July 23, 2013

“For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it? Otherwise, when he has laid a foundation and is not able to finish, all who see it begin to mock him, saying, ‘This man began to build and was not able to finish’” (Luke 14:28-30).

Do you know that the majority of the adults in the United States do not have a will or other formal estate documents? Some people think only those who are wealthy need to have a will or trust for their assets, but in reality we all need them.

I was at an estate planning workshop a few years ago. A young woman in attendance said, “I have very little assets. Why do I need a will or trust prepared?” I responded, “You have a young daughter. Don’t you want to have some say in the way your daughter is raised if you, God forbid, were to be killed in a tragic car accident? Without a proactive estate strategy, your assets, health care, and the care of your daughter could be controlled by state law and/or the court. Having these legal documents is about putting you in control of your legacy, ensuring the people who are dear to you are taken care of in the way you would desire. I continued, “Let’s say because of a tragic car accident, your heirs end up receiving a large settlement from your death. Who do you want to be in charge of the funds that would support your daughter in the future?” This discussion changed her mind about the need for these legal documents.

I would encourage every Lutherans For Life supporter to prepare a will or trust for the sake of their family. Then tell your loved ones where the documents are kept. Also leave them written information concerning your CPA, lawyer, and financial advisor. Tell them your wishes for your medical care and future living arrangements, in case you are unable to care for yourself at some point in the future. You might even consider prepaying your funeral arrangements.

Once you have all these documents completed, don’t forget to review them every ten years or when major changes occur in your life. One thing you can count on is change. After my two adults sons passed away, my husband and I needed to make changes to our trust. Sit down with your professional team of experts, and make sure all of your legal documents are updated and appropriate for you and your family today.

Most people want to leave a significant amount of their assets to their family. Many also want to leave a gift to a non-profit organization like Lutherans For Life. You can do this in many and varied ways. One popular way to do this is through a gift annuity. 

If you are a senior friend of Lutherans For Life you may want to prayerfully consider establishing a gift annuity. This type of giving helps you use your resources to achieve financial security for yourself and at the same time make a future gift to support Lutherans For Life. You will receive regular fixed payments now! The gift to LFL comes later.

You can establish a gift annuity with as little as $5,000 in cash or securities. Your gift is made along with your signed contract that entitles you to a lifetime of regular, fixed payments. If you wish, you may name a second person to receive these income payments after your death. At the death of the second income recipient (if one is designated), your gift annuity remaining value goes to the charity of your choice.

The amount of your payment is determined when you establish your gift annuity. Usually it requires a minimum of $5,000. Your payments are based on the size of your gift, your age, and the age of the person named as the second beneficiary.

If you are interested in learning more, contact me at kmeyer@lutheransforlife.org or 515.441.6571 or Jim Schroeder at jschroeder@lutheransforlife.org or 515.490.7371.