District News- October 2020 Planting Together
Use a Charitable trust to transfer your IRA or 401K to your children
Do you have an IRA or 401k plan? What is your plan to pass these assets on to your children? Yes, your spouse can receive these assets from you tax free when you die but not your children.
Most children take their parents IRA or 401k assets out in a lump sum and pay the state and federal income taxes. There is a better way. You can name a charitable trust with the LCMS Foundation as the beneficiary at your death if you are single or at the second death if you are married. These assets are then transferred to your charitable trust tax free. The LCMS Foundation will then make payments to your children for 20 years. These payments are taxable to your children but you have avoided the big tax burden if these assets are transferred to the children in a lump sum. At the end of the 20 years of payments, the principal of your charitable trust is distributed by the LCMS Foundation to your favorite LCMS ministries according to your direction.
If you are interested in how this type of planning could work for you, contact me. I am available to assist you and your advisors at no cost.
LCMS Foundation Christian Estate Planning Counselor
Iowa District West
College Scholarships for Full-time Church Work – Joy in Ministry
Iowa District West is blessed with money that has been gifted for the support of students choosing church work as a full-time career. The scholarship committee was able to award over $200,000 to seminarians, those studying to be Lutheran teachers, DCEs and the like, and those attending a Concordia. Please pray for more people to consider church work as a full-time career and as you can, talk to young people about considering full-time church work as a career. There is much “Joy in Ministry” as one serves the church full-time. For more information contact Rev. Tom Schlund (515-295-3518 or email@example.com).
ILSTO—Iowa Lutheran School Tuition Organization
Students in our LCMS Lutheran schools need your help! This year $465,000 in tuition assistance was awarded by ILSTO but we would love to double this amount for the 2020-2021 school year. The Iowa Lutheran School Tuition Organization is at 14% of its $850,000 goal as of September 1. You have until the end of the year – December 31 – to mail your gift. Any size gift helps: $500 or $10,000. We know the need is becoming greater because of COVID. How can you help besides a donation? If you know someone who could benefit from a 65% tax credit, please give them a donor form. Remember the financial benefit to a contributor is a 65% tax credit on Iowa income taxes (which can be carried over for five years) and also a 35% charitable contribution on your federal form. For more information about ILSTO go online to www.iowalutheransto.org or call Dewey Torkelson at 712-260-2991.
The JR and SR Youth Gathering teams have prepared a virtual event in place of the regular youth gatherings. Each congregation should have received a packet that contained information for both gatherings. If for some reason you did not receive your packet, you can download the information from the web page (www.idwyg.org). The JR Gathering will take place October 17 from 7-8:30 pm and the SR Gathering, November 20, 7-8:30 pm. There is no cost but we are asking for a registration by submitting the leader’s name and the congregation. Links for registration are provided in the information packets. If you have questions contact Rhonda at firstname.lastname@example.org.
Calendar of Events
October 5-6…District Pastors Conference
October 17…Virtual Jr. Youth Gathering
November 5…District Board of Directors
November 7…Men’s Prayer Breakfast & Bible Study, Our Savior, Denison
November 20…Virtual Sr. Youth Gathering
November 26-27…Thanksgiving—District Office Closed
For more information on Iowa District West activities,
view The Messenger at www.idwlcms.org/publications.php