Wednesday, November 26, 2014

Stewardship Truths- #11

A 12 part series discussing stewardship.

By: Barry G. Allen

Do not let “things” distort what are the true riches in life.

       Proverbs 16:16: “How much better to get wisdom than gold, to get insight rather than silver.”

       Proverbs 22:1: “A good name is more desirable than great riches and to be esteemed is better 
       than silver or gold.”

Proverbs 23:4-5: “Do not wear yourself out to get rich; do not trust your own cleverness. Cast but a glance at riches and they are gone, for they will surely sprout wings and fly off to the sky like an eagle.”

According to God’s Word, true riches are wisdom, understanding, a good reputation and esteem – and – these are worth more than silver or gold.

Furthermore, God’s word reminds and cautions us to the reality that “things” are transient and elusive. Like an eagle, they will suddenly soar away out of reach toward the heavens.





Therefore, do not wear yourself out in the struggle for them.

Friday, November 21, 2014

Plan for Death Taxes

By: Laurie Valentine-COO & Trust Counsel 

Christian estate planning may be the single most important act of financial stewardship a Christian may take. Not planning to defer, reduce or eliminate your death tax liability is poor stewardship----assets that could have been preserved for family must be sold to raise funds to pay those taxes and less estate value remains to pass to family and other beneficiaries.

There are two death taxes that may be owed at the death of a Kentucky resident----federal estate tax and Kentucky inheritance tax.

Federal estate tax is owed if the total value of all of your assets at your death, whether individually-owned, jointly-owned, or beneficiary-designated and wherever situated, exceeds (for 2014) $5,340,000. Federal estate tax assets include life insurance, retirement accounts and assets in trusts. Gifts to a surviving spouse or charity at your death provide federal estate tax savings because their value reduces the portion of your estate subject to such taxes.

Kentucky Inheritance Tax is a death tax owed by some beneficiaries, no matter where they live, on the value of what they inherit from a Kentucky resident. Your spouse, children, grandchildren, siblings and charitable beneficiaries are exempt from having to pay Kentucky Inheritance Tax, no matter how much they inherit from you. All other beneficiaries will have to pay inheritance tax if what they inherit from you exceeds very modest exempt amounts----$1,000 for nieces, nephews, children-in-law, aunts, uncles; $500 for all other individuals and non-charitable organizations.

For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.

Tuesday, November 18, 2014

My Story

By: Barry G. Allen- President & CEO

I made my profession of faith in Jesus Christ during the spring revival of my home church, the FBC, Grenada, MS, on March 10, 1958. I was 9 ½ years old. I was baptized on April 27.

I had the blessing of having been born and reared in a Christian home by devout Christian parents who were my role models in life and who demonstrated by their lives and their lips what it meant to be a disciple of Jesus Christ and live one’s life according to the Scriptures.

Our church was what I would characterize as a full service Southern Baptist church and understood its mission to be: exalt the Savior, equip the saints and evangelize the sinner. Both of my parents were church leaders and involved my three sisters and me in every aspect of the bible study, discipleship, music and missions ministries of the church. Our family was involved in pioneer missions to the western part of the USA in cooperation with the Mississippi Baptist Convention and the Home Mission Board, SBC in the early 1960’s long before it was called “partnership missions.” There has never been a time in my life I did not know about Jesus.

Even though I had received this accumulation of spiritual nourishment from my parents and my church, I still had to come to that point to which every person has to come, that is, the realization and confession of my sinful and self-centered nature. It was on the night of March 10, 1958 during that revival I confessed and repented of my sin, asked Jesus to forgive me and to come into my life to save and mold me into the person He wanted me to be. And, from that time until now there has never been a time I have not felt the Lord’s presence watching over and guiding me in everything I do. My life verse became Proverbs 3:6: “In all thy ways acknowledge him and he shall direct thy paths.” My favorite hymn became “Our Best.” Do you remember the words: “Give of your best to the Master …?”

Another part of my story is the good fortune and blessing of having discovered early in my life not only God’s vocational call, but also the field of service in which He wanted me to fulfill that call. I give Him thanks for the 44 years of service to Kentucky Baptists.

Thursday, November 13, 2014

Twelve Steps For Christian Estate Planning- Step #11

By: Laurie Valentine- COO & Trust Counsel
Step #11-Plan Now for Possible Future Incapacity-Part 2. Planning for the possibility a stroke, accident or illness might, in the future, leave you incapable of making decisions for yourself and unable to manage your finances must be done while you can understand what you are doing. You cannot wait until something happens to take action as you may not have the mental capacity needed to sign the necessary legal documents.

A Durable Power of Attorney is the document you can use to empower someone to manage your finances and deal with your assets, if you become incapacitated. You can name anyone to act for you under a power of attorney (POA). Care should be taken in deciding who to name as that person will be using the POA when you are no longer able to watch what they are doing. And, consider naming a first choice and an alternate to better assure there will always be someone of your choosing handling things for you if you can’t.

For healthcare decision-making, you can include healthcare decision-making powers in a POA or you can use a separate Healthcare Surrogate Designation document.

And, to assure your wishes regarding discontinuing or not starting medical treatment if you are diagnosed with a terminal condition, you should executive a Living Will Directive.

Next Month-Step #12 - Don't Wait! 

For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.

Tuesday, November 4, 2014

Biblical Examples of Giving

By: Barry G. Allen- President & CEO

Someone once said, “Two things I’ve had in life in ample supply, good advice and poor examples.” One of the great things about the Bible is it not only gives good advice, it gives good examples. Below are six worthy of emulation.

First is the example of the poor widow (Luke 21:1-4). In terms of the coins she used she made the smallest gift. But to Jesus, in comparison to what the wealthy gave, she made the most significant gift. To Jesus, the gift that counts is the gift that costs; it’s not the size of the gift but the size of the sacrifice; it’s not the amount but the proportion; it’s not the depth of our pockets, but the depth of our love and commitment to Him. No one is excluded from making a worthy gift to our Lord.

Second, Zacchaeus is an example of a person of wealth who gave over and above the normal (Luke 19:1-10). He was such a successful businessman and tax collector he had become wealthy. When he decided to follow Jesus, he freely vowed, “…I give half of my possessions to the poor.” What an example of generosity for those who have wealth!

Third, the woman with the alabaster jar of expensive perfume (Mark 14:1-9) is an example of a single person who was just getting by financially but out of gratitude made a sacrificial gift to the Lord.

Fourth, Barnabas (Acts 4:36-37) used a piece of real estate to make a legacy gift for the Lord’s work “with no strings attached.”

Fifth, the Macedonian Christians (2 Corinthians 8:1-5) literally gave out of their poverty and beyond their ability for the privilege of being involved financially in the Lord’s work.

Sixth, the Lord Jesus Christ stands as the supreme example and motivation for us as Christians to give faithfully, generously and cheerfully (2 Corinthians 8:9).

The Bible is true (Acts 20:35) and these examples above provide proof, “It is more blessed to give than to receive.” So, give it a try; I promise you will be blessed.

For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.

The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.