Thursday, December 18, 2014

Stewardship Truths- #12

A 12 part series discussing stewardship.

By: Barry G. Allen
Leave a legacy like Abel, who offered God a more acceptable sacrifice than his brother Cain

Hebrews 11:4: "By faith Abel offered God a more acceptable sacrifice than Cain did. By faith Abel was commended as a righteous man, when God spoke well of his offerings. And, by faith Abel still speaks, even though he is dead."

Abel's offering was made in faith. His outward gift revealed his inward faith and righteousness for subsequent ages to see. His example of faith - his legacy - speaks to every generation, not simply as an immortal memory, but as a stimulus for each of us to follow Abel's example and leave a lasting legacy of our faith beyond our lifetime.

Contact Laurie Valentine or Barry Allen for assistance in how to "leave a lasting legacy" through your estate plan for the benefit of your church and other causes near and dear to your heart.

Tuesday, December 16, 2014

12 Steps For Christian Estate Planning

By: Laurie Valentine- COO & Trust Counsel

A Christian estate plan is one you develop by determining how God wants you to: (1) provide for your family and other “dependents” at your death and (2) have your finances managed and decisions made for you if you became incapacitated and no longer able to do those things for yourself.

Step #12 Don’t Wait! Failing to plan is really planning to fail. And, failing to keep your plan up-to-date may be even worse.

You don’t have to have all the answers to get started. Most estate planning documents are changeable. So, you can start with fairly simple documents and then “tweak” them from time to time throughout your life as you sense God’s plan for how you should provide for your family and other beneficiaries changes.

And, make sure to review your plan on a regular basis (every three to five years) and also when there are significant changes in your family (births, marriages, deaths, etc.) and/or in what you own. Look at everything---your estate planning documents; how all assets are titled; and beneficiary designations. Determine if: (1) the alternate beneficiaries for the shares of beneficiaries who have died are still who you want; (2) the possibility you might have more children/grandchildren was provided for in your existing documents; and (3) the persons named to serve as executor, trustee, power of attorney are still willing and able to serve in those capacities.

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, December 9, 2014

Simplify…Multiply…Dignify

By: Barry G. Allen- President & CEO

With all of life’s complexities with which we are bombarded daily, the idea of simplifying anything sounds refreshing, does it not? Even though we Christians know the reason for the season we still seem to get caught up in the complexities of shopping, cooking, entertaining and traveling and miss the full blessings of giving.

So, why not simplify your life, avoid some of the complexities of the holidays, do more for Christ and make sure your giving reflects the true spirit of Christmas.

And while you are at it, why not multiply your giving to make your gifts go further? If you are about to write checks to your church and other charitable organizations let me suggest you consider instead gifting appreciated stocks or mutual fund shares, if that is an option for you. By gifting appreciated assets you avoid the capital gains tax, and therefore, lower the cost of your gifts or multiply the value of what you give versus cash gifts.

In addition, why not consider establishing with the KBF a donor advised fund to which you can make cash gifts and appreciated stock gifts to take advantage of the tax deduction in 2014 but defer the distributions to your church and other charitable organizations to 2015 or later? This is another practical way to multiply your giving. Call Laurie Valentine or me toll-free for more information on this simple, but effective tax-advantaged giving option.

Finally, why not dignify your giving by considering a legacy gift that pays tribute to someone you love, or one that would perpetuate your own Christian witness beyond your life time? A legacy gift to the KBF to establish a permanent endowment for the perpetual benefit of your church and other charitable organizations near and dear to your heart would be a wonderful way to dignify your 2014 giving. You could start with a modest gift and make additional gifts in the future, including a bequest or beneficiary designation in your estate plan. Laurie and I are just a toll-free phone call away to assist you.

Tis the season to simplify, multiply and dignify.

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.

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.



Tuesday, October 28, 2014

Stewardship Truths-#10

A 12 part series discussing stewardship.

By: Barry G. Allen

Enjoy the resources God has entrusted to you; share them to help others and invest them in ways that touch peoples’ lives in the name of Christ.

1 Timothy 6:17 – 19 “Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share. In this way they will lay up treasure for themselves as a firm foundation for the coming age, so that they may take hold of life that is truly life.”

Paul reminds us arrogance is the antithesis of humility. What the world/culture has made a virtue, Paul reminds us is a vice.

There is nothing inherently evil about having financial resources; it’s only if we put our hope in them that we miss the point. Paul says we can only enjoy what God has entrusted to us, if we have it in proper perspective.

We should consider our financial resources as a stewardship responsibility – true riches consist in generosity toward others.

Finally, Paul said the only way to get our treasures into heaven is to invest them in that which is going to heaven. Coal, cattle, land, stocks, bonds and the like are not going to heaven. Men, women, boys and girls are going to heaven.

Tuesday, October 21, 2014

A Hybrid Giving Idea

By: Barry G. Allen- President & CEO

You may desire to provide a perpetual stream of contributions for the benefit of your church, a favorite Baptist cause and/or other Christian ministries, but you are unable at this time to fund fully the perpetual endowment fund to make that happen.

A flexible endowment fund, administered by the Kentucky Baptist Foundation, is an option worthy of your consideration. It allows you to have a plan that establishes a permanent endowment fund over a defined, but flexible time period. During this flexible funding period, you also make on-going contributions directly to the cause(s) you intend to benefit.

A simple example would be to establish a flexible endowment to provide scholarship assistance for students to attend one of our Kentucky Baptist Christian education institutions. To provide $1,000 of annual assistance the endowment fund would need to be $25,000 assuming a 4% annual distribution rate. The distribution rate is not the same as the investment earnings rate. The distribution rate takes into consideration the rate of inflation and the investment costs so the fund will have an inflation-adjusted growth to the principal over time.

Let’s assume you could establish the flexible endowment fund with a $10,000 gift, and you would agree to contribute the remaining $15,000 over the next five years. Alongside your $15,000 pledge to fund fully the endowment, you also pledge to contribute directly to the institution during the funding period the difference in the $1,000 scholarship assistance and the distributable earnings from the invested principal in the endowment fund. As you fund the principal of the endowment, the principal should grow in value to produce an increasing amount of distributable earnings, and therefore, your direct annual contribution to the institution should decrease. Once the endowment has been funded fully with the $25,000, you would have no more responsibility to make contributions related to this flexible endowment.

Scholarship assistance is just one of many ideas that lend themselves to this hybrid giving idea. Call Laurie Valentine or me toll-free for more information about how you can make a lasting difference with a flexible endowment fund.

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, October 14, 2014

Twelve Steps For Christian Estate Planning- Step #10

By: Laurie Valentine- COO & Trust Counsel

Step #10-Plan Now for Possible Future Incapacity-
Part 1 

Do you know who would be “in charge” if, as a result of a stroke, accident or illness you were no longer able to make decisions for yourself or manage your finances?

If you have not planned for that possibility, family may have no alternative but to go to court to have you determined to be mentally incapacitated so that a guardian/conservator can be appointed and empowered to make decisions about where you will live, the kind of medical care you will receive, and how your assets will be managed and used for your benefit.

There are significant financial and emotional costs to not planning for incapacity. All expenses and fees associated with setting up the guardianship, as well as the on-going costs of the annual reporting to the court and work of the guardian, will be paid out of your assets. And, the emotional toll on family who may have no choice but to take such actions will be heavy.

Next Month-Step #11 - Plan Now for Possible Future Incapacity-Part 2

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, October 7, 2014

How Long Has it Been?

By: Barry G. Allen- President & CEO

How long has it been since you reviewed your estate planning documents? Are the ways in which your assets are titled consistent with your distribution plans as stated in your estate planning documents? Is your executor/executrix still available and willing to serve in that capacity? If you have minor children, have you provided for a guardian of your choosing? Are you taking advantage of the marital deduction to which you are entitled? Are you taking advantage of the federal estate tax exemption equivalent? Have you considered the possible benefits you might attain from a revocable living trust? Have you included your church and other Christian ministries, which are near and dear to your heart, in your plan either by bequest in your will or revocable living trust, or by beneficiary designation of life insurance or retirement accounts? Have you executed a durable power of attorney and a living will directive?

Statistics reveal a very high percentage of Americans who have wills do not have current wills. In other words, if they died today the wills they have in place do not reflect their current wishes regarding distribution of assets. Circumstances in their lives have changed since they executed their wills, but they have not kept their wills current. There have been deaths, births, graduations, marriages, divorces, incapacitated loved ones or relocations to or from another state. And yet, these individuals have neglected their Christian duty to review, and if necessary, revise their estate planning documents. Remember what the Apostle Paul advised the Christians of his day and is still advising us today via the Holy Scriptures in 1 Timothy 5:8: “If anyone does not provide for his relatives, and especially his immediate family, he has denied the faith and is worse than an unbeliever.”

And what about those of you who do not have even a basic will let alone any other estate planning documents? According to a recent Rocket Lawyer survey you are among the 61% of Americans who fall into that very depressing category.

Laurie Valentine, our trust counsel, suggests one revisit his or her estate plan every three to five years, or sooner if circumstances warrant, to keep it up to date. And, she strongly urges every one not to procrastinate in tending to these all important matters. After all, it will be your family and other heirs that likely will pay the price for your procrastination. If you have questions, feel free to call Laurie toll free. Also, invite her to your church or adult group to present our “Estate Planning Mistakes and Solutions” seminar.

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.

Thursday, October 2, 2014

Stewardship Truths #9

A 12 part series discussing stewardship.

By: Barry G. Allen

Recognize you do not have to be financially wealthy to make a worthy gift to our Lord.

Mark 12:41-44 “Jesus sat down opposite the place where the offerings were put and watched the crowd putting their money into the temple treasury. Many rich people threw in large amounts. But a poor widow came and put in two very small copper coins, worth only a fraction of a penny. Calling his disciples to him, Jesus said, ‘I tell you the truth, this poor widow has put more into the treasury than all the others. They all gave out of their wealth; but she, out of her poverty, put in everything – all she had to live on.’”

In terms of the coins she used this woman made the smallest gift that day, but to Jesus she made the most significant gift to God’s work.

The truth of that experience is:

The gift that counts is the gift that costs.

With God, it’s not the amount, but the proportion,

it's not the size of the gift, but the size of the sacrifice that really matters.

So remember, in God’s sight the depth of our giving does not depend on the depth of our pockets, but on the depth of our love and commitment.

This story teaches us no person is excluded from the privilege of making a worthy gift to our Lord.


Tuesday, September 30, 2014

Somebody’s Gonna Get Your Stuff

By: Barry G. Allen- President & CEO

Laurie Valentine uses this Jane Bryant Quinn quote in our Christian Estate Planning seminars, which we conduct in churches throughout the year. “You own stuff, you will die, someone will get your stuff.”

We all have stuff of various kinds with varying values, but lots of stuff. Our stuff can be in the form of furniture, clothing, jewelry, automobiles, collections and the like, and in the form of cash, stocks, bonds, mutual fund shares, ETFs, real estate, life insurance and retirement accounts. Whatever stuff we have, and regardless of its value, it all belongs to God, and He has entrusted it to us to manage and to use (a) for our enjoyment, (b) to help others and (c) to invest in eternal things (I Timothy 6:17 – 19).

We all shall die. Some of us are concerned about dying too soon while others of us are concerned about living too long. We human beings are the only ones of God’s creatures who tend to hold on to our stuff to the end.

When we die, someone will get our stuff. In the disposition of our stuff, we Christians have a duty to God, the owner of our stuff, to our families and to those who are in need. To fulfill that duty responsibly, each of us needs a plan. The plan we need will depend upon what kind and how much stuff we have to manage. As citizens of the Commonwealth of Kentucky, the Commonwealth has a plan for the disposition of your stuff if you have not taken responsibility to have your own plan. Let me assure you the Commonwealth’s plan does not include any provisions for any of your stuff to benefit the “Commonwealth of our Lord.” To fulfill our duty to the One who entrusted our stuff to us, we must take the initiative to have a plan. The basic document in that plan is a last will and testament. With it you can ensure not only who will get your stuff but also who will be in charge of its disposition.

Call Laurie Valentine toll-free for assistance. She is available to give you ideas on how to make a plan that disposes of your stuff in a way that gets it to the someone you want to receive it and in a manner that honors our Lord.

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.

Wednesday, September 24, 2014

Name a Guardian for Minor Children

By: Laurie Valentine-COO & Trust Counsel 

Children under age 18 are “minors” under Kentucky law. As such, they cannot make decisions for themselves or manage assets. The law requires a guardian be named by a court to handle those things until a child reaches age 18, if there is not a natural or adoptive parent surviving.

Accomplishing God’s plan for how you should provide for your family includes deciding who should be named to take on the important role of “guardian” for your children if both parents died before all children reach age 18. The guardian will decide, among other things, where your children live, go to church, and go to school. And, if you have not set up a trust for each child’s share of your estate in your will, the guardian will be the one managing each child’s share of your estate until they reach 18.

Once parents have made a decision, they should discuss it with the person or couple they want to name as guardian to make sure the person or couple is willing and able to take on the responsibility. Parents should share why they want to name the person/couple and also provide guidance as to how they would want their children raised.

And, once the decision has been made and your choice has agreed, each parent should put it “in writing” by including a provision in their will naming the person(s) so your family and the court will know who you want appointed as guardian if such a circumstance occurs.

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 16, 2014

Our Time Has Arrived!

By: Barry G. Allen- President & CEO

The Kentucky Baptist Foundation was formally conceived by a motion from the floor of the 1943 annual meeting of the General Association of Baptists in Kentucky, now the Kentucky Baptist Convention, meeting in Bowling Green. It was created in 1944 when the GABK approved its charter. It was incorporated under the laws of the Commonwealth of Kentucky on March 8, 1945, almost seventy years ago. The first meeting of its board of directors was held June 19, 1945. Dr. J. W. Black, the General Secretary of the GABK, convened the meeting and agreed to serve as the Secretary-Treasurer of the KBF until other staff arrangements could be made. The late A. M. Vollmer was elected the first full-time executive leader of the KBF effective July 1, 1946. Previously he had served as the superintendent of the Louisville Orphan’s Home. Dr. Vollmer retired August 31, 1964. In his final report to the KBF board of directors, Dr. Vollmer said, “the Foundation has been in the past and will continue to be in the future my first love among all of our Kentucky Baptist projects. This is true because it lives to strengthen all the rest.”

No one has said it any better than Dr. Vollmer. Today, the KBF still exists not for itself but for the rest of our larger and extended Kentucky Baptist family of churches, associations, educational institutions, children’s homes, hospitals, camps and conference centers, mission boards and missions support organizations.

Although the KBF has been serving Kentucky Baptists for almost seventy years, its time has just arrived! Given the significant challenges of financing in the future the missions and ministries of every component of our Kentucky Baptist family, and given the demographic, economic, social, cultural, technological and denominational trends, and their collective impact on charitable giving, the role of the KBF in the future of Kentucky Baptist life will be ever more critical.

Please give Laurie Valentine and me the privilege of facilitating your desire to make a lasting difference in the world for the cause of Christ through your estate plan.

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.

Friday, September 12, 2014

Twelve Steps For Christian Estate Planning- Step #9

By: Laurie Valentine- COO & Trust Counsel

Step #9 Include a Legacy Gift in Your Plan. The Bible reminds us God owns everything and we are merely the managers, not the owners, of all with which he has blessed us. We can “Honor the Lord with your substance” (Proverbs 3:9), by including a gift out of our assets (“substance”) that will help advance God’s Kingdom in this world.

That is what legacy gifts in the context of Christian estate planning are----gifts out of your assets that provide either immediate or deferred benefits to one or more Christian causes you name in your plan. Bequests in Wills and Trusts; designating a Christian cause as a beneficiary of all or a portion of a life insurance policy or retirement account; and gifts that provide benefits first to you and/or others and then to charity are all ways to include a legacy gift in your plan.

Legacy gifts can provide tax savings to the giver and valuable long term financial strength and stability to the charitable cause(s) named to benefit from your gift.

And, most importantly, including a legacy gift in your plan allows you to make a lasting difference for the cause of Christ in this world.

Next Month-Step #10 - Plan Now for Possible Future Incapacity—Part 1.

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 2, 2014

State Missions: Now More Than Ever!

By: Barry G. Allen- President & CEO

As I reflect upon my 44 years of vocational involvement in state missions in Kentucky, I am struck by the dramatic changes that have occurred in the population, especially from the immigration of the many and varied people groups who have come to Kentucky, the impact of the secular culture on all Kentuckians and the exponential power of technology that spreads instantaneously the negative impact of the secular culture. As a result, the challenge of the Acts 1:8 challenge has become more formidable than ever, and “state missions” now has an “international missions” element inherent in it.

Since 1913 Kentucky WMU has taken an annual offering through the churches for state missions. In 1976 the offering was named for Eliza Broadus, who was a contemporary of Lottie Moon and Annie Armstrong, and who led Kentucky WMU in 1913 to begin a state missions offering. And now, more than 100 years later, this offering is more important than it has ever been because of the growing number of lost, unchurched and dechurched people of the Commonwealth as well as the impact of secularization. This offering undergirds, enhances and supplements on-going ministries as well as special projects focused on reaching the lost and making disciples in Kentucky. You may live in or near a community that is impacted directly by ministries that receive funding from this offering.

Because of the added importance of this offering in the future for reaching Kentucky for Christ, let me encourage you not only to continue to give generously to and through the annual offering, but also to consider making a legacy gift now and/or through your estate plan for the benefit of state missions through the Eliza Broadus Offering. In this way you could continue to contribute to this vital effort beyond your lifetime. What a legacy that would leave of your love for Christ and His mission in Kentucky!

You could begin now to contribute to an existing perpetual endowment administered by the KBF from which the earnings are added annually to the offering. Or, you may prefer to establish an endowment yourself. This is the season of prayer for state missions and the EBO offering. What a wonderful time to give Laurie Valentine or me a call to assist you.

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.

Thursday, August 28, 2014

Name All Intended Beneficiaries

By: Laurie Valentine- COO & Trust Counsel 

Efficient and effective distribution of assets at death is a key goal of Christian estate planning. To accomplish that goal you must make provision for each and every beneficiary with whom you intend to share your estate.

Leaving everything to one beneficiary with the hope and/or expectation he or she knows what you want and will share your estate with the persons to whom you actually want your estate to pass is not a good idea. Legally, the named beneficiary has exclusive rights and full ownership over anything left to him or her by will or beneficiary designation at your death.

Even if your named beneficiary has every intention of carrying out your wishes, he or she could be in a situation at your death that prevents them from giving away what they inherit from you.

Unintended gift tax liability can also result from the “inheritor” giving away too much, all at once, to the others with whom you wanted your assets shared when you die.

Assure what you own at death will pass to the beneficiaries you intend by naming and including them specifically in your estate planning documents.

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, August 26, 2014

Stewardship Truths #8

A 12 part series discussing stewardship.

By: Barry G. Allen

Live beneath, not within, your means, and save/invest for a rainy day.

Proverbs 21:20 “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.”

Someone has said, “if your out-go exceeds your income then your upkeep will be your downfall.” To live beneath your means requires the deferring of pleasure. In a day of easy credit, we must beware of the self-imposed bondage we can create by carelessly using it. I believe the misuse of debt is the most destructive misuse of any financial tool in our society today.

Remember this: the most nerve-wracking place on earth to live is just beyond your means.

A high percentage of Americans live from paycheck to paycheck and have little or no savings.

Remember this: it wasn’t raining when Noah built the ark.



Tuesday, August 19, 2014

Giving to Religion in the USA

By: Barry G. Allen- President & CEO

Charitable giving in the USA attained an all time high in 2007 at $349 billion. Giving in 2013 marked the fourth consecutive year of increased giving but still $14 billion short of the pre recession high. Individuals gave 72% of the total; corporations, foundation and bequests constituted the other 28%. For the year, giving to education increased the most, 7.4% adjusted for inflation, and giving to religion declined 1.6%.

Giving to the religion subsector comprised 31%, the largest share, of all giving in 2013. Compared to most of the subsectors that have seen positive growth since the Great Recession, giving to religion has declined. In the 1980’s religion received over one-half of all giving; now it’s less than one-third. According to Giving USA, the primary reasons for the decline are: changing preferences for religious giving, changes in American religious life and economic factors. The three primary factors that have impacted household giving are: congregational attendance, congregational affiliation and household income. More and more adults are reporting they seldom or never attend religious services. Young people are less likely to attend than older generations, and fewer adults are affiliated with religion than in the past. Among the 30 and younger, one-third are unaffiliated. Decline in household income has had an impact, but lower income households still give a greater portion of income than higher income households.

Congregations of all types and sizes are recognizing that building endowments has become absolutely critical for financial strength and future viability. Best practice today dictates endowments, restricted and unrestricted, should be three to five times the annual church budget and feature giving opportunities similar to colleges and universities.

In its first ever stewardship survey, the Evangelical Council for Financial Accountability (ECFA) reported more than two-thirds of religious leaders noted their congregations had no written statement on the Bible’s teachings on generosity. No wonder 48% of them stated “spiritual complacency” was their greatest challenge, and a high percentage stated “inadequate understanding of biblical generosity” made fundraising difficult.

The KBF stands ready to equip your church to understand and to adapt to these frightening trends in giving. Call us toll free today!

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, August 12, 2014

Twelve Steps For Christian Estate Planning- Step #8

By: Laurie Valentine- COO & Trust Counsel

A Christian estate plan is one you develop by determining how God wants you to: (1) provide for your family and other “dependents” at your death and (2) have your finances managed and decisions made for you if you became incapacitated and no longer able to do those things for yourself.

Step #8 Plan for Death Taxes. 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.

Next Month-Step #9 Include a Legacy Gift in Your Plan

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, August 5, 2014

A Christ-Centered Will

By: Barry G. Allen- President & CEO


New Testament professor R.E.O. White taught the permanent value of Paul’s letter to the Colossians is its value both as a theological feast and a spiritual tonic. Paul’s purpose in writing was both to instruct a questioning faith and to enrich daily Christian life. Both the fullness of Christ and the Christ-filled life are affirmed by Paul. His fullness is affirmed in relation to God, the universe, the church and experience.

As disciples of Jesus Christ, we strive daily to reflect a Christ-filled life. In Colossians 1:16, Paul acknowledged “all things were created by Him and for Him” to fulfill His purposes and to promote His glory. How we plan our estates very likely will be the single most important act of financial stewardship we will ever make. Therefore, it is vitally important we acknowledge and affirm His Lordship in our lives with a last will and testament that is Christ-centered. Through faithful estate stewardship we impact the world for Jesus Christ, we advance His Kingdom and we acknowledge His Lordship. Furthermore, obedience in this realm and writing a Christ-centered will enriches our daily lives as we find contentment in knowing the financial resources He entrusted to us in life will be used in fulfilling His purposes and promoting His glory beyond our lives on this earth.

A bequest in a will or revocable living trust for the benefit of your church and other Christian causes is the simplest and most popular way to have a Christ-centered will. The bequest can be a specific sum, percentage or asset; it can be undesignated or designated; it can be outright or for perpetual support through an endowment fund. The reason a bequest is so popular is it allows one to retain complete control and use of the financial resources until death when they are no longer needed.

In 1 Timothy 6:7 Paul reminds us financial resources are temporal; they provide for our basic needs, but we must put godliness above everything else: “For we brought nothing into this world and we can take nothing out of it.” When you and I gain that truth, we gain something lasting.

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.

Thursday, July 31, 2014

Plan Your Use of Joint Tenancy

By: Laurie Valentine-COO & Trust Counsel 

Many people put everything they own in joint ownership with others so that, at death, no probate court proceedings are required for the other joint owner to have full ownership and control of the assets. “Joint tenancy with rights of survivorship” titling does avoid probate as ownership passes by operation of law to the surviving joint owner, but it should be used carefully.

Your Will does not control who will own jointly-owned assets following your death. That means that even with a carefully thought out “written plan” (a Will) directing how you want what you own at death to pass, any assets in joint names will not be governed by that plan.

Another reason people put someone else’s name on their assets as joint owner is to give them access to those assets in case of incapacity of the original owner. A better plan may be to give them a power of attorney which gives them access to your assets and the ability to use them for your benefit if you become incapacitated without making them a joint owner

Putting others’ names on your assets as joint owner makes them just that…an owner with rights in those assets. That could result in those assets being subject to the claims of that other joint owner’s creditors, if he or she gets into some kind of legal or financial difficulty.

And, if the other joint owner dies first you might be taxed on receiving your own assets back from the other joint owner at their death, depending on their relationship to you.

As with all other aspects of estate stewardship, use of joint tenancy should be planned.

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, July 29, 2014

A Personal Testimony

By: Barry G. Allen- President & CEO

In 1985, 11 years before my service as KBF president began, my wife and I established the Barry G. and Larie G. Endowment Fund with the KBF.

We established the account with a modest gift of appreciated stock and directed the KBF to reinvest the earnings until the market value of the account attained a specific target balance. Upon the attainment of the target balance, the earnings would begin to be distributed, until the Lord returns, among several Baptist causes which were near and dear to our hearts.

In addition to the initial gift, my wife and I have continued to make contributions to the fund over the years. Our gifts have been in the form of cash, appreciated stock and life insurance policies. And, we have a provision in our estate plan to contribute to it as well.

As a result of our continued contributions and the KBF’s excellent investment performance, the fund attained its target balance in 1997, and the KBF began making distributions at that time. The distributions continue to grow as the fund grows.

I am sharing this word of stewardship testimony for these reasons:

· Integrity. I would not ask you to do what I had not done already.

· Trust. We believe the KBF board and staff are steadfast and solid and will do until the Lord returns what we directed them to do, and they will do it with excellence.

· Simplicity. Most of you, like us, have more than one favorite Christian cause. The KBF can simplify the giving process by establishing one account but distributing the earnings to multiple causes.

· Joy. I wanted to share with you the joy we are experiencing (a) by seeing while we are alive how these Great Commission ministries are changing peoples’ lives in the name of Jesus Christ and (b) by having the assurance we shall be involved in these ministries as they continue to impact the world for Christ beyond our lifetimes.

Please give Laurie Valentine, our trust counsel, or me the privilege of assisting you in experiencing the joy that comes by giving to connect all people to Jesus Christ, “for God loves a cheerful giver.” Call us toll free.

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.

Thursday, July 24, 2014

Stewardship Truths #7

A 12 part series discussing stewardship.

By: Barry G. Allen


Be honest and act with integrity in all of your dealings.

Proverbs 16:8 “Better a little with righteousness than much gain with injustice.”

Dishonesty is rooted in greed, and if left unchecked, greed can make us susceptible to get-rich-quick schemes, or “something-for-nothing” schemes, schemes that almost always end in poverty. Remember, if it sounds too good to be true, it probably is.

We must not let greed cause us to be dishonest. We cannot live right and get things the wrong way. Someone has said, “it is better to grow rich slowly than to grow poor in a hurry.”

Tuesday, July 15, 2014

Stewardship is More Than Fund Raising

By: Barry G. Allen- President & CEO 

I have the privilege of assisting people from every financial station in life; those with modest amounts of material possessions, those with vast amounts and everything in between.

I do not recall any of those for whom money did not present some kind of difficulty. For some the difficulty was in not having enough of it. Interestingly enough, an increase in quantity does not eliminate necessarily all of the difficulties. Money continues to be a difficulty even when it is plentiful. For then the challenge becomes how to preserve, invest and use it wisely. Money is an aspect of life where the struggle is universal.

Churches have a real responsibility at this point, but I am concerned churches are not fulfilling this responsibility as effectively as they should. Too often financial stewardship is relegated to institutional fund raising focusing on financing the local budget to the neglect of the broader perspective of the meaning of money in the life of a Christian.

The call to responsible stewardship is to let God, not money, be the One and Only God in our lives. It is a call to shift our priorities and to change the way we relate to money. The Bible is clear, if we ascribe to money the highest possible value for total satisfaction in life, we shall go through life dissatisfied and unfulfilled. One cannot find in money what can only be found in God. Money is the means by which we live, but not the end for which we live.

My prayer is our churches will become more intentional in teaching men, women, boys and girls how to stop worshipping money and how to start investing it for eternal gains in the lives of people through the missions and ministries of our churches and our KBC-related Great Commission service organizations. Through your church and these organizations money is transformed into ministry.

Call toll-free Laurie Valentine or me to arrange a stewardship education seminar in your church before the end of this year - (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.

Thursday, July 10, 2014

Twelve Steps For Christian Estate Planning- Step #7

By: Laurie Valentine- COO & Trust Counsel

A Christian estate plan is one you develop by determining how God wants you to: (1) provide for your family and other “dependents” at your death and (2) have your finances managed and decisions made for you if you became incapacitated and no longer able to do those things for yourself.

Step #7 Use Trusts to Help Beneficiaries Handle Their Wealth. Leaving an inheritance outright to a young or incapacitated beneficiary is not good estate stewardship.

An outright bequest or beneficiary designation to an under age 18 beneficiary will require a guardian be appointed to manage the young beneficiary’s share until he/she reaches age 18. This is the case even if there is a parent surviving. At 18, the young beneficiary will receive full ownership and control of the outright inheritance, no matter its size.

A better alternative may be to use a “testamentary trust” as part of your plan.

A testamentary trust is a bequest in your Will to a third party designated as “trustee” to manage the young beneficiary’s share of your estate. The trustee can be authorized to use income and principal of the young beneficiary’s trust for his/her education and other needs. And, by using a testamentary trust, you can delay when a young beneficiary will get full ownership and control until an age older than 18.

Testamentary trusts may also be used to provide for an elderly or incapacitated beneficiary. The trust can direct all income (and possibly some principal) be used for the beneficiary for the rest of their life; with the remainder designated for an “ultimate beneficiary” of your choosing after the elderly or incapacitated beneficiary dies.

Next Month-Step #8- Plan for Death Taxes
  
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.

Wednesday, July 2, 2014

Contribution Not Acquisition

By: Barry G. Allen- President & CEO

Someone has said, “success comes not by acquisition but by contribution.” Winston Churchill said, “we make a living by what we get; we make a life by what we give.” Jesus said in Matthew 16:26, “what good will it be for a man if he gains the whole world, yet forfeits his soul? Or what can a man give in exchange for his soul?”

The scriptures teach us if we are wise, we shall pay more attention to eternal values than to the things of the world. In I Timothy 6:7 we find this, “for we brought nothing into the world, and we can take nothing out of it.” Therefore, we ought to put godliness above everything else. In so doing we shall gain what is lasting. Everything else is temporal. Verse 9 warns us of the temptation trap into which we fall by our love of money. Sometimes those who have the least love money the most. We need to ask ourselves from time-to-time, do we have things, or do they have us? In verses 17 –19 the Apostle Paul told Timothy to charge those who were affluent not be arrogant or proud nor to put their trust in their wealth. Instead they (we) should put their (our) trust in the living God who gives us all things richly to enjoy. All things come from God and are to be enjoyed, but they are not to be worshipped.

Not only are we to trust the Lord, but also we are to be worthy of his trust. The Lord is seeking trustworthy men and women. If you are one of those, he is more likely to give you something, which you can use for his glory. Here is what Jesus said about trust, “whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches?”(Matt 16:10-12).

To the extent we can assist you to have success in your stewardship, please give us that privilege.

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, June 24, 2014

Stewardship Truths #6

A 12 part series discussing stewardship.

By: Barry G. Allen


Work hard at everything you do.

Proverbs 22:29 “Do you see a man skilled in his work? He will serve before kings; he will not serve before obscure men.”

Here the wisdom writer reminds us first that good stewardship involves how we earn what we get as well as how we spend what we get – in other words – good management is directly related to values; and second, in addition to teaching us values and helping us to prosper, hard work brings a measure of satisfaction to our lives.

Thursday, June 19, 2014

Is Your Plan Coordinated?

By: Laurie Valentine- COO & Trust Counsel

Efficiently and effectively accomplishing God’s plan for how what you own will pass at your death requires you put together a “coordinated” plan for how your assets will pass.

Assets that are beneficiary-designated such as life insurance and retirement accounts will pass per the terms of the beneficiary designation document, not per the terms of your will or revocable living trust. Likewise, jointly-owned assets will pass to the surviving joint owner at your death, no matter what your will or trust says.

Only assets in your name alone or designated to be paid to your estate, your executor or the trustee of your trust will pass as your will or trust directs.

Failure to coordinate how assets will pass may result in a beneficiary receiving assets in a way you did not intend. Here’s an example: Your intention is for anything coming to your son from your estate at your death is to be held in trust for him until he reaches age 25. Your plan includes both a bequest to the trust for his benefit created in your will and a life insurance beneficiary designation naming your son as beneficiary. The bequest will be placed in trust, but the life insurance will be paid directly to your son, whether he has reached age 25 at the time of your death or not.

Make sure your plan is coordinated, and stays coordinated, by regularly reviewing how your assets are titled and how beneficiaries of life insurance, retirement accounts and possibly other assets are designated. Then compare asset titling and beneficiary designations with the terms of your will or trust.

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, June 17, 2014

Do You Need More Income?

By: Barry G. Allen- President & CEO

Like many people you may depend upon income from certificates of deposit and other fixed income investments.

If so, I am confident you wish interest rates were a lot higher than they are. Also, you may have been thinking about how to provide some kind of financial benefit to your church and other charitable causes, but did not feel you could give up that income producing CD.

I am delighted to inform you the Kentucky Baptist Foundation offers you a simple solution to your need of more income and your charitable intentions. That solution is a charitable gift annuity (CGA).

A CGA is an agreement between you and the KBF under which, in exchange for your gift to the KBF of cash or appreciated securities with a value of at least $5,000, the KBF agrees to pay you a fixed amount each quarter for the rest of your life. The payout rate depends upon your age. The older you are, the higher the payout rate.

Also, a CGA can be on one or two lives. For example, it can be on the lives of a husband and wife.

Not only is the payout partially tax free, but also the gift portion of the plan is tax deductible. If you give appreciated assets, there likely will be capital gains tax savings as well.

The portion of your gift not needed to make the lifetime annuity payments to you will be available at your death for the chartable cause(s) you designate in advance.

You can specify for the remaining portion to be available to the charitable cause(s) outright, or to be held by the KBF in a permanent endowment fund with only the earnings, not the principal, being paid in perpetuity to the cause(s).

Anyone age 50 or older is eligible. Example of the current single life payout rates are: 5.1% at age 70; 5.8% at age 75; 6.8% at age 80; 7.8% at age 85; and 9.0% at age 90 and older.

As you anticipate the maturity of your next CD, consider using it for a CGA. Laurie Valentine and I are awaiting your toll free call to assist you.

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, June 10, 2014

Twelve Steps For Christian Estate Planning- Step #6

By: Laurie Valentine- COO & Trust Counsel

A Christian estate plan is one you develop by determining how God wants you to: (1) provide for your family and other “dependents” at your death and (2) have your finances managed and decisions made for you if you became incapacitated and no longer able to do those things for yourself.

Step #6 Name a Guardian for Minor Children. Children under age 18 are “minors” under Kentucky law. As such, they cannot make decisions for themselves or manage assets. The law requires a guardian be named by a court to handle those things until a child reaches age 18, if there is not a natural or adoptive parent surviving.

Accomplishing God’s plan for how you should provide for your family includes deciding who should be named to take on the important role of “guardian” for your children if both parents died before all of your children reach age 18. And, once that decision has been made, it should be communicated by including a provision in your Will naming that person(s) so your family and the court will know who you want appointed as guardian if such a circumstance occurs.

Next Month-Step Use Trusts to Help Beneficiaries Handle Their Wealth   

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.