When it comes to paying estate taxes, do you know how much you will owe? If your answer is anything more than zero, you might be falling prey to one of the three misconceptions of wealth.
1. Social capital (the taxed) has to go to the IRS.
If your assets exceed the minimum threshold to avoid estate taxes (currently near 11 million for a couple) you will be paying an involuntary tax to the IRS, but that does not have to be the case. You can replace these taxes with money going to kingdom causes of your choosing. Can you think of any ministries that do a better job of helping the public than the federal government?
2. If I choose to give to Kingdom causes, that portion is taken out of what would otherwise go to my kids
This is a fairly common misconception as well. If you assume misconception #1 is true, then you would have already seen nearly half of your total net worth go to the IRS, so when deciding what to do at your eternal relocation (death), you may be hesitant to cut out even more of what’s left over to go to Kingdom causes (although many who do a Kardia Family Legacy Plan choose to reduce their children’s inheritance with full acceptance from their children) In fact, what happens in almost every case is that the total estate grows – sometimes exponentially, and the amount available to give to heirs – if you choose – grows with it.
3. I cannot control the portion of my estate that by default would go to the IRS
It doesn’t take a lot of research to know that the way the federal government spends our tax dollars is increasingly in conflict with Christian family values. If you are concerned about a bulk of your hard earned wealth supporting causes that are in conflict with your values, you will be happy to find out that with thorough planning you can direct where every portion of your estate goes and make certain the causes you support further the Kingdom.
The question to ask is: If you could give a million dollars to the IRS or your dearest Kingdom cause – which would you choose?
Download this free ebook that will help you understand what’s possible once you discover how to become a better steward by eliminating taxes by focusing on Kingdom causes that will enable you to build an enduring family legacy.
By Joe Sturniolo
Christian Family Legacy and Wealth Planning
Joe believes that stronger families are the vehicle God uses to bring
about significant impact for His Kingdom.