Ukraine’s Churches Free from Communism, but New Challenges Seem ‘Overwhelming’

Traveling through rural Ukraine is like stepping back in time. While freed from communism, people lack the financial resources and technical skills to bring themselves into the 21st century. Life continues on as it has for hundreds of years in the country villages.

License Approved for First Evangelical Radio Station in Czech, Slovak Territory

Sue is a widow with three grown children. Sue and her husband Jerry had accumulated retirement assets with the idea that one day, if they didn’t need the assets for living expenses during retirement, a portion of those funds could provide for both their grown children as well as kingdom causes dear to their hearts, such as HCJB Global.

Sue and Jerry have been blessed during their lifetime financially and have a taxable estate of approximately $5 million.

One of Sue’s assets is an Individual Retirement Account (IRA) worth $500,000, which she has designated to her three children through a “beneficiary designation form” that her IRA administrator provided.

However, Sue learned the government could take up to 70 percent once she died because of double taxation — income tax, plus a sizeable estate tax. In other words, her children would only receive approximately 30 cents on the dollar from the IRA funds.

By using other assets to benefit her children, and designating HCJB Global as the beneficiary of her IRA, Sue avoided the double tax and used the IRA funds to help reach people with the gospel at minimal cost to her family. Because HCJB Global is a tax-exempt organization, all of the IRA funds will be available to HCJB Global at her death. “It’s a win-win-win situation,” Sue observed.

For our FREE report. “Maximizing Retirement Assets,” contact Marlis Klaassen in the Estate and Gift Planning Office at mklaassen@hcjb.org or 800-525-8857 ext. 2232.