United Methodist Foundation of Arkansas United Methodist Foundation

United Methodist Foundation of Arkansas

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

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

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

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

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

Baker Kurrus Attorney at Law Email: bkurrus@aol. com

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

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

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

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

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

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

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

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

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

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

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

Estate Distribution Only Three Places Family/Friends Charity Government

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

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

Bequest • Fixed Amount • Specific Property • Percent of Residuary • Contingent

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

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

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

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

Call Us For More Information Jim Argue President jargue@umfa. org Website: Facebook: Phone: Clarence Trice VP/CFO ctrice@umfa. org Janet Kernodle Marshall VP of Development jmarshall@umfa. org www. umfa. org United Methodist Foundation of Arkansas 501 -664 -8632 877 -712 -1107 toll-free United Methodist Foundation