Tuesday, May 17, 2016

Christian Estate Planning Basics

By: Laurie Valentine

A Christian estate plan is one that has been developed by prayerfully determining how God wants you to provide for your family and other “dependents” at your death and how your finances will be managed and decisions will be made for you if, at some point in the future, you are no longer able to do that for yourself because of a stroke, dementia or accident.

To accomplish God’s plan for who is to receive what you own when you die you need a will designating how your probate estate assets (individually-owned assets and amounts payable to your estate or executor at your death) will pass at your death.

The distribution plan in your will should be coordinated with life insurance and retirement plan beneficiary designations.

And, you must also look at how your assets are titled as assets titled as joint tenants with rights of survivorship do not pass under your will; they pass to the surviving joint owner.

God’s plan for asset management and decision-making in the event you become incapacitated can be accomplished by making a durable power of attorney. Using a durable power of attorney allows you to empower someone of your choosing to make decisions for you and manage your finances if you become incapacitated.

To assure the appropriate person(s) have authority to make healthcare decisions for you if you are incapacitated a healthcare surrogate designation should also be considered. And, by making a living will directive you can put in writing your wishes regarding the continuation of life-prolonging medical procedures in the event of a terminal condition diagnosis.

Be a good steward of all with which God has blessed you by taking time to do Christian estate planning.

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, May 3, 2016

Questions You Should Ask

By: Richard Carnes

George Kinder, author of the personal financial planning book Seven Stages of Money Maturity, asks his clients the following three questions to help focus the client’s goal planning.

Question 1. Imagine that you have all the money you need now and in the future. What will you do with this financial abundance? How will you live your life? What if anything will you change in your lifestyle? Let yourself dream by describing a life that for you is complete and richly yours.

Question 2. You have just come from a doctor appointment and your physician told you that you have five years to live. The good part is you won’t ever feel sick. The bad part is that you will have no notice of your death. How will you live your life in light of this knowledge? What, if anything, will you change?

Question 3. You have just come from a doctor appointment and this time your physician tells you that you have only one day left in your life. The question you have now is not how to spend the hours that remain. Instead, ask yourself what am I feeling? What are my regrets and longings? What dreams will be left unfulfilled? What do I wish I had finished that is incomplete?

As I reflected on these three life scenarios my thoughts turned to Jesus’ parable found in Luke 12:16-21 of the rich man who decided to tear down his barns and build bigger ones, with the intent to take it easy; eat, drink and enjoy himself. God says to the man “You fool! This very night your life will be demanded from you. Then who will get what you have prepared for yourself.” This is a tragic consequence of storing up treasure purely for self while not being rich toward God.

The Kentucky Baptist Foundation staff is honored to assist numerous Kentucky Baptists that have sought God’s direction on how they should consider planning their financial matters in order to provide for their families, their church and other Baptist ministry causes. These thoughtful Christian stewards have followed a very different life path to that of the rich man in Jesus’ parable.

If you have questions about Christian estate planning topics or want to request a private estate stewardship consultation, please 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, 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.