our Will. This practical way of “giving treasure” can extend our impact and effectiveness for generations to come.
When people start adding up the value of their home, life insurance, retirement accounts, and other property, they begin to see that even with a modest middle-class estate, a plan is needed that provides for their families and the ministries they love.
A Will can help reduce hassles and costs in the settling of your estate. Thoughtful planning with certain assets like retirement accounts can avoid taxes. This frees up more resources for your heirs and the Lord's work.
Without a Will, our law determines who gets your possessions, and a court will decide who manages the process. On the other hand, your Will names the representative you trust to manage the money and things God entrusted to you, making sure your legacy gifts go to those you desire to bless.
If you have minor or special-needs children, a Will allows you to name the guardian of your children and a Trustee of the assets to provide for the children. If a court is left to make these decisions for you, your spiritual values may be disregarded.
Your Will can be a powerful testimony to family, friends, and even legal and financial professionals. Including your spiritual "family" in your Will—namely your church and favorite Christian ministries such as Samaritan’s Purse Korea—is a wonderful way to express your values for generations to come!
“Your kingdom come, your will be done, on earth as it is in heaven” (Matthew 6:10 NKJV).
NOW IT’S TIME TO PREPARE YOUR PLAN AND GET THE HELP YOU NEED TO COMPLETE YOUR WILL.
You can save time and money when you go to the attorney’s office.
A qualified attorney is in the best position to know the laws of Korea and to advise you on how best to accomplish what you want to do. Many estate plans can avoid or reduce unnecessary taxes on other tax-deferred assets with a well-considered plan, especially if you include the Lord’s work in your plan. In Korea, probate can be expensive and time-consuming, and a living trust can be a good idea. Generally, a trust also is a good idea if you own real property in more than one area. There are numerous factors to consider, and a wise attorney can be very helpful.
Some people don’t have a Will because they are concerned about the attorney’s fee. It might be less than you think, and you should feel free to ask him or her for an estimate in advance. Think of this as an investment that will almost certainly pay a nice return in the future. You’ll have the peace of mind that your will or estate plan will be effective when the time comes. We have seen too many situations where folks saved money up-front by not using an attorney, but there were problems with the plan they left that created unnecessary costs and delays when the estate was administered
In front of two witnesses and an attorney, the purpose of the Will is stated and the notary takes notes and reads them. A testator and a witness shall sign or seal their own name after approving the accuracy of the notes. Notarization may prevent various disputes and allow the recipient of the will to exercise his/her rights. Minors, incompetents, quasi-incompetents, a recipient of the will, a spouse and testator’s children shall not be witnesses.
There is no legal requirement that a Will be drawn up by an attorney. Some people use fill-in-the-blank legal documents, computer programs, or online Will services to take care of basic concerns such as leaving their property to loved ones and naming a guardian for young children. However, there are a number of situations where it would be highly recommended to work with an attorney instead of trying to do it yourself:
• If you have significant assets.
• If you have a special-needs, disabled, or dependent adult child.
• If you’ve been divorced or re-married.
• If you think one of your heirs might contest your Will.
• If you own a business.
• If you are concerned about guardianship issues for minor children.
• If you’re raising grandchildren or stepchildren.
Here are some possible sources:
1: Your Pastor.
Your Pastor may know a qualified estate planning attorney. Even if he doesn’t know a Christian attorney, he can ask others for a referral because of his position.
2: A Friend or Business Acquaintance.
Accountants, bankers, insurance agents, business owners, realtors, and other trusted business people may be able to help you with a referral.
Here are the most common ways to significantly increase your ministry impact through your Will:
• Add “Ministry” to your family. Some families treat ministry organizations like an additional child. For example, if a family has three children, they might add a fourth child named “Ministry” and divide the assets in their Will into four equal parts. Each of their children would receive 25%, and the remaining 25% would be divided among their favorite ministry organizations.
• Tithe on your Estate. Other families commit a 10% tithe of their estate to the ministry organizations they love, dividing the remaining 90% among their heirs.
• Leave the remainder. Others prayerfully decide how much is wise to leave their loved ones, designating the rest of their assets to advance the Lord’s work here and around the world.
• Update an existing Will. An attorney can add, delete, or change an item in your Will with an additional statement called a “codicil.”
Like a Will, a codicil must be dated, signed, and witnessed.
“We will tell the next generation about the glorious deeds of the Lord, about his power and His mighty wonders.” (Psalm 78:4 NKJV).
AFTER YOUR WILL OR ESTATE PLAN IS WRITTEN AND SIGNED
Congratulations! You did it! What a great feeling to have your house in order and know that you have blessed your family and honored God with the resources He’s given to you.
There are other times in life where confusion needs to be replaced with clarity. Take your family, for example. If Mom and Dad pass away without a simple Estate Plan, they miss the opportunity to pass along their values and valuables to the next generation with clarity, opening the door for confusion to strain family relationships.
The good news is that our “God is not a God of confusion, but of peace” (1 Corinthians 14:33), and we can live in that truth by taking steps to show love to our families and the ministries we care about.
Some financial advisors recommend that you set up a special place (e.g., a “Legacy File”) where all the documents your family will need are in one place when the time comes. Your Legacy File could include:
• Financial statements
• Funeral instructions
• Insurance information
• List of your monthly bills
• Passwords
• Tax returns
• Will or Trust
• Other important documents (i.e. your birth certificate and Social Security card)
In addition to helping your family keep the peace by communicating your wishes for your valuables, you can also help the next generation carry on your values by including a Legacy Love Letter in your Legacy File. Though not a legal document, a Legacy Love Letter is a written blessing to your family where you can express:
• Beliefs and values about God, children, marriage, and money
• Life lessons passed down from previous generations
• Message of hope and encouragement for the future
• Favorite Bible verses that have been meaningful to you
By creating a Legacy File, you’ll provide your family with helpful tools they need to carry out your desires in an orderly and peaceful way.
A Legacy Love Letter (sometimes referred to as an “Ethical Will”) is a document that traces its origins to Genesis 49:1-33, when a dying Jacob gathered his sons to offer them his blessing.
Because a Legacy Love Letter is not a legal document, and is not made for the purpose of distributing assets, the content and form of your letter is up to you. Here are three themes you may wish to cover in your Legacy Love Letter:
• Beliefs and Values. What do you believe about God? What are your guiding principles when it comes to marriage, raising children, church and ministry, handling money, etc.?
• Life Lessons. What were some of the defining moments of your life, and what did you learn from them? What experiences and people are you most grateful for?
• Message of Hope. What are some of the most meaningful passages of Scripture to you? What message of hope and encouragement do you wish to leave to your family and friends?
Dear Children,
We came across a beautiful passage in our quiet time with the Lord recently in Psalm 16 that says, “The lines have fallen to me in pleasant places; yes, I have a good inheritance.” That verse prompted some heart-stirring conversations that we’d like to share with you.
We are so thankful for the “good inheritance” we have received from the Lord. As we grow older, we want each of you to know how much we love you and deeply appreciate the many ways you have enriched our lives. We’re especially pleased at the many evidences of the Lord’s blessings in your lives. And we want you to know that the greatest pleasure you could give us is to pass on to your children, as we have tried to do with you, that same commitment to live all of life motivated by love for God and neighbor.
We see our Will as an ongoing testimony of our love for the Lord and for you, and that is reflected in the way we have divided our estate among you and the ministries we love. We hope that when the time comes, someone would read Psalm 16, as an encouragement for our family to continue serving the Lord with gladness for generations to come.
We love you,
Mom and Dad
Make it easy for your loved ones to locate the documents they’ll need when the time comes with a Legacy File that includes the following:
• Duplicate Copy.
If you create a duplicate copy of your Legacy File for your executor and for a safe deposit box, you should provide contact and location information.
• Finances.
Provide a list of bank accounts, CDs, mutual funds, and other investments with institution names, account names, and account numbers.
• Funeral Instructions.
Provide details about your wishes for the funeral service, funeral home, & burial arrangements.
• Important Documents.
Create a “catch-all” file for all other important documents your family may need such as birth certificates, Social Security cards, titles, etc.
• Insurance.
Create a single file with all insurance information – including auto, home, life, health, disability, etc. List the company name, policy numbers, and contact information.
• Monthly Budget.
Include a copy of your monthly budget to help your family keep track of bills and run your household once you are gone.
• Passwords.
If you’re like most people, you have probably have a large and growing list of passwords, usernames, and PIN numbers for your bank accounts, websites, voicemail, and more. Make a list of these important access codes in a single file.
• Spiritual Will.
A Legacy Love Letter from you expressing your love for Christ and your family, and communicating your values, life lessons, and beliefs.
• Tax Returns.
It is recommended that you keep tax returns on file in the event that you are audited by the National Tax Service. This precaution will spare your family from a lot of unnecessary hassle if you are no longer around.
• Will.
A signed copy of your Will, including information about guardianship, beneficiaries, executor, power of attorney, financial accounts, and charitable interests.
An up-to-date Will is one of the best gifts you can leave for your loved ones and the ministries you love such as Samaritan’s Purse Korea. But for many, the journey has just begun! Here are other ways that friends of Samaritan’s Purse Korea have extended their impact for the cause of Christ:
Give non-cash assets (e.g., stocks, bonds, real estate) or cash assets to family members during life up to the annual gift-tax exemption amount to reduce the size of the estate. This is also a good way to begin sharing stewardship lessons with family members as you provide the gifts and observe/interact with them about making wise financial choices.
Designate your tax-deferred assets (e.g., retirement funds, variable annuities) directly to ministry organizations. These gifts are fully deductible in your estate and completely avoid income tax since the ministries are tax-exempt.
Create an estate plan by consulting with a qualified estate planning attorney.
Use advanced estate planning techniques. For example, you might consider using gift planning vehicles such as a Charitable Remainder Trust or a Charitable Lead Trust where you transfer assets into a trust. Contact our office for more information.
Reduced taxes. By donating non-cash assets first – rather than selling them first, paying taxes and giving the net proceeds– you typically receive a tax deduction for the full fair-market value of your gift, as well as avoid capital gains taxes.
More to ministry. The capital gains taxes you save from giving the asset directly to charity means more goes to support the work of Christian causes, instead of going to the government.
Create an estate plan by consulting with a qualified estate planning attorney.
Personal savings. Because you receive the full tax deduction for the fair-market value of the asset, you’ll see great savings on your personal income tax returns. This means more money stays in your pocket for your lifestyle expenses and additional giving.
NEXT STEPS IN YOUR JOURNEY
A Charitable Gift Annuity is a simple, secure arrangement that benefits Samaritan’s Purse Korea, provides an income to you and/or a loved one, and offers substantial tax benefits.
Did you know appreciated stocks, mutual funds, and bonds in a taxable investment portfolio can be transferred directly to Samaritan’s Purse Korea as taxwise gifts to support Kingdom work?
Did you know that Samaritan’s Purse Korea accepts gifts of personal property?
Properties that can be given to Samaritan’s Purse Korea include personal residences, vacation homes, commercial property or land.
With a little planning, the tax burden when liquidating appreciated assets—such as real estate—can usually be reduced or eliminated if you include charitable giving as part of the plan.
A charitable trust allows you to bless a ministry you care about while still providing an income for you or your heirs. With a charitable lead trust, money is paid first to the ministry of your choice for a specified amount of time. Then, at the end of the trust period, the balance goes to a designated beneficiary. A charitable remainder trust reverses that order, paying your heirs first.
One of the simplest ways to give real estate, stocks, mutual funds or commodities is through a Donor Advised Fund. This is an account you create with a local community foundation of your choice (or we can recommend) for the purpose of setting aside money or assets, receiving immediate tax benefits, and allowing you the flexibility to distribute gifts over time. It’s like having your own charitable giving account.
A Charitable Gift Annuity is a simple, secure arrangement that benefits Samaritan’s Purse Korea, provides an income to you and/or a loved one, and offers substantial tax benefits. If you are 60 years or older (or 65 for two individuals), make a gift of 1 billion KRW or more with cash or appreciated stocks (part of which is tax-deductible), and receive fixed annuity payments for life or for an agreed term. The remainder of your gift goes to support the work of Samaritan’s Purse Korea at the end of the annuitant(s) lifetime or at the end of the agreed term.
Samaritan’s Purse Korea offers four types of gift annuities: immediate payment, deferred, flexible deferred, and commuted. Payment rates will vary depending on the number of annuitants, the age of the annuitants, the gift date, and the date when payments begin. You may receive payments on an annual, semi-annual, quarterly, or monthly basis.
The information on this website is not intended as legal or tax advice. For such advice, please consult an independent attorney or tax advisor.
Did you know appreciated stocks, mutual funds, and bonds in a taxable investment portfolio can be transferred as gifts to support Kingdom work? Giving stocks (that you have held for more than one year) directly to a ministry provides a significant opportunity to avoid capital gains tax, receive a deduction at the full-market value of the securities, and simplify your giving. In fact, giving appreciated stock can be more beneficial than giving cash! Download our transfer instructions below to make this simple but tax-wise gift.
Most Korean brokerage firms are able to quickly and easily transfer your gift of stock or mutual funds to Samaritan’s Purse Korea electronically. When you call your broker to request the transfer of your gift, they will need the following information:
When you initiate a transfer with your broker, please contact Samaritan’s Purse Korea to provide the name of the stock / mutual fund, number of shares, your name and contact information so we may properly identify and acknowledge your gift. If you would like this gift to be designated for a specific project, please indicate that as well.
In some cases your stock or mutual funds might not be eligible to be transferred to Samaritan’s Purse Korea. Please contact Samaritan’s Purse Korea for special handling instructions to make this type of gift.
Did you know that Samaritan’s Purse Korea accepts gifts of personal property? Your personal property can become an investment in eternity by helping Samaritan’s Purse Korea deliver life-saving physical and spiritual relief in emergency situations.
If you have any questions, please call 02-2105-1864
or call 02-2105-1864.
The information on this website is not intended as legal or tax advice. For such advice, please consult an independent attorney or tax advisor.
An outright gift of real estate can be a major way to partner with Samaritan’s Purse Korea in providing help to hurting people in Jesus’ Name.
In many cases, appreciated real estate can be transferred to Samaritan’s Purse Korea as a tax-wise charitable gift.
The information on this website is not intended as legal or tax advice. For such advice, please consult an independent attorney or tax advisor.
Samaritan’s Purse Korea will consider gifts of residential and commercial real estate as well as undeveloped land. A due diligence process is required before acceptance of a real estate gift.
Most people when considering a gift to ministry look at their cash on hand, estimate the future need for that cash and give a portion that is generous within those confines. But cash is usually the smallest portion of their wealth. Assets such as investment portfolios, real estate and business interest often add up to more than 75% of a person’s wealth. The obstacle to using these appreciated assets is that an outright sale of the asset is often a tax-heavy event most people want to avoid.
With a little planning in advance, the tax burden when liquidating appreciated assets can usually be reduced or eliminated if you include charitable giving as part of the plan. An effective asset-based giving plan can capture tax you would pay on the sale of the asset and channel those dollars to ministry. Those gifts could be more than you ever thought possible, multiplying your impact for God’s kingdom.
The information on this website is not intended as legal or tax advice. For such advice, please consult an independent attorney or tax advisor.
Appreciated assets such as stocks, mutual funds, and real estate held for at least one year provide superior tax benefits when given to Samaritan’s Purse. The donor receives a charitable tax deduction for the gift, and also avoids tax on the long-term capital gain.
Often people are interested in making that type of charitable gift, but anticipate a need for additional income. One solution to consider is a Charitable Remainder Trust (CRT).
There are many variations of Charitable Remainder Trusts, and determining the best type for each situation requires expertise. Our legacy planning team can assist you and your professional advisors throughout the process.
Samaritan’s Purse Korea will consider gifts of residential and commercial real estate as well as undeveloped land. A due diligence process is required before acceptance of a real estate gift.
Make an Immediate Difference
You can meet some of our most pressing needs by donating cash. Plus:
• It’s easy to set up
• You potentially receive the maximum tax deduction
• You will see the immediate effects of your generosity
Create a Double Advantage
With a bargain sale, you sell real estate or other appreciated assets for less than fair market value to us.
The difference between the actual value and the sale price is the gift, for which you are eligible to receive tax benefits.
Protect Your Heir’s Inheritance
If your estate is at a taxable level, a Charitable Lead Trust is a powerful way to pass more to your heirs and make a gift to us. How it works:
1. You transfer assets into a lead trust
2. The trust pays us for a specified term
3. At the end of the term, the principal passes to your heirs with reduced tax liability
The information on this website is not intended as legal or tax advice. For such advice, please consult an independent attorney or tax advisor.
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Samaritan’s Purse Korea (614-82-03082)
CEO: Timothy Oh
13F, 47 Jong-ro, Jongno-gu, Seoul, Republic of Korea, 03160
Tel: 02-2105-1800
If you would like to make a donation via bank transfer, please contact us at 02-2105-1800 (ext. 1). (Business Hours: 9 AM – 5 PM / Office closed on weekends and public holidays) If you would like to make a donation through the website, please click the link below.
[Donate Now]
Email: [email protected]
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On behalf of Franklin Graham, thank you for your important partnership with Samaritan’s Purse Korea in reaching out to hurting people in the name of Jesus Christ.
When you include Samaritan’s Purse Korea in your Will or Trust we understand that you are responding to God’s guidance and direction for the future. He has put a plan in place that will use your gift to meet needs that may not be known today. Your faithfulness in making these plans is deeply appreciated and we pray will be part of your legacy.
Be encouraged that your legacy is one that shows a love for people and a huge desire to share the love of God with them. It is an eternal legacy; one that builds value in heaven where God himself will say one day “well done, good and faithful servant.”
