Wednesday, April 20, 2016

Choosing a Trustee

By: Laurie Valentine

A trust can be a helpful estate planning tool.

Whether you are using a revocable living trust as part of your plan for management of assets in the event of incapacity or an irrevocable trust for tax planning, one of the most important decisions is your choice for trustee.

Under Kentucky law, the trustee may be an individual or a bank, trust company or other entity that has trust powers. An individual serving as trustee does not have to be resident of Kentucky nor do they have to be related to you.

Think about the types of assets that are, or may be, in the trust. You will want to name a trustee that understands the management of those types of assets, knows about taxes, investments and financial matters.

The trustee should be someone who is a self-starter. There is little supervision of the management of a trust. Your choice should be someone that will not neglect their responsibilities due to lack of time, interest or knowledge.

Don’t just assume the person or entity you wish to name as trustee is willing to serve. Ask them before you complete your planning and, if possible, allow them to review the trust agreement before it is signed.

Finally, make sure that you have selected a trustee who can be objective. Trustees must make decisions that affect the interests of both the income beneficiaries and the remainder beneficiaries. While family members may be appropriate choices, in some cases you may need to consider a professional, corporate or institutional trustee. Corporate trustees are accountable not only to the beneficiaries of the trust, but also to their own management, directors, auditors and other examiners.

Laurie Valentine is COO and Trust Counsel for the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; (502) 489-3533 or 1-866-489-3533 (Toll-free, Kentucky Only); KYBaptistFoundation.org

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, April 5, 2016

Senior Celebration

By: Richard Carnes

Annually the Kentucky Baptist Convention conducts a wonderful multi-site event entitled Senior Living Celebrations for Kentucky Baptist senior adults. This year’s theme is Armored For Victory, based on the scripture passage of Ephesians 6:13-18. Attendees will have the opportunity to participate at either FBC Madisonville on April 18, Severns Valley Baptist Church on April 19 or FBC Richmond on April 21. The Kentucky Baptist Foundation is honored to again sponsor the breakfast at each celebration and provide leadership for one of the workshops that will be offered during this event.

This popular Kentucky Baptist Convention event is always well attended by enthusiastic senior adults who come to worship, learn and celebrate life together. This year, there will be over a dozen workshops at each location, covering topics such as tips on physical well-being, growth in prayer, navigating Medicare, missions and ministry opportunities for seniors, travel tips for your next senior adult trip, and more.

The Kentucky Baptist Foundation’s trust counsel, Laurie Valentine, will lead an excellent workshop session titled “Who Will Be in Charge If”, which explores what happens without planning for possible future incapacity. The session will detail the essential aspects of key incapacity planning tools including Powers of Attorney, Healthcare Advance Directives, and Living Trusts. Why is this topic so important? We should anticipate and plan for the possible event of an accident or an illness that leaves us incapable of making decisions for ourselves and incapable of managing our finances. Laurie’s seminar on this topic will equip you with the understanding of key documents you can put in place to ensure that should an incapacity occur, you and your loved ones will be properly cared for and the individuals you’ve selected to act on your behalf have the necessary authorization.

Laurie and I hope to see you at one of the upcoming Senior Living Celebration events so you too can be armored for victory. Come join us for breakfast and be sure to attend one of Laurie’s workshop sessions during the day. If you are not able to attend, you may always contact us directly to discuss how best to organize your estate planning goals to achieve your personal and charitable objectives to support your church and other Baptist causes. To learn more, you may contact Laurie Valentine, or me at our toll-free number (866) 489-3533.

Richard Carnes is the president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; toll-free (866) 489-3533; KYBaptistFoundation.org

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.