Kimball Memorial Lutheran Church

ENDOWMENT FUND AT KIMBALL MEMORIAL LUTHERAN CHURCH

The Endowment Fund at Kimball Memorial Lutheran Church (the Fund) is an account that can hold funds from both current and estate gifts from which distributions are made for ministry in Cabarrus and Rowan Counties. The fund was created to support Kimball‘s membership through grant requests in the three areas identified in its bylaws:

Youth Ministry
Community Outreach
Scholarships

Ideally, the principal of the fund grows over time, primarily from additional gifts, but also from investment returns, as distributions are made from the earnings of the fund. Professional, outside advice is used to manage investments.

Options for Giving

You may be familiar with outright gifts, such as cash or a check, which you make today and can be used right away. But sometimes an immediate gift isn‘t the best option, especially if you feel unsure about giving up assets today that you or your family might need in the future.

A planned gift is a perfect option. There are many different types of planned gifts, and each offers unique advantages. Some planned gifts are revocable, such as a gift in your will or living trust, so you can change your mind at any time. Or they can be irrevocable so that you benefit from an immediate tax deduction.

Irrevocable planned gifts are attractive because they are deferred. You part with an asset today, but the allocation is put off for a while, often until after your lifetime (and that of a surviving beneficiary, if you so designate.) Until that time, you enjoy the benefits from the gift. For example, with a charitable remainder trust, you receive lifetime income from the asset after it's placed in a trust, and then the Lasting Legacy Endowment Fund receives the remainder of the trust after your lifetime.

Truly, these options offer the opportunity to give gifts that change lives.

Legacy - Something that is handed down or remains from one generation to the next; a heritage; a tradition.

As the definition shows, our legacy is not simply defined by our will or trust, by some legalese and numbers printed on a page. It is the story of our values and passions and most sacred pursuits. It is the final and ultimate sharing of our life story, our faith story.

Have you given thought to your legacy? What story will it tell? Have you given your plan any consideration or will you simply leave your legacy to chance? Unfortunately, most of us spend more time planning our next vacation than we do crafting or reviewing our legacy plan.

It takes a lifetime to build a legacy. It only takes a conversation to aim it into the future. When you're ready to take aim at your plan, contact Stephanie Burke, the ELCA Foundation's Regional Gift Planner for North and South Carolina. Her services are available at no charge to those interested in leaving legacy gifts to Kimball Memorial Lutheran Church. She can be reached at 704-293-9436 or by email at stephanie.burke@elca.org.

HOW MUCH DO I REALLY HAVE

Thinking about how much your estate is worth can raise all kinds of questions: Is there enough to retire on? Can I provide for my family? Fortunately, most people have more in their estate than they thought.

To get started, take the following three steps:

1. Make an inventory of your assets. Writing down what you have will help you estimate your net worth. If you are married, be sure to include your spouse's assets and all jointly owned or community property. Use the current market value for everything you own and the face value (not cash value) for any life insurance. The chart on the next page is an easy way to list your figures.

2. Decide who gets what. Once you've made an inventory of your property, you're ready to decide where you want it to go. An advisor can help you understand which assets can be passed tax-free, depending on who they're left to.

• Family. You can give your money to your significant other, either outright or in a trust, and also make plans in the event your significant other does not survive you. If you have children, you can give your money to them in equal or unequal shares, or you can create a trust for their benefit. Ensure you've thought of everyone as you make your designations.

• Charitable goals. A gift to us can take many forms, including a specific amount of money, a particular asset or a percentage of your estate.

• Special assets. Do you have jewelry, art objects or other prized possessions you wouLd like to give to someone who would enjoy having them? Then say so in your will.

3. Meet with an estate planning attorney. After you complete the asset list and consider additional assets and circumstances, you are ready to meet with your attorney, who will draft your documents.

ESTATE PLANNING

Protect the Most Important People

It’s not uncommon to preserve assets like family heirlooms, the family home or a closely held business for your own children while still providing for a second spouse. But you must be careful that your estate plans properly reflects your situation, or your children from a previous marriage might be disinherited.

For Example

Protect the Most Important People

In the absence of an estate plan, a married couple with kids from separate relationships will have their assets divided by the laws of their state. If special arrangements are meant for each child, they will not be known. All assets—including retirement funds, jointly held property and checking and savings accounts—will be directed by law.

It’s critical to create an estate plan that articulates where your assets go at the death of each parent. Provisions for each child individually as well as your spouse or partner should be documented.

Your Go To Guide

Protect the Most Important People

Your Go To Guide

Everyone needs an estate plan, whether your net worth adds up to a few thousand dollars or a few million. Your plan should address the needs of all of your loved ones at your death, regardless of whether you have a traditional or a blended family, are single or married.

One of the most important documents you can create to ensure the well-being of your loved ones is a will. If you die without a will, state law determines who gets your assets when you pass away, typically naming a surviving spouse and direct descendants. With a blended family, however, the issues are more complex, and the risk of disinheriting your children is much higher.

ESTATE PLANNING ESSENTIALS

A Will

Financial and Health Care Powers of Attorney

A Will

The cornerstone of your estate plan, this document ensures your assets will be distributed exactly as you intend. Your will should also name a guardian for any minor children.

Trusts

Financial and Health Care Powers of Attorney

A Will

A trust allows you to make special arrangements for the management of your assets. Special trusts can protect assets for your children from a previous marriage and still provide for your new spouse. Be sure to ask your attorney if these special trusts are right for you.

Financial and Health Care Powers of Attorney

A financial power of attorney designates a trusted individual to handle legal and financial matters on your behalf. If you are unable to make health care decisions, a health care power of attorney stipulates who will make these decisions.

A Living Will

Ownership and Beneficiary Designations

Financial and Health Care Powers of Attorney

Also called an advance health care directive, this document articulates your wishes concerning heroic, life-sustaining measures.

Ownership and Beneficiary Designations

Jointly owned property with rights of survivorship generally passes to the surviving joint owner regardless of what your will states. The same is true for one-half of community property in several states. Life insurance, IRAs and other retirement plans are payable to beneficiaries you designate on the account.