Tuesday, September 25, 2012

Endow Your Tithe

By: Laurie Valentine- COO & Trust Counsel 

Tithing is part of our Christian stewardship responsibilities. It is a discipline practiced by many all of their lives and it is vital to the continued viability of the programs and ministries of our churches.

When you die, will there be someone to “step into your shoes” to provide the funds your tithe has been providing to your church?

To assure your church will have the financial resources it needs, until the Lord returns, consider including in your estate plan a provision for the creation, at your death, of an endowment fund for the benefit of your church. Or, establish an endowment fund now to which you can make modest gifts at regular intervals with provision in your estate plan for a final gift to the endowment at your death.

To assure the funds will be used as an endowment fund, you must specify that in the bequest or beneficiary designation.

To create an endowment fund large enough to have sufficient earnings to fund your tithe in perpetuity requires a gift at your death (or a combination of gifts during life and at your death) equal to approximately 28.5 times your current annual tithe. This assumes an annual distribution rate of 3.5%.

For example, if the current amount you tithe each year is $2,000, the endowment would need to have $57,000 in it ($2,000 x 28.5) by the time you die. Assuming the endowment is invested to grow its value over time, the amount it will distribute to your church will also grow over time.

Assure your tithe will last forever by endowing it.

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, September 18, 2012

Identity Theft: Be On Guard!

By: Barry G. Allen- President & CEO

From time to time I am invited by churches to conduct a financial planning seminar. In one of the segments I identify “common financial difficulties to avoid,” which includes excessive debt, irregular savings, etc. Also included is what I characterize as “providing personal information to identity thieves,” which is a growing threat to anyone and everyone.

In 2011, 11.6 million Americans, many of whom were older adults, were victims of some form of identity theft which totaled $18B. Identity theft occurs when someone gets access to your social security number (SSN), bank or credit card account number, or other identifying information and then uses your identity for their purposes to steal from you or from others.

There is no absolute protection against identity theft. However, there are actions you can take to minimize your risk.

At the top of the list is to be on guard to protect your SSN. Experts recommend you never carry your social security card with you, never write the number on checks (except as required by the IRS), never give it or any other number, such as credit cards, bank accounts, to strangers who call, visit, text or send email messages to you, even if they appear to be legitimate. Unless you’re going to the doctor, don’t carry your Medicare card with you because it contains your SSN.

Be on guard for emails that claim to be from your bank, credit card company, the IRS, the Social Security Administration. Internet fraud is one of the most likely avenues for identity thieves to use. For tips on how to avoid internet fraud and a list of common online scams go to this website: www.onguardonline.gov.

Be on guard to empty your mailbox promptly, and don’t leave outgoing mail in your mailbox. Shred all records, receipts, mail solicitations and other papers before putting them in the trash. And, finally, review all account statements promptly and ask your bank if it offers free alerts that will warn you of suspicious activity.

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, September 4, 2012

Be a Thrillionaire

By: Barry G. Allen- President & CEO


There was an organization called More Than Money. Its membership was comprised of people dedicated to the advocacy of philanthropy. They wanted to make certain those who are busy accumulating all the things money can buy do not miss out on the real joy of what money will support. The More Than Money members claimed life was about giving, not accumulating. They assisted the top five percent of the nation’s “net worthers” to take leadership, earn, give and leave a legacy.

The chair of this fascinating organization with its headquarters in Nashville was Ruth Ann Harnisch. In a previous publication of Contributions, she was portrayed as driven, compulsive with the desire to encourage men and women to philanthropy now. She wanted to help them start letting loose of their money, now, not later. She herself had millions. As far as she was concerned, she was committed to giving it all away. She loved calling on people for gifts for various causes, and she made no judgment on who should give and how much. She called herself a donor activist who gave people the opportunity to invest in growth, spirit and a great cause. Her job was not to extract money from people by force. She would tell them if they were not thrilled to make the gift, do not do it. What she wanted was thrillionaires!

In 2 Corinthians 9:7 the apostle Paul reminded us of this, “each should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” If you are not already a thrillionaire, there is something missing in your spiritual relationship to Christ that needs immediate attention. Let me give you some biblical examples of thrillionaires. Consider the widow on a fixed income in Mark 12:41-44. What about Zacchaeus, a hard-nosed businessman, in Luke 19:1-10? Consider the single woman in Mark 14:1-9 and Barnabas who gave with no strings attached in Acts 4:36-37. How about the Macedonians in 2 Corinthians 8:1-5 who gave out of their extreme poverty? Of course, Jesus stands as the supreme example and motivation for giving in 2 Corinthians 8:9.

Experience God’s love, be a thrillionaire!

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.

Monday, September 3, 2012

E-Devotional-Week 26

Filling The Gaps With Insurance
Week 5- Giving Through Life Insurance

Many of us have one or more life insurance policies we purchased for a specific reason.  It may have been purchased to provide security for a spouse and children, to pay death taxes, to complete payment of a mortgage, to assure money for your children’s education, to protect a business or to save for future contingencies.

In addition to being an excellent financial planning tool, life insurance can also be an economical, convenient, flexible and immediate way to make meaningful charitable gifts.

There are at least seven ways to give using life insurance:

-       Name a charitable recipient(s) as a primary or secondary beneficiary(s)
-       Purchase a policy and name a charitable recipient(s) as the owner(s) and beneficiary(ies).
-       Give a paid-up policy to a charitable recipient(s)
-       Give a policy on which you are still paying premiums
-       Buy a policy to benefit your heirs to replace what you have given to a charitable recipient(s)
-       Buy a policy on the life of another person and name the charitable recipient(s) the owner and beneficiary(ies).
-       Assign policy dividends to charitable interests.

For more information about the tax benefits and how to give through life insurance, call us toll free in Kentucky at 1.866.489.3533.

Prayer Focus:  Pray for guidance in determining whether or not you have a life insurance policy no longer needed and which could be used to make a gift to your church and/or your other favorite Baptist causes.

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.