"Double Dividends" in IRA Funds
When missionary doctor and nurse duo, John and Josephine Hayward, reviewed their charitable trust, they discovered they could maximize their investment through a simple adjustment.
Changing their current agreement reduced excessive taxes on the lump sum distribution of IRA funds to a charitable trust and allowed them to create an income stream for their children for 20 years.
These "double dividends" benefited the Haywards' children and two colleges that had impacted their lives. One of those was Simpson University, where Josephine had received training years earlier.
"Simpson provided me with a solid background in Bible and how to apply biblical standards to my life," she said. "I have taught Sunday school for many years, for which my training at Simpson prepared me well."
"It is important to us to provide an ongoing income stream to our children instead of a lump sum distribution and to reduce all tax implications as much as possible," John said.
During the Korean war, John served as a missionary doctor in a refugee clinic.The Haywards made short-term medical mission trips to Taiwan, Dominican Republic, Central America and the Caribbean, and John has helped at the Native American Indian Clinic.
The Haywards found the charitable trust to be the best plan for investing money both for their children and for God's Kingdom. Perhaps you have IRA investments in your portfolio and would like to learn how to avoid excessive tax on the final distribution of such assets. In doing so, you can also provide "double dividends" to your family and to the Lord's work.
