The SECURE Act 2.0 and One Family’s Legacy of Giving
In December 2022, Congress passed new legislation enabling needed changes to the retirement savings industry. Known as the SECURE Act 2.0 (Setting Every Community Up for Retirement), the new law provides for, among other things, more opportunities to use retirement plan assets for charitable giving, including the ability to fund a charitable gift annuity (CGA) with an individual retirement account (IRA).
For Galen and Sue Boatright, the SECURE Act provided an opportunity to continue a tradition that’s been an emphasis for the couple for more than a decade: giving to children.
The Boatrights first connected with WatersEdge in 2008. At the time, they were working to create an estate plan and heard from friends at church that WatersEdge could help, even reimbursing a portion of the legal fees to create the plan. What they found during that first meeting, though, was much more than free legal expertise — they discovered a ministry partner who could help them achieve their charitable giving goals.
“We want our estate, our resources, to be used by the Lord,” Galen says simply. That desire functions like a family mission statement, the why to their financial decision making as a couple. The who question was an easy one. The Boatrights wanted their estate to benefit Oklahoma Baptist Homes for Children (OBHC), a Southern Baptist ministry that demonstrates God’s love by aiding at-risk children and mothers. Galen had long been affiliated with OBHC’s ministry through his church, and the nonprofit Christian organization’s purpose fit the couple’s desire to connect young people with the Gospel.
“We believe in children,” Sue says. “We’re too old to foster now, but this is one way to make a difference in kids’ lives. And who knows? Maybe some of them will become ministers or do Kingdom work.”
When the SECURE Act legislation was passed, the Boatrights realized they could do even more for children at OBHC. WatersEdge helped the couple rollover funds from their IRA to create a charitable gift annuity (CGA) for OBHC’s benefit. This giving solution made sense for two reasons. First, it allowed the Boatrights to continue giving to OBHC while simultaneously securing a predictable income stream that would last for the rest of their lives. Second, the move helped insulate a portion of their retirement nest egg from stock market turbulence while ensuring their money would go exactly where they wanted it.
“Before, our retirement funds were all in stocks,” Galen says. “And we know that the market simply isn’t a guarantee anymore.”
This CGA won’t be the end of the Boatright’s charitable giving — even in their 80s, the couple has big plans to continue providing funds for Gospel-centered ministries that impact children. They already have ideas for their next gift.
“God willing, we would like to eventually do another CGA to benefit OBHC’s Oklahoma City campus,” Sue explains.
No matter what happens, the Boatrights’ faithfulness has and will continue to make a lasting impact on the next generation.
A gift for ministry. Income for Life.
For more information on the SECURE Act 2.0 and how you can fund a charitable gift annuity with your IRA, start a conversation with our giving professionals today.
info@WatersEdge.com | 800-949-9988 | WatersEdge.com/CGA
By Kedrick Nettleton
