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United Methodist Foundation of Arkansas Non-profit chartered in 1963 $130 million in assets Sixth largest of 52 UM Foundations Over 650 accounts 30 Board.

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Presentation on theme: "United Methodist Foundation of Arkansas Non-profit chartered in 1963 $130 million in assets Sixth largest of 52 UM Foundations Over 650 accounts 30 Board."— Presentation transcript:

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2 United Methodist Foundation of Arkansas Non-profit chartered in 1963 $130 million in assets Sixth largest of 52 UM Foundations Over 650 accounts 30 Board Members, Clergy & Lay 6 Staff members

3 United Methodist Foundation of Arkansas Mission: To create and administer permanent charitable endowment funds to help strengthen and grow United Methodist Ministries in Arkansas.

4 UMFA Three Areas of Responsibility  Charitable Gift Development  Investment/Administrative Management  Grant Making

5 UMFA Seminary Scholarships - $180k ARUMC Strategic Plan - $175k Imagine No Malaria - $333k Spiritual Direction Training - $20k ARUMC Historical Archives - $25k COR Leadership Institute - $50k UMC Large Church Initiative - $18 Camp Aldersgate Carousel - $10k Dollars for Scholars - $25k UMFA Recent Grants

6 Three Ways to Give Outright Testamentary (Bequest) Life Income

7 Baker Kurrus Attorney at Law

8 Planning Process 1. List Family- complete information 2. List Property 3. How Property Owned? 4. Decide Estate Plan 5. Sign Will and Medical Documents

9 Estate Goals Gift of Peace to Family Income For Family Principal For Family Reduce Probate Costs Reduce Estate Taxes Healthcare If Disabled Charitable Legacy

10 Executor Executor Some States - Personal Representative List and Protect Assets Open Probate Process Pay Debts and Taxes Manage Estate File Estate Tax Return (706) Distribute Estate

11 Guardian For Minors Guardian For Minors Physical Custody Usually Spouse Share Your Values Choose Schools Manage Healthcare May Select Different Trustee of Property

12 Healthcare Power of Attorney Trusted Person If You are Incapacitated Major medical decisions like type of care, medications, operations

13 Healthcare Living Will- Request to Die with Dignity Your Last Weeks/Days Nutrition/Hydration Medication Resuscitation Heroic Measures Some States- Advance Directive

14 Power of Attorney Power of Attorney Trusted Person Durable Presumption Manage Your Property Authorizes During Life Only Pay For Your Care Gifts to Family/Charity Option – Fund Living Trust

15 Your Finances Your Finances Real Estate Checking Accounts Savings Accounts Investment Accounts Personal Property Life Insurance Retirement Accounts Debts and Liabilities

16 Transfers of Property $14,000 per Year, per Individual $5,340,000 Gift Exemption Unlimited Transfer Between Spouses Unlimited Charitable Exemption Lifetime Gifts

17 Transfers of Property The State Writes Your Will – 1/3 Spouse – 2/3 Children – Then Parents – Then Brothers and Sisters Court Appoints Guardian INTESTATE (Without a Will)

18 Transfers of Property Things Owned in Your Name Appoints Guardian For Minor Children TESTATE (With a Will)

19 Estate Distribution Only Three Places Family/Friends Charity Government

20 Valid Will – Requirements Legal Age or Status Requirement Capacity - “Lucid Interval” Intent - Transfer Property Freedom from Fraud, Undue Influence, Duress, Coercion Proper Execution - Signatures, Witnesses

21 Simple Will Simple Will Estate Charity - Saves Income Tax - Reduces Estate Tax - Saves Income Tax - Reduces Estate Tax Principal to Family Principal to Family - Benefit Children - Nephews/Nieces - Benefit Children - Nephews/Nieces

22 Bequest Fixed Amount Specific Property Percent of Residuary Contingent

23 Bequest to Church Preserve Lifetime Flexibility Can Change Your Mind Desire an Estate Tax Deduction Want to Achieve Charitable Purpose

24 Bequest of IRA Bypass Income Tax Bypass Estate Tax Part or All of IRA Beneficiary Designation Charity IRA

25 Personal Property List Jewelry, Silver, China Collections Family Items Item, Description, Recipient City, State

26 Summary Title to Property is Important Will or Revocable Trust? Estate Planning Reduces Taxes Charitable Gifts Leave a Legacy Your Best Chance to Provide & Protect

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34 United Methodist Foundation Call Us For More Information Jim Argue President Clarence Trice VP/CFO Janet Kernodle Marshall VP of Development Website: Facebook: United Methodist Foundation of Arkansas Phone: toll-free


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