Mary Pat Price: A Kingdom-Minded Steward

Mary Pat Price was known to Baptists around the world as a kingdom-minded steward. She demonstrated in a variety of ways with her time, talents and treasures her love for Christ and His mission in this world, and her love for family.

She was born in Shelby County, Kentucky, three miles outside Shelbyville “not in a hospital.” Upon graduation from Bagdad High School, she attended Bethel Junior College and graduated from the University of Kentucky in 1943. Her ministry assignments were as Youth Director at the First Baptist Church Clarksville, Tennessee, and then at First Baptist Church Frankfort, Kentucky.

While attending the 1957 state WMU convention at Jonathan Creek Baptist Assembly, she met J. Brandon Price, a young lawyer who was in attendance on youth night. Actually, a mutual friend prearranged their meeting. They married soon thereafter. She and the late Judge Price had two sons, J. B. and Kent. J. B. is a computer analyst, and Kent is an attorney. She has two grandchildren.

As a long-time resident of Paducah, Kentucky and a long-time member of First Baptist Church, Mary Pat’s service to Christ through her church and community is legendary. The Kentucky Baptist Foundation had the good fortune of having the benefit of her service for two terms on its Board of Directors.

On March 26th, 2010, God welcomed Mary Pat Home. While we will miss her, her lagacy will live forever.

Over the years, Mary Pat utilized all of the services of the Kentucky Baptist Foundation, including our private estate and charitable gift planning consultation service with trust counsel Laurie Valentine. She made regular and on-going cash contributions to endowment funds that provide perpetual support for ministries near and dear to her heart. She purchased life insurance policies on the lives of her two sons the death proceeds of which will fund two perpetual endowments in their names. Each endowment will provide support to five different ministries. And, finally, she and her sister, Jane Kent, each established a charitable remainder trust with the gift of their Shelby County family farmland. In addition to significant tax benefits Mary Pat received an income benefit during her lifetime. At her death the trust assets funded an endowment for her perpetual support of 8 more ministries.

Collectively, Mary Pat set in place a kingdom-minded stewardship plan that will perpetuate her Christian legacy and provide on-going financial support, until Jesus comes again, through 17 ministries from Paducah to the ends of the earth.

The Lord blessed us with the life of Mary Pat Price. May He add His blessings to the multitudes that will benefit from her faithful stewardship and may others emulate her example.

IRS Charitable Deduction Tips

By: Laurie Valentine- COO & Trust Counsel

To assure your charitable gifts are deductible, following these eight tips from the IRS:

1) Give to a qualified organization. IRS Publication 526, Charitable Contributions, tells you what constitutes a “qualified organization”. Contributions earmarked for a specific individual or to a political organization or candidate are not deductible.

2) Itemize your deductions on Schedule A of IRS Form 1040.

3) You may only deduct the amount by which your contribution exceeds the market value of any benefit you receive for making the gift such as merchandise, ball game tickets or other goods and services.

4) Stock and other non-cash property contributions are generally valued at fair market value. Fair market value is the price at which property would change hands between a willing buyer and willing seller, neither having to buy or sell and both having reasonable knowledge of all relevant facts.

5) Clothing and household items must be in good or better condition. Special rules apply to vehicle donations.

6) You must maintain a bank record, payroll deduction records or written communication from the organization containing its name, date of your gift and the amount for all contributions of cash, check or other monetary gifts.

7) If your contribution of cash or property is $250 or more, the organization’s gift acknowledgement must also state whether it provided any goods or services in exchange for your gift and the value of what you received. If your contribution is over $500 complete and attach IRS Form 8283, Noncash Charitable Contributions, to your return.

8) If the property you are giving is valued at more than $5,000 you must get a qualified appraisal and complete Section B of IRS Form 8283.

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.

Here Today, Gone Tomorrow

By: Barry G. Allen- President & CEO

I have discovered over the years most Christians have an honest ambivalence toward money. A proper attitude of money, wealth, possessions, things (call it what you like) is a universal struggle regardless of one’s financial station in life. Author Philip Yancey summed up his ambivalence this way: “I feel pulled in opposite directions over the money issue. I want to sell all I own, join a Christian commune, and live out my days in intentional poverty. At other times, I want to rid myself of guilt and enjoy the fruits of our nation’s prosperity. Mostly, I wish I did not have to think about money at all.”

In Psalm 49 the psalmist reflected upon the wealth of the world and provides the answer to the question of how we should regard wealth regardless of the level of it God has entrusted to us. Notice the psalmist addresses himself to “all peoples,” ordinary folks, blue bloods, rich and destitute alike. He reminds us wealth so often can be here today and gone tomorrow, thus, a slippery foothold. After making the point that death is inevitable and the wealth of the world is of temporal value, he states in verse 15 his conviction that what he cannot do for himself, what the world’s wealth cannot buy, God will do for him. Only God can provide us with security; therefore, our confidence is placed best in Him not wealth. What a testimony! Then in verse 16 he advises us about priorities: “Do not be overawed when a man grows rich, when the splendor of his house increases; for he will take nothing with him when he dies….” And then he states this chilling declaration in verse 20: “A man who has riches without understanding is like the beasts that perish.”

Let us, like the psalmist, advocate the proper attitude toward wealth. It is not to be despised, and it cannot be ignored; and it is both foolish and dangerous to put one’s trust in it. Jesus reiterated this truth repeatedly and with greater clarity (Lk 12:13-21).

Love is Something You Do- Barbara and Donnie Jett

The Kentucky Baptist Foundation was priveledged to work with Barbara and Donnie Jett of Paducah, Kentucky in putting into place a plan that would perpetuate their legacy of love through their church and Sunrise Children’s Services until Jesus comes again. Barbara is now deceased, but that plan will forever remind others of all the ways across the years she and Donnie have demonstrated their love for Christ, their children and grandchildren, their church, the children in the care of Sunrise Children’s Services, and their community.

Barbara and Donnie met through the youth and choir ministries of their McCracken County, Kentucky church. They were married July 6, 1951. The ceremony took place at her house so her father could be present; he was incapacitated by a stroke. Donnie retired from TVA after 28 years, but he also has been a farmer for most of his adult life. They have two married sons: Ronnie and wife, Pam, Larry and wife, Connie, and three grandchildren.

The Jetts are renowned in their community, church and the Kentucky Baptist Convention. Barbara was a leader in Paducah’s Red Cross and the Western Baptist Hospital Auxiliary. Donnie has provided leadership through the PTA and the volunteer fire department. They both taught a Sunday School class at Lone Oak FBC for more than 30 years. Barbara was a leader in the Woman’s Missionary Union and the prayer ministry; Donnie has served through the choir, Royal Ambassador leader, deacon, moderator, treasurer, and made numerous international mission trips.

Their deep love for children manifested itself in a life-long involvement with Sunrise Children’s Services, formerly Kentucky Baptist Homes for Children. Sunrise President Bill Smithwick stated, “Barbara and Donnie have not only supported this ministry to at-risk children with their financial resources, they have invested their lives in children."

They accomplished their giving objectives by donating two separate parcels of appreciated real estate into two charitable trusts for which the Foundation is the trustee. One trust is a charitable remainder unitrust (CRUT) from which they received an income stream jointly while both were living, and from which Donnie will receive an income stream for the rest of his life. At Donnie’s death, the remainder of the CRUT will be used to establish an endowment that will provide a perpetual stream of income to their church for missions, facilities and children’s ministry. The other trust is a term of years charitable remainder annuity trust (CRAT), that is provideing financial assistance for their grandchildren’s education. At the end of the CRAT term, a portion of the remainder will be added to an existing scholarship fund at their church, and a portion will be used to establish an endowment for the perpetual benefit of the mission of Sunrise Children’s Services.

In addition to experiencing the joy of knowing they will be making a lasting difference in this world through these ministries, the Jetts also received the following current benefits : a charitable income tax deduction , no capital gains tax liability when the trusts sold the real estate and their real estate was converted into income producing streams for themselves and their grandchildren.

Donnie stated, “we realized we were only stewards of what God had blessed us with, and we wanted to share it with our family, church and Sunrise Children’s Services. The Foundation was very thorough in assisting us in accomplishing our wishes.”

Thank God for the life of Barbara and may the Lord continue to bless Donnie as he continues to show the rest of us that “love is something you do.” And, may we emulate their example.

Biblical Giving Pattern

By: Barry G. Allen- President & CEO

I am indebted first to my parents then to my childhood pastor, church training leaders and Sunday school teachers for most of what I know and practice in financial stewardship. But it was my parents primarily who modeled financial stewardship for me. Here’s the biblical pattern they taught me.

First, be a priority giver. “Bring the best of the firstfruits” (Ex. 34:26). Second, be a proportionate giver with the tithe as the floor, not the ceiling, of my giving. “Bring the whole tithe into the storehouse … test me … says the Lord Almighty , and see if I will not throw open the floodgates of heaven and pour out so much blessing that you will not have room enough for it” (Malachi 3:10). “The gift is acceptable according to what one has” (2 Cor 8:12). Third, be a premeditated giver. “Each man should give what he has decided in his heart to give” (2 Cor 9:7). Be a periodic giver. “On the first day of the week, each one of you should set aside a sum of money” (1 Cor 16:2). Fourth, be a progressing giver. “But Zacchaeus stood up and said … Look, Lord! Here and now I give half of my possessions to the poor ….” (Lk 19:8). Fifth, be a pleasurable giver. “…for God loves a cheerful giver” (2 Cor 9:7). Sixth, be a perpetual giver. “By faith Abel offered God a better sacrifice than Cain did. By faith he was commended as a righteous man, when God spoke well of his offerings. And by faith he still speaks, even though he is dead” (Hebrews 11:4).

Across the years I have proven both the reasons and the promises Malachi, Jesus and Paul made to the people of God about giving. I urge you to do the same. To the extent we in the Kentucky Baptist Foundation can be of assistance in facilitating your perpetual giving, please give us that privilege.

Maximize Your Legacy Giving

By: Laurie Valentine- COO and Trust Counsel

Maximize your giving impact by:

* Determining if the causes you want to support are qualified charities---the IRS Website (www.irs.gov/charities/index.html) can tell you if they are “qualified” 501(c)(3) organizations (NOTE: churches are qualified charitable organizations but don’t have to register with the IRS).

* Determining if the causes will be a good steward of your gift---talk to the organization’s leadership; check out website databases that report on the activities and finances of charities such as http://www.give.org/ (Better Business Bureau’s database on charities that solicit nationally with links to local BBB sites); www2.guidestar.org; and http://www.charitynavigator.org/.

Maximize your tax savings by:

* Giving appreciated assets (stocks, bonds, mutual fund shares, or real estate) rather than cash---the after-tax cost of your gift will be lower than the same size cash gift when you consider both the income tax savings and the capital gains savings you may realize from using the appreciated asset to make your gift.

* Selling depreciated long-term capital gain assets and giving the cash sale proceeds---you’ll get a charitable income tax deduction if you itemize and a deduction for the capital loss.

* Establishing a Donor Advised Fund (DAF). DAF’s allow you to make your gift in a year when the deduction can save taxes, but defer the decision about what causes will benefit from your gift until later years.

* Increasing your gifts to charity in years in which you will have the most income---the amount of income tax savings depends on your tax bracket; the higher your tax bracket, the more tax savings from charitable gifts if you can itemize deductions.

*Maximize your income by:

* Setting up a “life income” gift such as a charitable gift annuity or charitable remainder trust. Life income gifts provide an opportunity to set up an irrevocable future gift for charity with the potential to increase current cash flow to you and/or others for life or a term of years. Not only may your cash flow increase, you’ll have tax savings from the deduction of the value of the charity’s interest in the year you set up the life income gift, if you itemize deductions.

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.

Best Kept Secret

By: Barry G. Allen- President & CEO

     At the May 10 session of the KBC Mission Board meeting Convention President Floyd Paris observed “the Kentucky Baptist Foundation is probably Kentucky Baptists’ best kept secret.” He continued by bearing testimony and giving examples of how the KBF had facilitated the estate stewardship of some of his church members. Then he encouraged all of the Mission Board members, in the spirit of the More for Christ emphasis, to utilize the KBF services, especially the stewardship education seminars we conduct in churches and with senior adult groups, and the private estate planning consultation service for them and their fellow church members. What a joy it was to get that kind of affirmation and encouragement from our Convention President, and, in the presence of that important leadership group! Needless to say, I was sincerely gratified.

     Since 1945 your Kentucky Baptist Foundation has remained steadfast and solid for Kingdom advancement. What distinguishes the KBF from other foundations is the emphasis on Kingdom advancement. We seek always to bring the highest business and Christian standards and methods as a fiduciary of funds and as a facilitator of life-changing legacies for Kingdom advancement.

     We believe God is the creator and owner of all things, and we are called to be His managers (stewards). How we plan our estates likely will be the single most significant act of financial stewardship we shall ever perform. And, through estate stewardship, each and every one of us, regardless of our financial stations in life, can do “more for Christ.”

     So, now the secret is out! What will be your response? There is no cost or obligation for a private, confidential estate planning consultation session by telephone or in person. Neither is there any cost for us to conduct a seminar in your church or senior adult group. We cover such topics, as estate stewardship and incapacity planning, ways to make charitable gifts other than cash, the truth about probate and living trusts and long term care planning.

     Call us toll free to arrange a visit or visit our website for more information. (502) 489-3533 or 1-866-489-3533 (Toll-free, Kentucky only)

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