Tuesday, August 25, 2015

Back To School

By: Richard Carnes

Late summer is always an exciting time for our children and young adults beginning to report back to schools and colleges across the state. The freshness of a new backpack, the wonder of a full box of sharpened crayons, and spring in the step of new athletic shoes all make for the beginning of their next educational adventure. But, for many budding young scholars, the hope of achieving their academic dreams is deferred due to their lack of sufficient financial resources.

The Kentucky Baptist Foundation has been honored to work with numerous donors whose passion is helping students receive the necessary financial support to achieve their educational goals. One example of this collaboration is the scholarship funds that donors have created to help off-set the costs of students’ education. For the upcoming academic year, the Kentucky Baptist Foundation had the privilege of awarding 77 scholarships to college and seminary students totaling $79,930 from the 17 scholarship endowments administered by the Foundation.

You may have this same passion and would like to explore how you can implement a legacy gift plan to fund a scholarship endowment like the ones referenced above. Or you may have a Christian school, college or Baptist seminary that you would like to support through a legacy gift.

The Kentucky Baptist Foundation staff is available to assist you by providing guidance in creating these scholarship funds and charitable endowments to support worthy Christian education causes across the state and the nation. You may contact the Foundation’s trust counsel, Laurie Valentine, or me at our toll-free number (866) 489-3533.

Richard Carnes is the president of the Kentucky Baptist Foundation, P O 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.

Tuesday, August 11, 2015

Watching Your Legacy

By: Richard Carnes- President & CEO 

Recently, my wife Karen and I had the great joy of caring for our 21 month old granddaughter while our son and daughter-in-law traveled on a weekend trip. We played, we hugged, we read bible stories and we ran around the house together, giggling and laughing all the way. As I listened to each new word and observed each new skill that she was developing, it became abundantly clear that I was observing a major piece of my unfolding legacy.

As I watched her and as she held my hand, walking ever so tentatively at times, it dawned on me that I was blessed to help her take the first of what will be millions of steps toward her own legacy. My heart nearly explodes with joy and desire to help her develop her potential and most importantly, come to her own personal relationship with Jesus.

I might also call this experience a part of investing for eternity. This type of investment includes passing on values, perpetuating traditions and promoting ideals for future generations. Each of us has the opportunity to incorporate this type of investing into our families and similarly into our churches and church related ministries. There are likely ministries you want to nurture and financially provide for, such as: mission endeavors, Christian education programs, children’s care, support efforts at your church and many other ministries for the building of God’s Kingdom.

As you watch the unfolding of your legacy, consider including charitable gifts in your estate and financial plans. This type of investing for eternity will assure that your generosity continues beyond your lifetime.

The Kentucky Baptist Foundation staff is available to assist you by providing private estate stewardship consultation. You may contact the Foundation’s trust counsel, Laurie Valentine, or me at our toll-free number (866) 489-3533.

Richard Carnes is president of the Kentucky Baptist Foundation, P O 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.

Thursday, August 6, 2015

12 Creative Giving Ideas for 2015- #8

By: Laurie Valentine- COO & Trust Counsel

A charitable remainder unitrust (“CRUT”) is legacy giving plan that provides you and/or other family members a potentially growing distribution stream during the term of the trust, with the remainder set up to benefit one or more charities at the end of the trust term.

You set up a CRUT by creating an irrevocable trust and transferring cash, appreciated securities or real estate to it. The CRUT will pay you and/or others an amount each year equal to the payment rate designated in the trust agreement multiplied by the value of the trust assets, as revalued on January 1 each year. The minimum payment rate is 5%.

The trust term can be for the lives of the non-charitable “income” beneficiaries or a fixed term not to exceed 20 years.

The payment out to you and/or other non-charitable beneficiaries each year will vary---if the trust assets increase in value from one year to the next, the payment amount will increase; if the value goes down, the payment amount will decrease. The goal is to select a payment rate that will allow some growth in the value of the trust assets from year to year so that the payments grow, thereby creating a hedge against inflation over time in what you are receiving from the trust.

When the trust term ends, whatever remains in the trust is distributed to the charities you have named in the trust agreement.

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.