Among those men and women are a couple with two adult children both of whom are in second marriages and both of whom have serious health challenges. This couple wanted to provide (1) both adult children with income for the rest of their lives without giving the children ownership and control of any of their assets and (2) for their church.
During the time this couple was revisiting their estate plan with their personal attorney, their church had invited KBF trust counsel Laurie Valentine and me to present an estate planning and legacy giving seminar. From the seminar they learned about an idea they thought might accomplish their goal so they arranged for a private, confidential consultation session with Laurie to explore that idea. From that session they decided to include a testamentary charitable remainder unitrust in their wills, with the KBF as the trustee, which will receive the remainder of the surviving spouse’s estate. This unitrust will pay their two children for their lifetimes 5% of the value of the trust as revalued each year. After both children are deceased, the unitrust will terminate, and the remainder will be distributed to the couple’s church.
By using this approach this couple will assure whatever remains at the surviving spouse’s death will be administered by a third party fiduciary, namely the KBF, with the care, skill and prudence necessary to accomplish their goal of providing a flow of income to their children for their lifetimes and then providing for Kingdom advancement through their church.
What a joy it was to assist this faithful couple in accomplishing what they understood to be God’s plan for that which He entrusted to them. We want to help you accomplish what you understand to be His plan for what He has entrusted to you. Please give us that privilege. Call now 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.