Western Recorder: A long-time friend

By: French D. Harmon, Phd

It is hard to imagine Kentucky Baptist life without the Western Recorder. We realize change is part of life, but losing this treasure is difficult.

I am truly thankful every morning when Kentucky Today arrives in my inbox, but it was the Western Recorder (WR) that gave me insight and context as I grew up in ministry. We have adapted to this new online news service, but please allow me to share four personal reflections on the Western Recorder.

1. Values. The Western Recorder — in both its newsprint and magazine formats — provided much-needed biblical perspective on matters of faith. The articles I read often reminded of the need to respond to our Lord's teaching. I recall reading an inspirational editorial that challenged me to build character and Jesus said, "For what will it profit a man if he gains the whole world and forfeits his soul? Or what shall a man give in return for his soul?" (Matthew 16:26). There were times I didn't fully agree with a WR opinion piece, but that is part of being in the Southern Baptist Convention family. It was so great to have a state newspaper that served the interest of congregations all over Kentucky.

2. Victories. For several years, two of the churches I pastored used the back page for our weekly newsletter. It allowed for our members to experience the spiritual victories of our church, individuals and congregations across the commonwealth. Proverbs 21:31 tells us, "Victory belongs to the Lord." Seeing items in print allowed members to spur on their friends to grow in their walk with the Lord and be encouraged by members of the body of Christ. It has been a great tool for local church leaders.

3. Virtues. I grew up during the SBC era that featured programming and allowed congregations to focus on consistent teaching from the Sunday School Board, church training materials, evangelistic outreaches and passionate preaching. The Western Recorder encouraged believers to be a faithful part of their church. I was regularly reminded of Philippians 4:8, and to "think on things" that are true, honorable, just, commendable, lovely, excellent and praiseworthy. To me, the Western Recorder promoted denominational unity which I felt was very important in my growth as a Christian.

4. Voices. I got to know Baptist leaders and laypersons through articles in the Western Recorder. When I recall the notable editors, pastors, seminary, mission and denominational leaders, it actually points to what the future could be. The late John Bisagno stated, "Jesus called us to be brothers and sisters and not identical twins." John 15:12 tells us, "This is my commandment, that you love one another, even as I loved you." Today, let our Baptist voices be inviting and loving as a watching world needs Jesus.

Recently, I walked through the space previously used by the Western Recorder staff. There was an old typewriter, a plaque in memory of C.R. Daley — but then I saw the stack of newspapers going back to the 1800s. I then realized how many people were touched by the Western Recorder.

Farewell, old friend. I already miss your values, victories, virtues and voices.

Thank you.


French Harmon is president of the Kentucky Baptist Foundation.

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.

A Gift of Love

By: Richard Carnes

February is filled with reminders to express our love and affection to those close to us. We may express this affection through greeting cards, bouquets of flowers and candle lite dinners. All these gestures can be memorable, but they are temporary in nature.

A lasting way to say “I love you” is by making provision to care for your loved ones, yourself, and charities important to you through creating a written estate plan. Knowing where to begin, what to look for, and what you might expect can help turn this task into an effective plan. A great place to start the process of creating an estate plan that reflects your goals and values is through the Kentucky Baptist Foundation’s Estate Plan Organizer, located on our website, KYBaptistFoundation.org. The Estate Plan Organizer will take you through the estate planning process easily and at your own pace. The whole process can be completed in as few as 30 minutes and you can save your work at any time and return to the Organizer at your convenience.

When you have completed the Organizer, you will have a well thought out design for your estate that reflects your priorities. You will then be well prepared to work with your attorney and financial advisors, who will assist you in structuring an estate and financial plan that best achieves your goals.

An estate plan may not be a glamorous gift, but it is a valuable gift… a gift of love.

The Kentucky Baptist Foundation is honored to work with individuals seeking how best to organize their estate planning goals to achieve their personal and charitable objectives, to support their families, their church and other Baptist causes. To learn more, call upon the Kentucky Baptist Foundation as a helpful partner.

Richard Carnes is president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; www.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.

Your Christmas Gift – Forever

By: Richard Carnes

During this special time of the year, we celebrate the love God lavished on us through the gift of the Christ child. Christians, inspired to share this eternal story of Good News, give of their time, energy and finances to carry this Christmas message to all the nations. During this season, Baptist church members across the commonwealth of Kentucky give their financial support to special mission offerings such as the Lottie Moon Christmas Offering to further the growth of God’s Kingdom across the world. Each of these great stewards is to be thanked for this act of faithfulness. Perhaps you have wondered how to ensure that your support for these mission ministries can continue indefinitely into the future; one way is to endow your gift.

To create an endowment, you would leave a certain sum of money or asset through your will or living trust, or perhaps name the ministry as a beneficiary of a retirement plan or life insurance policy. That sum would be used to establish a fund benefitting the ministry cause as you have directed. The income distributed from the fund would be a continuation of your annual gifts.

How does this work? An organization like the Kentucky Baptist Foundation considers economic conditions when deciding on an appropriate distribution percentage. The total amount of the gift and this distribution percentage determine how much money will be distributed to your chosen cause on an annual basis. If for instance the distribution rate is set at 4 percent, then for each $1,000 annual gift you want to sustain, an endowment of $25,000 would be required. If you have been contributing $2,000 per year, an endowment of $50,000 would ensure an annual distribution of $2,000.

So, in a sense you will be an annual giver indefinitely, and thus ensure the ministry organization you value will continue to be supported.

To make intentional plans to care for your family and the ministries God is inspiring you to support, call upon the Kentucky Baptist Foundation as a helpful partner.

Richard Carnes is president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; www.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.

Year End Giving

By: Richard Carnes

Making charitable gifts is both an opportunity to express thankfulness for the blessings of life and an opportunity to make a difference in your community through a favorite charitable ministry. It’s also an excellent way to reduce your tax obligation for the year.

A tax deduction for charitable giving isn’t guaranteed just because you’re generous. As with everything in tax law, it’s important to follow the rules. By doing so, you can help ensure that your donations result in maximum benefits for you and the charitable ministries you support through your gifts.

The Internal Revenue Service offers the following reminders to help taxpayers plan their gifts to charity:

· Qualified charities. Only donations to eligible organizations are tax-deductible. Select Check, a searchable online tool available on IRS.gov, lists most organizations that are eligible to receive deductible contributions. In addition, churches are eligible to receive deductible donations. That is true even if they are not listed in the tool’s database.

· Year-end gifts. Contributions are deductible in the year made. Donations by check count for 2019 as long as they are mailed in 2019. Also, donations charged to a credit card before the end of 2019 count for 2019, even if the credit card bill isn’t paid until 2020.

· Itemize deductions. For individuals, only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions. This deduction is not available to individuals who choose the standard deduction.

· Record donations. The long-standing requirement of the IRS is that a taxpayer obtain an acknowledgement from a charity for each deductible donation (either cash or property) of $250 or more. Also, be aware that additional rules apply for a property contribution of $250 or more.

As you begin to look beyond 2019, you may also wish to consider arranging for future charitable gifts that result in immediate tax and other financial benefits. By doing so, you may be able to enjoy tax savings, increased income and other financial advantages today while providing for a significant charitable gift to a favorite Baptist ministry as part of your long-range planning.

Richard Carnes is president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; www.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.

Striving Together for 75 Years

By: Richard Carnes

As we prepare to enter 2020, the Kentucky Baptist Foundation looks forward to celebrating its 75thanniversary as the Kentucky Baptist Convention’s trust agency. Throughout this long history, the foundation has been Striving Side by Side for Christ’s Kingdom by assisting Kentucky Baptists in financial stewardship education and the management of financial resources entrusted to it by donors and clients.

Many church leaders are realizing that for churches to be successful in reaching their communities for Christ, churches must be equipped to educate their members about the opportunities for legacy giving, utilizing their non-cash assets, which on average represent 91 percent of a person’s net worth.

The great news for church leaders is they are not alone in providing this type of Christian estate stewardship training for their members. The foundation helps facilitate this training of church members to become more “Kingdom-minded” by conducting educational seminars on financial and estate planning topics at your church. This educational resource is provided by the foundation at no cost to Kentucky Baptist churches.

An additional resource to church members is the private confidential consultation service available to Kentucky Baptists through the expertise of Austin Wilkerson, the foundation’s trust counsel. Through these foundation ministries, Kentucky Baptist individuals and families have a valuable resource available to assist them in fulfilling their stewardship obedience to the Lord, which will facilitate their opportunities to share Christ with those who do not know Him.

As the Kentucky Baptist Foundation board of directors and staff Strive Side by Sidein its financial stewardship ministry, we shall continue to take seriously our fiduciary duty as the trust agency of the Kentucky Baptist Convention. We are honored to serve alongside the KBC to be the development agency for its churches, the Cooperative Program, associations and other KBC causes.

Richard Carnes is president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; www.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.

Equipping Church Leaders

By: Richard Carnes 

As the development agency for Kentucky Baptist churches, the Kentucky Baptist Foundation (KBF) helps equip a church’s staff and lay leadership on effective ways to implement intentional legacy planning programs for church members. It is imperative that churches educate and encourage their members to see their financial stewardship more broadly than just the donation they place into the offering plate. This stewardship training extends to planning the utilization of all the financial resources entrusted to church members for the benefit of their family, their church, and Kingdom causes.

Church leaders can make great strides in impacting the financial well-being of church member’s families and the well-being of the church’s ministries by scheduling teaching opportunities for their church members on how to become “Kingdom -minded” stewards. The great news for church leaders is they are not alone in providing this type of Christian estate stewardship training for their members. The KBF helps facilitate this training of church members to become more “Kingdom-minded” by conducting educational seminars on financial and estate planning topics at your church. This stewardship resource is provided by the KBF at no cost to Kentucky Baptist churches.

Some examples of frequently requested seminars are:

Estate Planning Mistakes and Solutions- Discover what the ten biggest estate planning mistakes are and how to avoid them to assure you manage your finances wisely.

Who Will Be In Charge If …? – Explores incapacity planning tools – powers of attorney, health care advanced directives, Living Trusts and what happens if no prior planning has been done.

Ways To Make Gifts To Your Church– Estate stewardship giving ideas to encourage church members to take stewardship to a deeper level – what to give, how to give, and why we as Christians should give.

As your church begins to plan its Fall series of education and training for Wednesday evenings, Sunday evenings or the Sunday morning Sunday School hour, please consider inviting KBF staff to conduct a seminar session at your church. We welcome your contact to request the KBF’s full list of legacy planning topics and to schedule a seminar date.

Richard Carnes is president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; www.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.

Working Together

By: Richard Carnes 

God in his perfect wisdom, created people for relationship with him and to live and work in relationship with each other. In response to a question about success Henry Ford stated, “Coming together is a beginning; keeping together is progress; working together is success.” When I contemplate this quote, I see many ways Southern Baptists have lived this statement through thousands of Baptist churches and millions of Baptist members, by choosing to voluntarily cooperate and combine their efforts for the building of God’s Kingdom. One of the most obvious examples of this collaboration is the Cooperative Program. The Cooperative Program enables Southern Baptists to accomplish more for Christ together than we ever could on our own. Cooperative Program funds provide the foundational support for statewide, national and global missions and ministry efforts. What a God inspired example of working in relationship with each other!

May I invite you to join a special group of individuals who have designated future gifts to this vital ministry funding source? These gifts will help ensure future missions, evangelistic, educational and care giving ministries and help enrich and save lives for many years to come. Your legacy gifts directed for the benefit of the Cooperative Program are an investment with eternal implications that will be working 24 hours a day, 365 days a year, to connect people all over the world to Jesus Christ.

As Southern Baptists, we can rejoice that we’ve “come together,” “kept together,” and “worked together” through the Cooperative Program. When you consider how you may choose to support the Cooperative Program, I encourage you to talk with Kentucky Baptist Foundation staff and your legal and tax advisors who can assist you in determining which legacy gift strategies best achieve your giving goals in light of your overall estate and financial plan.

Richard Carnes is president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; www.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.

A Christian’s Estate Plan

By: Richard Carnes

As with most things, the world’s way of approaching estate planning is profoundly different from God’s way. Estate planning affects literally everything we consider ours. Because of that, it is the single most important act of stewardship we will ever undertake. 

Sometimes an event causes a person to confront their mortality, and they engage in introspection about their relationships and values. Possibly the person is stimulated to complete an estate plan they have long postponed and finally take the steps to ensure that their wishes are fulfilled. Maybe they start thinking about the ways they can use lifetime accumulations to make a difference for God’s Kingdom in the lives of the next generation.

As believers we understand that God is the owner of everything; in estate planning we are merely arranging to transfer stewardship responsibility, hopefully in a way that would please the One who has created and who owns all things. God said in Psalm 50:10-12, “… for every animal of the forest is mine, and the cattle on a thousand hills. I know every bird in the mountains, and the creatures of the field are mine.”

In preparing our estate we are faced with a number of fundamental considerations that go to the heart of creating an estate plan that reflects God’s priorities. How shall I provide for my family members? What kind of eternal impact do I want to make through ministries that have been important to me and my loved ones over the course of our lives?

At the Kentucky Baptist Foundation, we emphasize that a complete estate plan is an affirmation of the meaning of your life – what you ultimately value, your affections, and the ways in which you want your life to have made a difference for God’s Kingdom.

Because the tools and techniques available to the believer are equally available to the non-Christian, there can inherently be nothing about the tools themselves that make an estate plan “Christian”. Rather, it’s the design of the estate plan. It is the prayer and careful thought put into it that will determine how well it reflects Biblical priorities.

Richard Carnes is president of the Kentucky Baptist Foundation, P O Box 436389, Louisville, KY 40253; www.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.

Family Decisions

By: Richard Carnes

When composing or updating wills and estate documents, a couple will naturally discuss how to divide their estate. Many questions arise during these discussions. Do you leave equal amounts to your children? Will each child be a wise steward of the inheritance or have they proven irresponsible with money? Should differing amounts spent for each child’s education impact the division? Do you include any provisions for legacy gifts to the charities with which you are connected?

These are difficult questions, and parents often delay creating or updating a will to avoid answering them. As we wrestle with these questions, keep the following in mind:

· During their lifetimes, parents often give unequal amounts to children based on different needs – but they hesitate to leave unequal bequests, for they don’t want their last words to seem to convey unequal affection.

· If you do plan to leave unequal bequests to your children, talk to them while you are living: explain what you are doing and why.

· You can treat children and family members fairly without providing for them in the same way. For example, a prudent way to provide for a family member who is irresponsible or unsophisticated with money is through a trust from which the family member will receive regular income but have limited access to principal of the trust.

· Your Christian values can be a part of your estate legacy. By including your church and other Christian ministries in your estate plan, you set an example to your family and community of your commitment as a Christ follower.

The Kentucky Baptist Foundation is honored to work with individuals seeking how best to organize their estate planning priorities. Our staff works to help clients achieve their personal and charitable goals, including how to provide for their families and support their church and other Baptist causes. We cannot relieve you of the hard choices you have to make when dividing your estate among children and other family members, but we can assist you with ways to make estate gifts to fulfill your family and charitable objectives. To learn more, you may contact the Foundation staff at our toll-free number (866) 489-3533.

Richard Carnes is president of the Kentucky Baptist Foundation, P O Box 436389, Louisville, KY 40253; 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.

Do I Need A Will?

By: Richard Carnes

Is it truly necessary for us to have Wills? This is a common question we receive at the Foundation.

The answer is: Yes, you need a Will!

Yes, there are multiple ways to pass property to a surviving spouse, such as joint tenancy with right of survivorship, and beneficiary designations. Nevertheless, everyone should have a Will for the following six reasons:

• To be a good steward – a good estate plan reduces death taxes and probate expenses, leaving more for you to pass to your family and charitable causes at your death.
•  To avoid the “Will” the state has written for you – Kentucky’s “Intestate Succession Statute” – the state’s plan of asset distribution may not meet your family’s needs or accomplish your estate planning objectives. 
• To retain input - Making a Will allows you to determine who will get your assets and how the recipients will receive those assets at your death.
• Making a Will allows you to designate whom you want to be appointed as guardian for your children if both parents die before your children reach age 18.
• Making a Will assures smooth administration (probate) of your estate at your death.
• Making a Will allows you to name an executor who will handle the tasks of determining what you own at death, paying your final debts and expenses, managing the assets in your estate, preparing all required tax returns and distributing your assets as your Will directs. 

The Kentucky Baptist Foundation’s “Common Mistakes Everyone Makes In Estate Planning”seminar can provide more answers about why you need a Will. Contact Richard Carnes at richard.carnes@kybaptist.orgto schedule this one-hour, free seminar at your church.

Also, if you have questions about Christian estate planning strategies or want to request a private estate stewardship consultation, please contact the Kentucky Baptist Foundation’s trust counsel, Austin Wilkerson at austin.wilkerson@kybaptist.orgor call the Foundation’s 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.

Planning for a New Year

By Richard Carnes:

Most of us are currently immersed in Christmas events at our churches, holiday baking, Christmas shopping and an otherwise completely full calendar through the end of the year. It’s hard for us to think of anything else, but the start of a new year is an important time for setting fresh goals in many areas of life. This can be an excellent time to review and update our financial plans to make sure the plan will provide adequate financial security for our family and bless the Christian causes important to us.

As we consider strategies for accomplishing our personal and charitable financial goals for 2019 and beyond, we should schedule time to do the following:

• Identify your sources of income and expenses.
• Determine the value of your assets and the income (if any) they produce.
• Review the needs of family members and others, including your church, and consider any changes that may be needed in your plans. 
• Define your goals for the management and future distribution of financial assets.
• Make a detailed list of your assets, such as home (including furnishings) and other real estate, vehicles and other personal property, financial accounts, retirement plans and other investments, including their original cost and current market value. 

It is also beneficial to meet with your professional advisors to review and establish your personal and charitable financial goals. Your financial advisor, life insurance representative, accountant, attorney or other specialist can help you evaluate your specific circumstances and guide you in structuring an estate and financial plan that best achieves your goals.

Regular reviews of your long-range estate and financial plans are the best way to make certain your desires for the management and disposition of your property are up to date and meet your current needs.

The Kentucky Baptist Foundation is honored to work with individuals seeking how best to organize their estate planning goals to achieve their personal and charitable objectives to support their church and other Baptist causes. To learn more, you may contact the Foundation staff 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.

Educate and Encourage

By:Richard Carnes

The Kentucky Baptist Foundation (KBF) helps educate a church’s staff and lay leadership on effective ways to implement intentional legacy planning programs for church members. It is imperative that churches educate and encourage their members to see their financial stewardship more broadly than just the donation they place into the offering plate. This stewardship training extends to planning the utilization of all the financial resources entrusted to church members for the benefit of their family, their church, and Kingdom causes.

Church leaders can make great strides in impacting the financial well-being of church member’s families and the well-being of the church’s ministries by scheduling teaching opportunities for their church members on how to become “Kingdom-minded” stewards. The great news for church leaders is they are not alone in providing this type of Christian estate stewardship training for their members. The KBF helps facilitate this training of church members to become more “Kingdom-minded” by conducting educational seminars on financial and estate planning topics at your church. This educational resource is provided by the KBF at no cost to Kentucky Baptist churches.

Some examples of frequently requested seminars are:

Estate Planning Mistakes and Solutions- Discover what the ten biggest estate planning mistakes are and how to avoid them to assure you manage your finances wisely.

Who Will Be In Charge If …? – Explores incapacity planning tools – powers of attorney, health care advanced directives, Living Trusts and what happens if no prior planning has been done.

Ways To Make Gifts To Your Church– Estate stewardship giving ideas to encourage church members to take stewardship to a deeper level – what to give, how to give, and why we as Christians should give.

As your church begins to plan its Fall series of education and training for Wednesday evenings, Sunday evenings or the Sunday morning Sunday School hour, please consider inviting KBF staff to conduct a seminar session at your church. To learn more, please contact the KBF’s trust counsel, Austin Wilkerson, or me at our toll-free number (866) 489-3533 for the KBF’s full list of legacy planning seminar topics and to schedule a seminar date.

Richard Carnes is 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.

Gift Annuity Update

By: Richard Carnes

At the recent 33rd Conference on Gift Annuities, the American Council on Gift Annuities announced new suggested maximum gift annuity rates to take effect July 1, 2018. The new rates reflect an adjustment upward in most rates since the last set of suggested rates became effective in 2012.

A charitable gift annuity enables the donor to make a contribution that might otherwise come through their estate, while also retaining significant benefits today. When a donor establishes a gift annuity through an organization like the Kentucky Baptist Foundation, the property that funds the gift annuity is eventually used for the charitable ministry purpose that the donor designates, just as if the donor had left a bequest by will. But unlike a bequest, a gift annuity will provide the donor with regular payments and other benefits for as long as they live.

Under the terms of a gift annuity the donor can make a charitable gift with cash or other property. The donor or others they designate then receives fixed payments for life. The amount and frequency of the payments are determined at the time the gift annuity is funded. Also, the payments will never change and are designed to continue regardless of how long you live.

Because a portion of the gift annuity will be used for charitable purposes, the donor is entitled to an income tax deduction for the year of gift. Additionally, for a period of time, part of each payment may be received free of income tax or be taxed at capital gains tax rates that may be significantly lower than rates paid on other income.

You may wish to consider arranging a future charitable gift by establishing a gift annuity that results in immediate tax and other financial benefits. By doing so, you may be able to enjoy tax savings and increased income today while providing for a significant charitable gift to a favorite Baptist ministry.

To seek assistance in creating a charitable gift annuity that will ultimately provide support for Baptist causes and learn more about the recent gift annuity rate changes, contact the Kentucky Baptist Foundation 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.

Safeguarding My Records

By: Richard Carnes

During our seminars on estate and legacy planning we are frequently asked the question, “Where should I store my will and other important estate-planning documents?” Great question! If a will cannot be found, an estate may risk being distributed according to the often-inflexible intestacy rules of state government.

Most advisors recommend keeping the original will in an attorney’s vault or in a bank vault if the bank is acting as executor. Keeping your will in a safe-deposit box is secure but beware that this location can create delays, since many states restrict access to such boxes without court approval.

In addition to your will, your personal and financial records, legal documents, and tax returns are all essential to an efficient settlement of your estate. As such, they should be safely stored but readily accessible when needed. The following list shows those documents that will prove helpful, suggests where they should be stored, and explains why they are important.

Original Will/Trust, Power of Attorney, and Health Care Directives

• Location: attorney’s vault or bank vault; retain copies at home
• Value: irreplaceable documents, essential for carrying out your estate plan

Investment Documents (stock certificates, bonds CDs, deeds, and titles)

• Location: safe-deposit box
• Value: required for sale, distribution, or collection

Insurance Policies

• Location: safe-deposit box
• Value: required to make claims

Tax Returns

• Location: file at home (keep irreplaceable records and receipts in safe-deposit box)
• Value: helpful to executor when filing final income-tax return and estate -tax return

Asset Inventory

• Location: safe-deposit box
• Value: necessary to locate and collect property

The Kentucky Baptist Foundation helps inform Kentucky Baptist church members on resources to implement intentional legacy planning for themselves, their families, and the ministries important to them. To learn more, contact us to schedule a legacy planning seminar at your church. The seminars are provided at no cost to the church. You may contact us 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.

Why the Delay?

By: Richard Carnes

Many people have the good intention of making financial plans to care for their family and charitable causes important to them, but those same people procrastinate. Here are often cited reasons for delaying action on your will – and responses to each.

1. “Everything my spouse and I own is in joint tenancy, so we don’t need a will.”

Although your home, automobiles, and bank accounts may be in joint tenancy, there are probably some assets that are individually owned. Furthermore, a will is necessary to dispose of property at the death of the survivor or in the event both spouses die in a common incident.

2. “We completed and estate plan with an attorney ten years ago, and nothing has changed since then.”

Even if the family circumstances are essentially the same, your assets have likely changed. Also, there have been significant changes in the laws affecting gift and estate taxes, so additional planning options may now be available.

3. “We have a living trust for the management and disposition of our assets.”

It is highly unlikely that you have transferred everything you own to the living trust, so you need at least a “pour over will” that would transfer all non-trust property to the trust.

4. “Based on conversations with friends, developing an estate plan is very expensive.”

The cost may be less than you expect, especially if you do not have a complicated estate. Also, the amount you spend now may be far less than the cost to your beneficiaries without a thoughtful plan.

5. “I’m just too busy now. I expect to be around for a while. I’ll do it later.”

Procrastination when you have no will leads to state law determining the division of your assets. Procrastination when you have an out-of-date will could lead to unintended consequences that then creates dissension between family.

An up-to-date plan brings peace of mind, freeing you to live life without a nagging sense that something is undone. To make intentional plans to care for your family and ministry causes, call upon the Kentucky Baptist Foundation as a helpful partner.

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.

An Attitude of Legacy Giving

By: Richard Carnes

In most churches, the stewardship focus has been on tithes and offering giving that comes from member’s income and “liquid assets”, which may represent only a small portion of a person’s net worth. Certainly it is good for the church to instill this discipline of current giving, but the discipline of financial stewardship should also include an attitude of legacy giving.

It is imperative that churches provide education and encouragement to its members in seeing their available financial resources much more broadly than just the cash that is placed into the offering plate. These resources can also be a person’s non-cash assets (which on average represent 91% of a person’s net worth).

Church leaders can make great strides in impacting the church’s financial future by seizing the opportunity to teach their church members to become “Kingdom-minded” stewards through the following ways:

• Teach members what the Bible reveals about an authentic stewardship lifestyle.
• Help members realize that how they plan their estate likely will be the most significant act of financial stewardship they will ever make.
• Encourage members to have and up-to-date Christian estate plan.
• Educate members on how to accomplish their charitable giving objectives through having and attitude of legacy giving. 

The great news for church leaders is that they are not alone in preparing this type of Christian estate stewardship education and training for its members. The Kentucky Baptist Foundation stands ready to help facilitate this training of church members to become “Kingdom-minded” stewards. An active part of the Foundation’s service is the conducting of no cost seminars and teaching series on financial and estate planning at churches and associations. Also the Foundation staff is available to individuals for free, private estate stewardship consultation as they consider their estate planning, incapacity planning, and charitable gift planning.

How does a church get started in helping its members develop and attitude of legacy giving? An excellent first step is to contact the Kentucky Baptist Foundation. You may contact us 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.

Sources of Charity

By: Richard Carnes

Suppose a person has a total estate of $1,000,000 but only $200,000 of it is governed by his will. If he includes in his will a charitable bequest of 10 percent of his residual estate, the charity would receive no more than $20,000, which may be far less than he intended.

Such a scenario is far more likely than one might imagine. Consider what the following assets have in common: 

• Real estate and bank accounts held in joint tenancy. 
• Bank and brokerage accounts transferable on death to a beneficiary. 
• Life insurance proceeds payable to named beneficiaries. 
• Retirement benefits payable to a spouse, children, or others. 

The answer is that none of these assets is controlled by your will. They all transfer directly to the joint tenant or named beneficiary. If you neither owned nor had an interest in assets other than those on this list, your will would have no effect—and the intended beneficiaries of your will (charitable and otherwise) would get nothing. Of course, most of us do own other assets that are governed by our will. 

When developing an estate plan, it is essential to coordinate probate assets (those that pass under your will) and non-probate assets (those that pass outside your will). Failure to do this can result in unintended inequities.

If you are planning an end-of-life gift to your church or other Christian ministry, you should consider which assets might be the source of that gift. Keep in mind that there are numerous ways of planning a gift besides providing a charitable bequest. Here are three: 

• You could name your church as a beneficiary of remaining retirement funds (a type of gift that has significant tax advantages). 
• You could make your church a beneficiary of a life insurance policy. 
• You could sign a transfer-on-death beneficiary form for a bank or brokerage account. 

To make intentional plans to care for your family and ministries God is inspiring you to support, call upon the Kentucky Baptist Foundation as a helpful partner. You may contact us 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; (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.