Tuesday, July 12, 2016
Gift of A Lifetime
Each year the Kentucky Baptist Foundation is fortunate to receive estate gifts that were planned in earlier years by thoughtful, forward-looking donors. These donors, through provisions in their wills and other long-term plans, made gifts that might otherwise not have been possible.
Other individuals would like to support the ministries of their church and Baptist causes but think they don’t have anything to give or believe such a gift would compromise their family member’s future security. This is a common feeling but there is encouraging news on ways you can make a gift from assets you accumulated during a lifetime.
Giving through your will can be a convenient way to support the Christian ministries important to you. After first providing for your loved ones, you may decide to make a charitable gift of a specific amount, a percentage of your estate, or all or part of what remains after family and/or friends have been remembered.
While a will is usually the first method that comes to mind when considering a legacy gift, there are other ways to accomplish a donor’s charitable goals. These plans are generally easy to put in place and can be adjusted if your circumstances change. Some of these strategies may include gifting through trusts, gifts of life insurance, gifts of real estate assets or gifts of retirement plan remainders.
Giving through a trust is an often used strategy. Many individuals make use of trusts created during life to provide for management and future distribution of assets, then, at the termination of the trust, direct that a portion of the remaining assets be used for charitable purposes.
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.
If you have questions about these giving strategies 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.