Creative Estate Planning Helps Support The Church's Ministry!
It was nearly five years ago that we bade farewell to a dear Christian man, Mr. Homer Knickmeyer, who passed away in January of 1999 and was given Christian burial. Homer was a quiet fellow, a kind soul, and a long time member of the church. Most everyone knew who Homer was, but few knew him very well. He was extremely faithful in worship and loved the Lord Jesus very much.
It was a privilege for me to know Homer, and especially during the time of his illness, to minister to him, pray with him and share the saving love of Jesus.
We’ll be talking about Homer’s extraordinary service to the his Lord and to you, his church family, this Sunday the 16th at our congregational assembly meeting. Nearly five years after his death, Homer will be sharing a testimony of his faith, his love for Jesus, and his great desire that the Lord’s Good News of salvation be shared with others in our neighborhood.
Our church sound system, over fifteen years old as I recall, is in serious disrepair. The experts we have consulted agree that repairs could help it limp along for a while, but technology advancements make replacement the wisest option for the future. This kind of expense could not be covered from our regular weekly offerings.
Homer, in his will, left a sizable gift to our congregation, undesignated, for just such an eventuality. Five years after his death, Homer’s faith and his loving Christian stewardship of the Lord’s gifts to him are still making ministry happen here at Mount Calvary!
One of our Thrivent Financial for Lutherans Representatives sent me a newsletter titled, “Give More, Give Smarter: How to Increase the Impact of Your Charitable Dollars.” Twenty Years ago when Carol and I drafted our very first will, we determined that our estate plan, primarily set up to care for our children’s needs, would also be our final testimony of faith. We know that when we die, we will be in God’s everlasting care, but that the mission needs of the Church will continue on. We have provided for gifts to Christian ministries that are meaningful to us, including significant gifts to whatever congregation I am serving at the time of my death. I hope that’s not Mount Calvary! But if in God’s providence I am called home, a gift will be given to our church’s ministry.
I found the Thrivent article very helpful, and thought I would share some portions with you today in the hopes that you will do as Homer and many others over the years have done, to make arrangements today for a gift to your church or other Christian ministry tomorrow!
“If you’re like many people, giving time or money to charitable organizations is a regular part of your life. Another part of your financial life—the life insurance you rely on to protect your family—also can help you increase and diversify your charitable giving. Whether you prefer to leave charitable bequests as part of your estate, give more now, or pursue a combination of the two options, life insurance can help you reach your charitable goals.
“The simplest way to
use life insurance as a charitable giving tool, says Lloyd Myster, specialist
in fee-based financial planning for Thrivent Financial, is to buy a contract
insuring your own life, with the proceeds designated to go to your church or
another favorite organization.
“This method also lets
you change your contract’s beneficiaries.
You might list your spouse and children as beneficiaries while your
family is young, and change the beneficiary to a charity once your family has
grown—when your children are settled in careers and other assets are available
to provide security for your spouse.
“You can designate the
death benefit for just one charity, to multiple charities, or to be divided
between a charity and your family members.
“To leave a charitable
gift that gives you tax advantages now, consider donating your life insurance
contract to charity. You then can give
the organization the money it needs to pay premiums, deducting both your cost
basis in the contract and the annual gifts on your tax returns. This is a particularly appealing avenue for
those who already have enough life insurance, or who feel that their need for
it has passed. Of course, it’s not
possible to change the beneficiary on a donated contract if a family member
later needs the money.
“Other people prefer
to make smaller, continuing gifts during their lifetimes. If that’s you, consider using a life
insurance contract to protect your family while you increase your monthly or
annual giving. With a contract in place,
you may not need to accumulate as much wealth to ensure your family’s security,
and that can let you give more money while you can enjoy watching it do good.
“A third option—giving
some now and more later—can work well alone or in combination with lifetime or
estate gifts. Some donations require few
or no out-of-pocket expenses. For
instance, you might donate an appreciated asset to a favorite charity. You can deduct the asset’s full value on your
tax return and simultaneously avoid paying capital gains tax on the
appreciation. With the savings, you
might buy a life insurance contract to replace the donated asset’s value to
your family.
“You can donate an
asset and receive income for life by using a charitable remainder trust. Charitable remainder trusts let you donate an
asset to a charity while paying you (or you and your spouse) a regular income
for life. Upon your death, the asset
stays with the charity. Again, you could
use the income to buy a life insurance contract that replaces the value of the
donated asset to your family.
“Regardless of the methods you choose to increase your charitable giving, don’t forget to investigate whether your employer will match your charitable gift. If you are actively involved in a charity’s management—on the board or donating a certain amount of time—some employers will give twice the amount of your cash donation, Myster says. Whether your donation is small or large, extra money from your employer can make that donation even greater—and increase the scope of your charitable giving.”
A Thrivent Financial Associate can give you more specific details on how to put these plans to work for you and your church. Many of you have worked with Keith Poppitz before. You can reach him at 894-8702. Or you can contact Karl Nelson, a member of our congregation and a new Thrivent Associate at 636-594-2333.
Estate planning can be a great part of your stewardship testimony and your long range giving for the Lord’s kingdom work! Won’t you consider one of these creative ways of supporting our church’s ministry?