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Hi, I'm Rob West. Faith is the heartbeat of our walk with God. Today, we'll find out what the story of Cain and Abel has to tell us about faith as it relates to giving. Then we'll take your calls at 800-525-7000.
That's 800-525-7000. This is faith and finance, biblical wisdom for your financial journey. Our confidence or faith that God is who he says he is and that Jesus is the way, the truth, and the life are rooted in God's Word.
We have purpose and hope because of our faith, which touches every area of our lives, including our finances. Today, we're going to take a trip way back into Genesis to find out how faith in the area of giving played a part in the story of brothers Cain and Abel. You may remember that Cain and Abel were sons of Adam and Eve, born after the couple sinned and were driven from the Garden of Eden. Their story is found in Genesis 4.
It's a tragic tale of resentment and murder. Cain killed his younger brother Abel because of an offering. Here's what it says in Genesis 4, 2-5. Now Abel kept flocks and Cain worked the soil. In the course of time, Cain brought some of the fruits of the soil as an offering to the Lord. And Abel also brought an offering, fat portions from some of the firstborn of his flock. The Lord looked with favor on Abel and his offering. But on Cain and his offering, he did not look with favor. So Cain was very angry, and his face was downcast. Now, I'm sure you've read the story before. Both brothers were prepared to give to the Lord.
So far, so good. Cain was a farmer, so he brought some of his produce. And Abel was a shepherd, so he brought his offering from what he had.
And this is where things went wrong. Look at the difference between the quality of their offerings. Cain brought some of the fruits of the soil as an offering to the Lord. Abel, on the other hand, brought God the best parts of the best animals he had, fat portions from some of the firstborn of his flock. The words make it obvious that Abel and his gift were somehow more pleasing to God than Cain and his offering. As a kid hearing the story in Sunday school, I thought it seemed unfair that God didn't accept both boys' offerings. I thought maybe God just didn't like vegetables. But if you look a little more closely, you can see why God favored Abel.
Hebrews 11 6 gives us a clue. Without faith, it is impossible to please God. God, who always sees the heart behind our actions, was not pleased with Cain's gift, because Cain's offering demonstrated a lack of faith. Abel's gift was full of faith. Abel's desire to give his best demonstrated his trust in God's provision and submission to God's authority. Abel chose to sacrifice some of his prime animals, animals that could have brought a handsome price.
Cain, on the other hand, was content to just bring some produce and not even his first fruits. Cain's offering was a reflection of his faithless attitude toward God. Hebrews 11 4 makes the connection between Abel's faith and God's favor. By faith, Abel offered God a better sacrifice than Cain did. By faith, he was commended as a righteous man when God spoke well of his offerings.
And by faith, he still speaks, even though he is dead. Here's what happened to Cain and Abel. Cain was furious that God approved of his little brother and not him. Genesis 4 6 continues, Then the Lord said to Cain, Why are you angry?
Why is your face downcast? If you do what is right, will you not be accepted? But if you do not do what is right, sin is crouching at your door.
It desires to have you, but you must rule over it. Now Cain said to his brother Abel, Let's go out to the field. While they were in the field, Cain attacked his brother, Abel, and killed him. Then the Lord said to Cain, Where is your brother, Abel?
I don't know, he replied. Am I my brother's keeper? You see, not only was Cain faithless and false toward God, he also broke faith with his brother by killing and denying him.
So God judged Cain and sent him into exile. Our relationships with each other are as important as our motivations and attitudes when it comes to giving. Restore faith with your brothers and sisters in Christ before you bring in your own offerings to church. Here's what Jesus says in Matthew 5 23 and 24, Therefore, if you are offering your gift at the altar, and there remember that your brother or sister has something against you, leave your gift there in front of the altar. First go and be reconciled to them, then come and offer your gift. You see, as Christians, we have the opportunity every day to do what is right.
By the power of the Holy Spirit in us, we can choose to walk by faith, just as Abel did. All right, your calls are next. The number 800-525-7000. That's 800-525-7000.
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Welcome back to Faith and Finance. I'm Rob West. We're delighted you're along with us today. We'd love to take your calls and questions, and we've got some lines open. The number to call? 800-525-7000. That's 800-525-7000. Let's dive in today.
We're going to go to Cleveland, Ohio first, WCRF. Hi, Sharon. Go right ahead.
Hi. I'm looking for the way to transfer property to a family member. Now, I have it already in my will, but I want to do it now while I'm living. Can you give me the particulars of that?
I'd be happy to, but let me just back up for a second and make sure that that is in fact the best way for you to go. What are you trying to accomplish by transferring this to them now? Well, because it'll be property that they'll be living in, and I just want to turn it on over to them so that they can, you know, do whatever they can do personally.
Okay, yeah, very good. The only thing to consider is that they will, by you gifting this to them, and that's essentially what's going to happen, you're essentially making a gift to them of the amount, the value of the property, and that's not taxable. That'll just be applied against your lifetime gift exclusion of $12 million. But once they receive that, their cost basis, so what determines how much capital gains they will pay, they will retain your original cost basis. So whatever you paid for it is what's going to be determined when they sell it, is what's going to determine the taxes that are due on any profit, capital gains. If they were to inherit it after your death, that wouldn't be the case. That cost basis would step up to the market value as of the date of death. But to your point, if you're just wanting to get rid of it, let them have it, control it, borrow against it, do whatever they want, then you would need to convey that deed. I just wanted you to understand the implications of the capital gains. Does that make sense? Yes, yes.
Okay, all right. So then the next step is, it really, that quitclaim deed form, you know, must be in writing in order to be recognized. It's a legal document. It requires the legal description of the property, the county, where the property is located, the date of the transfer, the name, just all the pertinent details that has to be signed by the grantor, which is you, and may or may not need to be signed by the person receiving the property. It's usually notarized, and in many states it has to be filed with the county clerk and the county where the property resides. There are state-specific issues that you just need to be aware of. So what I would generally recommend, although you can find a quitclaim deed online and do it, you know, by your, you know, on your own, I just like, with these kinds of things, I mean, this is a major, you know, transaction, you want to get it right. We don't want any discrepancies or questions about it.
I like the idea of you contacting a local real estate attorney in the state where this property resides and just have that person draft the quitclaim deed, make sure that it's done properly and in accordance with the state regulations, and then properly documented and recorded in the county deeds office so that everything's done, you know, the way it should be. Again, you can do it yourself, but I just like the idea of you using an attorney. Okay.
Let's do one other thing. So that's the best way. Well, not the best way, but those are the two ways that I can do it.
I guess I think that that clears up everything. I just wanted to make sure that I can do it and do it properly. Now, I will need the deeds, right? What other document will I need other than the deeds?
Well, if all you're doing is basically this, I mean, this is very simple. You're just transferring the property to them. So you're on the deed currently, therefore you're the owner or the grantor. You're conveying this interest in this property to them.
The quitclaim deed will do that and will essentially release you from any ownership of that, transfer that to the new owner, the recipient of this property, which will be recorded in the county records office. The only additional thing you'd need to do would be to let your CPA know so that he or she can file a gift tax form. It's form 709 that just lets the IRS know that you've made this gift to this person who received that property as the new owner. And again, that's not going to be taxable. It will just eat away at your lifetime gift exemption that the IRS allows of more than $12 million.
So unless you plan to give away $12 million worth of property and assets, then you don't have anything to worry about. But you do need to file that as a part of your tax return for this year. Okay. All right. Wonderful. Now, I am retired and they have a contribution amount that you have to do when you're 71 or 72? Yeah.
Are you talking about the required minimum distribution? Yes. Yes. Yes. Yes. And go ahead.
What was the rest of that question? Wanted to know whether or not those two would be the same or would it be anything that I could, you know, combine? No, no, it's not. They're two separate things. It's entirely different. So you're making a gift that's different than the amount that you would be required to take out, you know, in order to satisfy a required minimum from a retirement account.
That would be different. Now keep in mind that the ages did change with SECURE Act 2.0. So the required minimum age was increased to 72 through the end of 22. And then it was increased to 73 for those turning 72 this year in 2023. So you just need to make sure, you know, based on your age and the latest law, which is the SECURE Act 2.0, what is the year that you need to begin taking those required minimums? But when you do, those apply to retirement plans, traditional IRAs, 401Ks, 403Bs, SEP IRAs, things like that.
But that would not apply to this gift of this property. Okay. Wonderful.
All right. Thank you for your call, Sharon. The questions I had, I appreciate it so much. I'm delighted. Thank you for calling today. May the Lord bless you.
To Brookfield, Ohio. Hi, Michael. Go ahead. Hi. First time caller, long time listener. I really enjoy your show.
It's given me a lot of influence. My question is, I'm 59. I plan on retiring at 62.
I'm a truck driver. So do I rely on my investments to live from 62 to 65 and claim Social Security at 65? Or do I file for Social Security at 62 and let my investments grow till I'm 65?
Yeah, that's a great question. You know, the difference between the two is, with the Social Security, you're going to get a guaranteed 8% increase every year, which you're not going to get with the investments. So I think that's just one factor that would probably drive you toward, okay, if even if I have to start withdrawing, you know, I know that I'm guaranteed that increase. Now, you're giving up what you would have been receiving if you took it early. So you've got to live long enough through that higher check to be repaid for what you're giving up. But in the end, you're going to have a check, you know, let's say 25% higher.
If you waited till 65, your full retirement age is either 66 or 67. That's going to be another year and that would give you a 30% increase in that check for the rest of your life. How much would you need to pull out of your investments per year? Right about $2,000, $2,100.
A month, okay. And what do you have in those retirement accounts? Right now, I've got $3.50, you know, and I've got three years for it to grow before I do anything. Okay, great. Yeah, so right now at 4%, that would give you $14,000 a year. So I like the idea of you growing it and getting it to where you need, but I try to limit it to 4%. Keep it invested with some allocation to stocks, and then let that Social Security grow. Thanks for your call.
We'll be right back. More information is available at eventideinvestments.com. That's eventideinvestments.com.
I'm a proud member of Christian Healthcare Ministries, and if you think it could be right for you, learn more at chministries.org slash faithfi. Welcome back to Faith and Finance. I'm Rob West. We're taking your calls and questions today on anything financial. Let's head back to the phones to North Port, Florida. Hi, Anthony. Go ahead, sir.
Yes. My question to you, good afternoon, my question to you is, I'm currently thinking about making an investment, and I want to ask your criteria as to choosing an investment company. Currently, I have investment with Fidelity, but I'm looking at another organization, so I was asking what's your criteria? What do you use to select?
Yeah, it's a good question. Tell me how you're going about this in the sense that will you be, once you select the custodian for these accounts that you'll ultimately invest through, will you be making those decisions yourself or will you be using an advisor? Well, currently, I'm looking at an advisor. I think I spoke to somebody who's a CKA, I think that's what he called himself with Ameriprise, but I'm currently with Fidelity, and Fidelity, I have a managed account there, so obviously if I go with them, it would be a managed account, and then the gentleman here, he would be overseeing this account.
Yeah, very good. Yeah, you know, there's been a lot of consolidation in the space, so TD Ameritrade was just acquired by Schwab, so they picked up another 12 million accounts, and you've got Fidelity, you've got Ameriprise, and then on the independent side, you've got LPL, which is just massive, and then in the Wirehouse space, you've got Morgan and Merrill and UBS, and then back on the independent, there's Edward Jones and Raymond James, but I mean, any of these kind of big household names that I mentioned, I wouldn't have any problem with. They're massive institutions, they're going to provide you the platform, they're going to give you the statements, they'll create the trading platform for the advisor you choose. The advisor is really the most important thing for me, Anthony, that you find somebody who shares your values, somebody who really you feel like you have a good rapport with, somebody who's going to do a lot of discovery about you, not trying to tell you how you should go about things, but really learning who you are and what God's doing in your life, what your goals and objectives are, can bring all that to bear in a really well thought out investment strategy. So that would be the primary concern, whether or not they use, you know, Ameriprise or Fidelity or Schwab or LPL or any of the others, really is of a secondary concern to me, you know, they're all going to be just about the same.
As long as they give the advisor access to the investment selections that he or she needs to build the portfolio that's right for you, then I don't think one's necessarily better than the other. Okay, that kind of settles something in my mind. Do you have time for another question? Yes, sir, go right ahead. Would this time, in terms of what's happening with the economy, be a good time to invest $500,000 into, you know, into an account, put that into the market at this point?
I'm 51 years old. Yeah, potentially, where is that money now, in cash? In cash. Yes. Okay, yeah. Yeah, you know, so here's what the data says, I mean, do I know or anybody else know whether the market's going to be up or down next quarter or by the end of the year, or at the same point next year?
No. Anybody who tells you that they do know is not telling you the truth. But what we we also know is that the data says when you're ready to start investing, as long as you've got the right time horizon, at least five years, I'd say, preferably at least 10 years, and you have the right investment mix that's appropriate for your age and risk tolerance, and you're still a young guy, so you've got, you know, potentially 15 or 20 years for this money to grow. And, and that's just till you get to retirement, then if the Lord tarries and you're in good health, you need this money to continue to grow, maybe a little more conservatively, but still, over decades, even beyond your retirement date. So given that, the data will say that trying to put this in the market over time, and pick your entry points is not as effective as just once you make the decision to invest, deploying that capital. The studies will show you that when you're ready to invest, as long as you can pull the trigger, and you're not going to hold back, you know, and if you are then and doing it over time, a third now and a third a couple months later, and a third a few months after that, if that's going to help you get it done, well, then do that. But if you can stomach it, the data will tell you that, you know, going ahead and deploying it as soon as you're ready, is the best approach. So I would say yes, despite the fact that you may put it in, and it may go straight down for three months, I wouldn't say that's even a bad decision.
Because again, we're not investing for three months, we're investing for, you know, 20 years plus. Does that make sense? Yes.
Yes. Okay, thank you very much for your time. You're very welcome. Thanks for your call, Anthony. May the Lord bless you. All right, let's round out the program today with your phone calls to Aurora, Illinois.
Hi, Jeremy, thanks for your patience. Go ahead. Hello. Just a question. I'm a recently follower, and my wife and I decided to, we wanted to give back to our church.
We agreed on a small amount, but I want to give a little bit more, but she's uncomfortable with doing that. So I just wanted to hear your thoughts and opinion. Yeah, well first of all, Jeremy, did I hear that you say you're a new Christ follower? Yes, I got baptized a few months ago, and I'm trying to walk the good path. Oh, wow, that's incredible. Well, I'm delighted to hear that you've given your life to Jesus, and that's the most important decision you'll ever make, and I couldn't underscore more the importance of getting into a good Bible-believing church that can surround you with people that can just walk alongside you and help you to grow in your faith as you pursue the Lord.
That's awesome. Listen, you know, God owns everything. He doesn't need our money. He wants our hearts, and I think that's the important place to start when it comes to our generosity. It's not that God wants something from us. It's that God wants something for us, which is why I think generosity kind of leaps off the page when you begin to read the Scriptures, you'll see that the Gospel is a generosity story.
For God so loved the world, He gave His one and only Son that we might not perish but have eternal life when we place our trust in Him. So you know, I think that's the beginning point. When you look at perhaps why it is that she doesn't want to give, is it because of the church itself? Is it just maybe her upbringing? She just wants to kind of hold on to the money a little tighter? What do you think it is that's driving her desire to hold back in giving? Well, when they used to go to church, they gave, you know, $10 every week. So that's kind of where her mindset is. Yeah, yeah, very good.
So I know we could afford more than that. So like I said, I want to respect her wishes and respect her, but I also want to respect the Lord and do what I can. I love that.
I think you have the right heart posture there. I want to send you a book. Let's start there.
It's called Money and Marriage God's Way. It'll help you too as new believers explore the Scriptures and understand God's heart for His resources. We're going to send that to you. Let's get that a place to start. Thanks for your call today, my friend. Hey, we're almost out of time, but I wanted to let you know that you don't ever have to miss a program. Just download our Faithfi app for your mobile device and take us with you anywhere. Thanks for joining us today. I look forward to talking with you again next time on Faith and Finance. Faith and Finance is provided by Faithfi and listeners like you.
