MI-IN ALDE Conference May 28-29, 2015. Gift Planning is Relationships

MI-IN ALDE Conference

May 28-29, 2015

Gift Planning is

•Relationships•Relationships•Relationships

Relationships

Relationships

• Endowment Committees/ Boards

Relationships - Families

Seminars

•Church• One Hour• Personal Mtg

with interested families

•Holy Cross Model• 2 - one hour

sessions• Personal mtgs

ResourcesArticles

• Website• Newsletters• Bulletins

Communication

• Preamble• Estate Organizer• Home info• Funeral Plan• Legacy

Referrals

• Family• Friends• Pastor• Leader

Estate Planning Toolbox

Blueprints

Genesis 1:1 1 In the beginning God created the heavens

and the earth.

Psalm 24:1 1 The earth is the LORD’s, and everything in it, 

   the world, and all who live in it

Psalm 139:13-14

For you created my inmost being; you knit me together in my mother’s womb.

14 I praise you because I am fearfully and wonderfully made; your works are wonderful, I know that full well.

Jeremiah 29:11 11 For I know the plans I have for you,” declares the LORD, “plans to

prosper you and not to harm you, plans to give you hope and a future

17 You may say to yourself, “My power and the strength of my hands have produced this wealth for me.” 18 But remember the LORD your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant,

which he swore to your ancestors, as it is today

Deuteronomy 8:17

Job 1:21 “Naked I came from my mother’s womb, and naked I will depart. The

LORD gave and the LORD has taken away; may the name of the LORD be praised.”

John 14:1-3 2 My Father’s house has many rooms; if that were not so, would I have told you that I am going there

to prepare a place for you? 3 And if I go and prepare a place for you, I will come back and take you to be

with me that you also may be where I am

Tool #1

What’s the right balance for you?

Making decisions isn’t easy!

Below 50% have a Will/ Trust

I don’t care what happens when I’m gone!

“I’m Young. I have plenty of time!”

• Accident

• Disease

“I don’t have anything!”

• Guardians

“I have everything in joint tenancy.”

• Best solution?

• Next generation?

“I can’t afford to do it!”

• List of items to include

• Alternative methods

I don’t like thinking about it!

“I know I should, I just haven’t taken the time.”

• Procrastination

Tool #2

“Intestate”

The State has a Plan

ESTATES AND PROTECTED INDIVIDUALS CODE (EPIC)

Intestate:

• Your estate will be managed by an administrator appointed by the court.

Intestate:

• The court will appoint guardians for minor children.

• EPIC (4/1/00) allows nomination of guardians w/o preparing an entire will.

Intestate:

• The court will control the minor’s property – Age 18

Intestate:

• Your entire estate, if you are survived by descendants, may not go to your spouse.

Intestate:

• The cost of probating your estate may be greater without a carefully prepared will/trust.

Intestate:

• Estate taxes may be greater.

Intestate:

• You may have missed a final opportunity to transfer a farm or business to your family.

Intestate:

• No chance to leave an estate gift to your church, ministry or charity.

Tool #3

How does your plan measure up?

Trust or Will ReviewHow long since you last looked?

Review??• Attorneys say every 2 to 5 years

• Move to another state

• Have more children or grandchildren

Review??

• Your children reach legal age

• You acquire or inherit property

• Tax laws change

Review??

• Changes in your goals or needs

• Your charitable interests change

Tool #4

Review doesn’t equal change!!

• Fine tune• Name changes?• Beneficiaries

match?• Are goals the

same?

Review doesn’t equal change!!

• Adjustments outside of will or trust

• Personal property memo

• Add a Christian preamble

Tool # 5

Many moving parts

• Do I have to use an attorney?

• What if I don’t have an attorney?

• Do I need a will?

Moving Parts

• What’s a Durable Power of Attorney?

• Medical Power of Attorney

• What’s Probate?

Moving Parts

• What about a Revocable Living Trust?

• How do I leave a gift to ministry?

• How do I get started?

Will Options

• Holographic Will (hand written)• Michigan Statutory Will• Online Wills/ Trusts• Estate Planning Attorney

• 18 years old• Able to make decisions• 2 witnesses plus testator signature

Will vs. Living Trust

• Public• Less up front $$• Personal Rep• Executed at death• Ticket to Probate• Distribution at death• Probate expenses

• Private• More initial cost• Successor Trustee• Go on after death• Avoid probate• Flexible distribution• Pour over Will

Power of AttorneyFinancial

• When you can’t make decisions.• Pay the bills• Make financial

decisions

Medical• Unconscious /

coma• Make medical

decisions• Extent of

treatment• DNR

Beneficiary Designations

• Life Insurance• IRA • TOD/POD

Gift to MinistryIRA or Appreciated Stock

• What happens at distribution?

• Capital Gain?

Savings or CD

• Any Taxes due?

Tool # 6

What is important to You?

• How has God blessed you?

• How do you want to handle those blessings?

What is important to You?

• Ask Questions

• Listen, Listen, Listen

Christian messages to include.

Christian Preamble

First, I commit myself to God’s care, secure in His love for me and trusting in the salvation purchased for me through Christ’s suffering and death. I leave those who survive me the comfort of knowing that I have died in this faith and have now joined my Lord in eternal glory.

Second, I commend my loved ones to the protecting arm of God, knowing that He will continue to provide for them despite my absence; and encourage them to place their faith and trust in Him alone.

Estate Plan Organizer Emergency Contacts

Documents

User names & passwords

Letters of Instruction

Letters to Family- Spouse/children

What should our families know?

www.mi-cef.org

Gift Planning

What should our families know?

Household Item Location or InfoMain Water Valve

Electrical Box

Acct User Names/ Passwords

Video Record of Contents

When Someone Dies!

• Organ donation wishes• Estate Plan Organizer• Call Clergy• Funeral Plans • (24 total items to consider) • www.ssa.gov• www.va.gov• www.medicare.gov

Funeral Planning Sheet

• Funeral Service Location• Burial vs Cremation• Favorite Bible Verses (Confirmation)• Songs/ Hymns• Basic personal information• Suggested Memorials

Create a Family Legacy

• Biggest Faith influence?• Best Advice received? From who?• Most unique/unusual memory?• Favorite Childhood activities?• Best Vacation ever?

Tool # 7

All Squared Away?

• Have people in place- confirmed?• Plan reflects your wishes?• Communicating “your” message?• Included a gift to ministry?

Tool # 8

Leaving a Gift to Ministry

• Tithe• Capital Campaign• Special Offering• Supporting a missionary

Leaving a Gift to Ministry

• Bequest (% of estate)• Beneficiary Designation• Life Estate Reserve

Tool # 9

Gift with Income

• Gift Annuity• Charitable Remainder Unitrust• Testamentary Unitrust

Gifts with Longevity

•Memorial/ Endowment Fund

• Donor Advised Fund

Tool # 10

This is Us!!

• Take time to listen.

• What’s important to you?

• What do you want to accomplish?

Professional Gift Planner

• Review current documents.

• Offer options to reach goals.

• Encourage to complete the plan.

Saddleback Leather Co.

Thank You