Fund the work you believe in with an IRA Charitable Rollover

baptist mission

Fund the work you believe in with an IRA Charitable Rollover

by Rev. Bill Gruenewald

Save on taxes by funding Kingdom work

The best way to maximize most retirement accounts, like a traditional IRA, is to allow it to mature and accumulate earnings. However, at age 72 it is mandatory for a person to take a Required Minimum Distribution (RMD), which is taxable.

The best way to avoid these high taxes on your Required Minimum Distribution is to donate your RMD to a qualified charity that you trust.

This activity is called an IRA charitable rollover.

The Tennessee Baptist Foundation’s expert team can serve you and your financial planner by establishing a charitable rollover that will fund work worthy of your finances while you save on taxes.

You can invest in a foundation that includes church evangelism projects, college and seminary scholarships, and endowment funding for churches and associations across our state.

What is an IRA Charitable Rollover?

Traditional IRAs now require you to make RMDs once you reach age 72. Because you did not pay federal income tax when you contributed the money to your account, you need to pay tax when you withdraw it. However, you can avoid the tax on that distribution by making a donation directly from your IRA to your church or any charity. That’s an IRA “charitable rollover,” and is also called a qualified charitable distribution (QCD). 

So instead of paying tax on that money, it goes directly to a cause you believe in. This also has can reduce the impact of some tax credits and deductions like Social Security and Medicare.

The IRA Charitable Rollover was first made available as part of The Pension Protection Act of 2006 (PPA) and was permanently extended in December 2015.

How Qualified Charitable Distributions Work

You must be at least 70 ½  years old to make a QCD, and the maximum annual exclusion for QCDs is $100,000. You can deduct up to $100,000 in charitable contributions from your income taxes. If you file a joint return, you and your spouse each have a $100,000 exclusion limit. You will need to pay income tax on any distributions above the exclusion limit. Note also that it is possible for a QCD to cover your entire RMD.

The donation must be made directly from your IRA to a qualified charity. The money never touches any other of your personal accounts. A charity can qualify for a tax-deductible, qualified charitable distribution if it is a 501(c)(3) organization. Private foundations, donor-advised funds and supporting organizations do not qualify.

How is the QCD Reported on Your Taxes?

You will report a QCD the same way you would report a normal distribution from your IRA. Use Form 1099-R for the tax year that you made the distribution

On your Form 1040, report the total amount of the QCD on the line for IRA distributions. If the amount covered your entire RMD, enter a zero on the line asking for the taxable amount.

If you made a QCD but it did not cover your entire RMD, you will need to make an additional distribution. You will need to file Form 8606, Nondeductible IRAs, to report showing that you made this additional distribution.

In Summary

A QCD, also called an IRA charitable rollover, allows you to lower your tax bill if you contribute money directly from your traditional IRA to a charity. The charity needs to be a 501(c)(3) organization, and you can deduct up to a limit of $100,000. You have the same personal limit if filing a joint return. You will need Form 1099-R to report this distribution. You will also need to file Form 8606 if your QCD doesn’t cover your entire RMD.

The Tennessee Baptist Foundation team will give expert and easy-to-follow hands-on assistance in setting up your charitable rollovers that will continue to fund outreaches throughout communities across our beautiful state.


Ready to get started?

You can reach us via phone at (615) 371-2029, email us at tbf@tnbaptist.org, or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any trans

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

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Should You Set Up a Charitable Remainder Trust?

Should You Set Up a Charitable Remainder Trust? [2022 Update]

By Rev. Bill Gruenewald

If you are interested in supporting a charity or cause with your assets after you pass, there are several ways to do it, but a charitable remainder trust (CRT) can be uniquely beneficial. It takes a bit more complex planning than other trusts, but it has the distinct ability to not only support a charity (like a Baptist cause), but also guarantee income for you/your family for a season and earn a tax deduction all at once. 

What is a charitable remainder trust?

A CRT is an irrevocable trust created by a donor whereby the donor or other individuals (usually a spouse or other family members) receive income for a certain period of time from the trust, and when that time has passed, the trust terminates and the remaining funds in the trust create a memorial fund to provide income that is paid to a charity. 

Who should consider creating a charitable remainder trust?

Suppose you’re interested in helping support a charitable cause and you have an appreciated asset or retirement asset that could be used to make a gift to the charity. In this case, a CRT might be a wise decision for you. 

How does a CRT help with taxes?

With the two types of assets mentioned above, if you were to sell or access them yourself, you could incur substantial tax obligations. A CRT helps address these taxation issues. First, the donor can shift the taxable consequences for selling the appreciated asset or accessing retirement funds to the CRT (which pays no taxes). 

For example, if you own an asset on a low-cost basis (such as stocks, bonds, mutual funds, real estate, etc.) and sell it outright, you would realize a capital gain in the year of the sale. However, the same low-basis asset can be gifted to a CRT. 

Even if the CRT sells the asset as soon as it is received, no capital gains are realized by the trust immediately. They are instead spread over a number of years to the people receiving income from the CRT. 

Thus, when the donor begins receiving income from the trust after the gift, he or she has effectively converted a taxable asset to an income stream for him/herself without having to pay the full capital gains tax bill in one year. 

Additionally, using retirement accounts (IRAs, 401(k)s, 403(b)s, etc.) to fund a CRT after a donor’s death can be a tax-efficient way of making the initial gift into the CRT. While an individual who receives money from a retirement account has to include all retirement distributions in their ordinary income in that tax year, a CRT does not realize the same tax obligation.

Thus, a retirement account can be fully paid out to a CRT in a lump sum without recognizing this usually large income tax bill. The beneficiaries then begin receiving income from the trust, only paying income tax on the distributions they receive in a particular tax year.

This strategy can be particularly effective when a donor wishes to provide income to family members after his or her death while still ensuring that the charity receives a benefit in the future from his or her retirement assets. 

Secondly, while it is true that the income paid from a CRT to a recipient is taxable, the exact taxation is calculated based on a tiered system. Without going into full detail on the system, the bottom line is that using the calculation usually softens the income tax impact on the individual receiving income because each dollar received is taxed according to the type of income to which it is attributed (i.e. capital gains, ordinary income, tax-free income, etc.).

Some income tax classes are taxed more favorably than others. The full impact of taxation on the beneficiary will depend on the assets used to fund the CRT, how assets within the trust are sold, and the type of income the CRT earns each year. For most, however, the tiered system gives a more favorable result when it comes to individual taxation. 

Finally, in the year of the gift, the donor gets the added benefit of a possible tax deduction. This can be especially useful if the donor has been blessed with a higher income in a particular year.

What kinds of CRTs are there?

There are two main types of CRTs when it comes to structure: the Charitable Remainder Annuity Trust (CRAT) and the Charitable Remainder Unitrust (CRUT). The primary difference between these two CRTs is how the income distributed to the persons is calculated. 

In a CRAT, the beneficiaries receive a fixed amount each year, while with a CRUT, the beneficiaries receive a fixed percentage of the assets held in the trust. The best method for payout depends on the unique situation that the donor is trying to address. 

A CRT is a sophisticated strategy, and as you might imagine, there are particular rules that must be closely followed from beginning to end. However, for the suitable donor, the CRT may be a perfect solution, accomplishing many long-term benefits at the same time.


Want to know more?

You can reach us via phone at (615) 371-2029 or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

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Christian Estate Planning – Why is it so important?

The Importance of Christian Estate Planning

By Rev. Bill Gruenewald, President-Treasurer

An estate plan is an essential preparation everyone must have. But what does it mean to create one rooted in your faith? There are many benefits to Christian estate planning, but I believe there are three foundational reasons why every believer should spend the time to diligently create an estate plan that will benefit both the loved ones they leave behind and the Kingdom.

  1. Everyone has assets that must be distributed at death
  2. It is an act of biblical stewardship
  3. It is a way for Christians to leave a legacy after they’re gone

1. Christian Estate Planning Starts With A Distribution of Assets

No matter your economic level, when you leave this life, the assets you have accumulated must be distributed somewhere. You might’ve heard the saying, “I have never seen a hearse pulling a U-Haul!” That is the reality. We do not take the material things of this life with us to Heaven. 

That being said, we all need to make provisions to pass along the possessions we have. While one might think they do not have very much, once you start listing all your assets on a sheet of paper, most will soon realize they have more than they thought. There are some assets that will be distributed based on the titling of the asset or beneficiary designation, like real estate, life insurance, and retirement accounts. 

An Estate Plan Starts with a Last Will and Testament

Beyond the aforementioned assets, a Last Will and Testament is the best and most common way to distribute the majority of your possessions. If you die without a Will, the State of Tennessee will determine how your assets will be given away. So, it behooves all of us to have our own plan in place.  

If you’d like to learn more about Last Will and Testaments, how they work, and how to make one, click here to read our article on the subject.

Everyone has an estate, but not everyone has a plan!

Tennessee Baptist Foundation

2. A Faith-based Estate Plan is an Act of Stewardship

The Bible contains over 2,000 verses related to money and stewardship. The Holman Bible Dictionary defines stewardship as: Utilizing and managing all resources God provides for the glory of God and the betterment of His creation.

One of the key words in this definition is managing. That is what the word stewardship means. We are the managers of the resources God has given us. Every believer in Christ must understand the principle that God owns everything. Psalm 24:1 states, “The earth is the Lord’s, and the fulness thereof; the world, and they that dwell therein.” (KJV) A good manager will make provisions for things that are under his care. That does not stop at death. To be a faithful manager we must make plans to pass along the assets under our care so that they can be used to help others and proclaim the gospel of Jesus Christ. We all must be faithful stewards of our resources!

3. An Estate Plan Leaves a Legacy of Faithfulness

What do you want to be remembered for? I think it is intrinsic in all of us to leave some legacy to our family and friends. One of the great opportunities we have as Christians is to leave something from our estate that will take the gospel to the next generation. The Tennessee Baptist Foundation is available to help any Tennessee Baptist learn how they can take care of their family and bless the next generation with a faith-based estate plan. Psalm 145:4 states, “One generation shall praise thy works to another, and shall declare thy mighty acts.” (KJV) What greater way to help the next generation than leaving resources for them to proclaim the cause of Christ?

 It’s your faith and your legacy! Give us a call. Let us help you leave that legacy.


Ready to get started?

You can reach us via phone at (615) 371-2029 or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

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10 for Tenn | An investment with eternal impact

10 for Tennessee Logo

Forever Impact God’s Kingdom Through “10 for Tenn”

By Rev. Bill Gruenewald, President-Treasurer

Since 1938, the Tennessee Baptist Foundation has been working to ensure that Baptist Churches in Tennessee are equipped to do the work of the Kingdom. Through the generosity of committed believers like you, we have been able to support churches, fund mission efforts, start new churches and create scholarships, and bring glory to God through the work of His people. 

But we want to do even more.

And by God’s grace, we believe the Lord will multiply His Kingdom through an impactful initiative called 10 FOR TENN. See the infographic below to understand just how far a small estate gift can go, or download the PDF here.

Download the 10 for Tenn infographic HERE

Throughout scripture, God challenges us to follow His example and give generously because he wants us to receive the blessing that comes through it. But most people don’t know that they can also honor God with their giving through estate planning. 

Though it is common for Christians to give to their churches throughout their lifetime, only 6% of Americans leave gifts to the church in their estate. 

This is mostly because they don’t know they can or they don’t know how to do it. In fact, 6 out of 10 Americans don’t even have a Last Will and Testament, leaving their estate to the decisions of others.

That’s where the Tennessee Baptist Foundation comes in. We’ll guide you through the process of adding a legacy gift of 10% to your will that will ensure you’re investing in the future of sharing Christ in Tennessee. We can also help you plan the remaining 90% so that your family is taken care of.

When you leave a legacy gift with the Tennessee Baptist Foundation, you are sowing a seed of investment that will reap unimaginable rewards. Consider the story of the mustard seed — the smallest of all seeds. Despite its size, with many years of proper tending it will grow to be a great tree, able to provide protection and nutrients to all of God’s earth.

With our tending, your legacy gift will grow exponentially into the future, providing the resources to do the work of the Kingdom for generations to come. Imagine the everlasting impact your gift could have on the Kingdom! 

Imagine what the Lord might do through your gift. Souls will be saved. The Kingdom of God will be preached and lives will be changed forever. Give us a call at (615) 371-2029 to learn more about how you can start your investment today!


Ready to get started?

You can reach us via phone at (615) 371-2029 or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

Learn More

Christian Estate Planning: Create a Legacy Giving Ministry

Tennessee church illustration

Create a Legacy Giving Ministry to Provide Long-term Benefits

By Rev. Bill Gruenewald, President-Treasurer

Churches are called to reach the lost and disciple believers to live out the Gospel. Stewardship is an aspect of discipleship that encompasses how we manage the resources God gives to us for His Kingdom. Most people think that stewardship only focuses on the tithe, but it includes so much more. Planned Giving (or Legacy Giving) through Estate Planning is an important part of stewardship that is often neglected.

Christian Estate Planning—also known as a Planned Giving Ministry—can provide resources for years to come if your congregation clearly understands the model.

However, there are some things to consider:

1. Be Proactive

The 2019 Millennial Wealth Report from WealthEngine stated that Baby Boomers are expected to pass $68 trillion in assets to the next generation by 2030. This will pass primarily through wills and trusts, but the church could be overlooked if they are not named as beneficiaries in the donor’s documents. Colleges, hospitals, and other philanthropic endeavors are often included, but if the local church is not proactive in seeking these gifts, it will be a missed opportunity.

Statistics show that 60-70% of people do not have a will or trust in place. That is 7 out every 10 people in your church! While many of these people give their tithe regularly, that often doesn’t carry over to estate gifts. The Stanford Social Innovation Review reports that fewer than 6% of Americans include a charitable bequest in their estate plan. Why is this? Most people do not know how to give through their estate plan and they are not asked.

The key takeaway here is to proactively talk about Legacy Giving so church members understand what it is and how to make a gift through their estate.

2. Make it a Ministry of Stewardship 

Most churches spend some resources in equipping members to understand Christian financial planning for debt and household budgets. But many leave the more complex topic of estate planning to the individuals to do on their own. Most people think it is too difficult and neglect the opportunity.

Without proper estate planning, higher court costs leave less to give to family or the church. The church can help members understand how to be good stewards through the strategic allocation of their assets. With the right guidance, estate planning can be less formidable and made easier. That is where the Tennessee Baptist Foundation (TBF) comes in. We will work closely with churches to develop a Legacy Ministry and with individuals to help them get their estate plans complete. When churches team with the TBF, it’s a win-win!  

We have a great resource for churches: 6 Reasons Estate Planning Conversations Should Start in the Church. Download the ebook today to learn more about this topic.

Empower your church to make a Kingdom impact through their estates. The TBF is ready to help your church enhance your ministry through Planned Giving. Give us a call at (615) 371-2029 and we can get started today!

6 reasons estate planning conversations should start in the church
Click here to download our free ebook!

Ready to get started?

You can reach us via phone at (615) 371-2029 or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

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Investing Involves More Than Dollars & Cents at the TBF

students at graduation

Investing Involves More Than Dollars & Cents at the TBF

by Rev. Bill Gruenewald, President-Treasurer

When most people think about the work we do at the Tennessee Baptist Foundation (TBF), they think about our monetary investments in equities and fixed income as we try to help Tennessee Baptist churches and entities build a strong financial foundation for the future. But there is another asset class of TBF investments: students!

The TBF scholarship program provides financial assistance to students from Tennessee Baptist churches. These students represent a cross section of Tennessee Baptist life. They come from different parts of the state, representing churches of all sizes with educational emphasis in a variety of degree programs, including teaching, medicine, business, and of course, preparing for full-time Christian ministry positions. Because of this cross section, these students are poised to make a significant Kingdom impact in the marketplace. That is what our scholarship program is all about—impacting students so they can impact the world!

2021 was a milestone year for the TBF Scholarship program as we eclipsed $6 million in total scholarships awarded since 1987, when we started the program. The Foundation has awarded 8,237 scholarships in all.

How is this made possible?

By the generous giving of Tennessee Baptists who believed in students and left money from their estates in trust to the Foundation for our scholarship program. Here is a testimonial from a student who received a TBF scholarship:

“I will begin my Civil Engineering degree this year at Western Kentucky. I have committed to living a life on mission and hope to use this degree on the mission field in the future. I hope to build water reserves for small towns and villages and help those in need. My degree should open doors for me to be able to find work most anywhere. I am excited to see what God has in store for me and how he is going to use my skills and talents to further his Kingdom and bring him glory.

Applications are now open for the 2022-2023 school year on our website, with an application deadline of April 30. Visit tbfoundation.org/students to apply.

We want to invite you to make an investment in the lives of students for Kingdom impact. If you have this desire, please contact us so that we can help you design an estate plan that includes scholarships for Tennessee Baptist students. You have the wonderful opportunity today to impact the world for years to come. Consider a Faith-Based Estate plan that includes helping students be all that God is calling them to be!


Ready to get started?

You can reach us via phone at (615) 371-2029 or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

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Operation Legacy Benefitting Pastors

Man reading Bible

Operation Legacy Benefitting Pastors

by Rev. Bill Gruenewald

[This article originally appeared in Baptist and Reflector in October 2021]

In March 2021, the Tennessee Baptist Mission Board (TBMB) and the Tennessee Baptist Foundation (TBF) launched an initiative to help all Tennessee pastors and ministers get their estate plans in place. We partnered with PhilanthroCorp, a faith-based company that works with charitable organizations in the area of estate planning and planned giving. 

They work with many other state Baptist foundations as well as the International Mission Board. The TBF believed with the size of this project, help would be needed, and felt PhilanthroCorp was a good partner. The TBF has and will continue to work with all Tennessee Baptists in helping get their estate plans finalized.

We have seen many pastors and ministers take advantage of this free service. Since March 2021, a total of 62 pastors throughout the state have started working on their estate plan thus far, and 14 have completed their estate plan with over $3.5 million in future gifts for Baptist causes.

The goal of this project was to have the spiritual leaders of our Tennessee Baptist churches live out their stewardship by taking care of their estate plans so they can be examples to their church.

Danny Sinquefield, senior pastor of Faith Baptist Church, Bartlett, had this to say about his experience:

“Rhonda and I had an old basic will that we had drawn up when our children were young.  We definitely needed a revision. When I heard about the connection between our Tennessee Baptist Foundation and Philanthrocorp, I was very excited to investigate the opportunity of getting our financial plans in order.

The most helpful aspect of this plan for us was the concept of leaving charitable gifts to our church and other ministries in our will.  

Honestly, that was something we didn’t really know how to make happen, but it is one of the first items on the list with this great Christian company. We were also very grateful to see how the Tennessee Baptist Foundation could serve as a managing partner to actually increase our estate over the years and provide a maximum benefit to our sons once we are in heaven. The guidance from the representatives at Philanthrocorp was so practical and helpful. They helped us think of things that we had not considered and we are truly grateful.”

Danny Sinquefield | Senior Pastor of Faith Baptist Church, Bartlett

Another minister, Sam Nichols, the Executive Pastor at First Baptist Church Collierville, shared about his experience:

“I had been planning on updating my will for some time. It was written when my children were younger. Now they are adults and my wife and I believed that our will should reflect our current situation. When I heard about the arrangement between the TBC and Philanthrocorp, I contacted John Russell to begin the process. Philanthrocorp was very easy to work with. They were professional, helpful, and insightful. It was a painless process thanks to their expertise.”

Sam Nichols | Executive Pastor, First Baptist Church Collierville

Statistics say that seven out of 10 people DO NOT have a current estate plan in place. This includes ministers and their families as well. The TBMB and the TBF not only see this project as a ministry to our pastors but also see it benefiting Kingdom work for years to come. 

Sinquefield shares this message to all Tennessee pastors and ministers:

“I would encourage all of my pastor friends and others to consider using this company for your estate planning. Rhonda and I feel confident that we are being good stewards of God’s blessings and that our gifts to ministry partners will advance the gospel for years to come. We rest well knowing this planning is settled and sealed. It was a most enjoyable and beneficial process from start to finish.”

The TBF’s mission is to manage funds with integrity and help Tennessee Baptists leave legacies with a Kingdom focus. If you are a pastor and have not taken advantage of this opportunity, please contact the TBF at 615-371-2029 or visit our website at tbfoundtion.org.

January is a great time for all of us to look at our estate plan and either complete it or update a current plan. Make this a New Year’s resolution for 2022!


Ready to get started?

You can reach us via phone at (615) 371-2029 or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

Learn More

Your Guide to 2021 Year-End Charitable Giving

Hands holding change with "make a change" note

Your Guide to 2021 Year-End Charitable Giving

by Rev. Bill Gruenewald

As the year comes to a close, many of us are thinking about our year-end giving. Though the pandemic has brought financial challenges for many people, there are many charitable strategies that can help when tax time rolls around. Now is a great time to review some charitable giving ideas and see if any make sense to implement before 2021 ends, especially as you think about supporting your church or other Baptist cause.  


For 2021:

Above-the-Line Deduction for Cash Contributions

  • If you currently use the standard deduction for taxes, you can claim an additional deduction up to $300 (couples can claim up to $600) for cash donations to public charities this year.

Modification of the Charitable Deduction Limit

  • If you itemize deductions, you can elect to use the CARES Act 100% of AGI deduction limit for cash contributions to public charities. This incentive ends on December 31, 2021 and the deduction limit for cash donations reverts back to 60% in 2022.

Make a Regular Donation 

The easiest way to make a gift is to simply write a check or donate online (if your church has this capability). If your check is postmarked by December 31 or if your online donation is processed by December 31 (note that the time of day may be important), you may be able to take a charitable deduction for the gift, depending on your particular tax situation.

Batching Contributions

For 2021, the standard deduction is $12,550 for individuals and $25,100 for couples. Overall, this is great for taxpayers, but it does make it a bit harder to take advantage of deducting charitable contributions if your overall deductions do not exceed the standard deduction. 

One strategy around this issue is to “batch” your charitable contributions, meaning that you combine this year’s gifts with what you anticipate giving next year and make both contributions in 2021. You’re basically loading up two years of gifts in one tax year. Thus, you have a higher charitable amount to apply towards your deductions in 2021, which may yield better results than simply taking the standard deduction.  

Give Gifts of Appreciated Assets 

With the improved financial markets, many people now find themselves holding stocks, bonds, mutual funds or real estate that have significantly increased in value. Selling these assets may create substantial capital gains for the owner. 

However, rather than increasing your tax burden, you can donate the appreciated asset to your favorite Baptist cause. You get a deduction for the full market value of the asset, and the charity recognizes no gains when it sells the asset. Win-win! 

Required Minimum Distribution (RMD) / Qualified Charitable Distribution (QCD)

For those with traditional IRA accounts, if you are aged 70 ½ or older and have other sources of income to draw upon, you can direct your IRA custodian to transfer a portion of your retirement assets to a public charity as a qualified charitable distribution (QCD). The donation counts as part of your Required Minimum Distribution but is not included in your taxable income.


Remember, when the ball drops on December 31, you will lose the ability to take advantage of these strategies for 2021. If any of these ideas interest you, begin the process now to make sure you allow plenty of time for the process to be completed by year-end. 

The Tennessee Baptist Foundation is ready to answer any questions you may have about these year-end tax strategies. Contact us any time at 615-371-2029. We would love to help.


Ready to get started?

You can reach us via phone at (615) 371-2029 or fill out this form.

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

Learn More

Advance Care Directive: More Comprehensive Than A Living Will

Senior Couple Sitting at the Lake

What’s More Important Than a Living Will?

By Rev. Bill Gruenewald

Even if you are in perfect health, it is important to be prepared for the eventual day you are called home. Having a solid estate plan is the foundation of that preparation, and something everyone should have to ensure they do not unnecessarily burden those they leave behind.

A Living Will outlines what preferences you have for your end-of-life care. Not to be confused with a Last Will & Testament, which determines distribution of your assets, a Living Will specifies things like Do Not Resuscitate orders, what pain medications may be used, and organ donor status. 

Historically, a Living Will was used in conjunction with an Advanced Care Plan and a Medical Power of Attorney Form to form the basis of medical decision-making should a person be unable to coherently make those decisions on their own. In 2017, the Tennessee Department of Health combined these three documents into a single, comprehensive document called the Advance Directive for Health Care.

Why You Need An Advance Care Directive

While the documents used before 2017 are still valid, having an up-to-date Advance Care Directive lets you answer all of the important questions about end-of-life care so your family doesn’t have to. These questions include:

Who gets to make decisions for you?

Assigning someone Medical Power of Attorney means that you control who makes decisions if you are unable to do so. You do not want to put your spouse or your children in the uncomfortable position of having to decide who gets the final word in your treatment. Dealing with the declining health of a loved one is difficult enough.

Comfort care vs. clinical care

When dealing with a potentially terminal illness, decisions must be made whether to treat it aggressively by any means necessary or to prioritize comfort. Also known as palliative care, comfort care preferences include things like pain medication options, avoiding invasive procedures, or being allowed to die at home instead of the hospital.

Organ and tissue donation

Many states allow you to choose your organ donation status at the DMV when you get a new driver’s license. However, an Advance Care Directive allows you to update this information as well as specify which organs and tissues you are willing to donate.

DNR & emergency treatments

It’s important to decide which emergency treatments you are willing to undergo, as some can be extremely invasive. Some people want to use every means necessary for treatment, while others have a line they prefer not to cross. Setting these boundaries in an Advance Care Directive means others don’t have to make that decision for you. This includes distinctions for: 

  • Do Not Resuscitate orders
  • Do Not Intubate orders
  • Mechanical ventilation
  • Dialysis
  • Tube feeding

Don’t let these important questions go unanswered

These are unpleasant topics to think about, but they are necessary. Families shouldn’t have to deal with an avalanche of difficult questions and decisions when a loved one is in a terminal condition. Giving your family clarity on your final wishes is one of the best gifts you can give.

If you are unprepared for the end of your life, we are here to help. Contact us today and we’ll walk you through the first steps in preparing the necessary documents. Please, don’t wait. The peace of mind you and your family will have should the unexpected happen is invaluable.

You can reach us via phone at (615) 371-2029 or fill out this form.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

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Bobby Bowden Leaves a Legacy Worth Remembering

Bobby Bowden in 2007, in the Florida House of Representatives

Bobby Bowden Leaves a Legacy Worth Remembering

By Rev. Bill Gruenewald

Bobby Bowden, head coach of the Florida State Seminoles from 1976–2009 and one of the greatest football coaches to ever live, went on to his eternal rest on August 8, 2021. Coach Bowden was known by his players, colleagues, and friends as a man who loved football, but he prioritized his faith and his family.

As a football coach, Coach Bowden’s resume is stunning. He was 377-129-4 with two national championships and 12 conference title wins. Talk to anyone who knew him, though, and football isn’t usually the first thing to come up. 

A public celebration of life was held at the Tucker Civic Center, at which over 300 coaches and players came to pay their respects. One of those in attendance was Warrick Dunn, a retired NFL player with a successful 12-year career. 

“He believed in me, and that’s a powerful thing for an 18-year-old who’s just trying to figure out life,” said Dunn. “Coach is the type of man who uses faith and wisdom to shape boys into men.”

Dunn went on to point out that three of Coach Bowden’s players went on to win the NFL’s Walter Payton Man of the Year Award for community service: Derrick Brooks, Anquon Boldin, and himself. That is a glowing testament to the character of Coach Bowden and his ability to develop the character of his players.

“Don’t go to the grave with life unused.”

Bobby Bowden

It was Coach Bowden’s faith that made him such an incredible leader of men, and he made no effort to hide it. On the contrary, Bowden’s faith was front and center of his personal and professional lives.

“Faith is the most important thing in the world to me. It’s the greatest strength I’ve had. It’s helped me get through the hard times. You’re not going to win every one of your football games. I’ve always said I’m not going to make football my god.”

Coach Bowden was an amazing football coach, but an even better father, husband, and mentor. His impact on the lives of the people around him can’t be overstated, and there is no better reflection of Christ’s love than that.

One of Coach Bowden’s most famous quotes is also one of his shortest: “Don’t go to the grave with life unused.”

As we reflect on the legacy and example that Coach Bowden left us with, it’s only natural to look inward on our own lives. What will our legacy be? What will we leave behind? Are we striving to leave legacies that will impact generations to come?

Each of us has the opportunity to leave a legacy from our estate. We have the resources to leave a legacy for our family, but even more than that, we can leave a legacy of faith for the next generation. If each of us leaves just a portion of our estate for Kingdom purposes, think of the legacy of faith we leave for the next generation and how these resources will be used to share the gospel of Jesus Christ for many years to come.


To learn more about how you can cement your legacy of faith, click here to speak with one of our team members or give us a call at (615) 371-2029

Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Everyone has an estate, but not everyone has a plan. Do you have a plan? Take our 10 minute estate plan audit to get started.

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