by Bryon Swanson

In the last issue, we looked at the question of ownership and how it influences and affects the planning process. A will or living trust is a document that provides a person's final instructions of how assets are to be distributed. These documents are very flexible and powerful. You can make gifts to your beneficiaries in trust or directly to them with no strings attached. As a steward of what God has entrusted to you, the question of "Who gets what and how" becomes very important.

Who Gets What and How?

You are in control of the estate planning process. One of the easiest places to begin is thinking through who will receive the different assets of your estate. How will your gift be used? Will Junior use a significant gift of cash to payoff his house, provide for his kids' education and plan for retirement? Or will he go buy that $45,000 GMC Yukon Denali SUV with the leather package? I pick on poor Junior here as a means of adding a bit of humor, but the example carries a grain of truth that needs to be considered.

You can determine not only what Junior is to receive, but also when and how it is to be distributed to him. Perhaps he should receive income and a portion of the principal over a five-year period. Perhaps he should only receive income for the rest of his life (sort of a forced savings plan for his future needs). Your estate plan can be tailored to fit either desire. You are in control.

This is also a good point to discuss why people give to charitable organizations and the Lord's work through their estate plan. You give faithfully now to the Lord's work and to the causes that are close to your heart. Why not consider naming your church, Back to the Bible or other organizations that you support in your estate plan? It makes one last statement of your faith and recognition of your devotion to the Lord. Bequests to charitable organizations also qualify for a deduction on the federal estate tax return. That means Congress actually gives each of us the power to divert some of what would be taken in taxes to the charitable organizations we care deeply about.

These are some of the questions you need to ask, but how do you gather your thoughts and other information? We have a tool for your use--a Confidential Estate Inventory. We hope to eventually have this on-line here at www.StewardshipSolutions.org, but it is not quite ready for release. Ask for a copy  and we will gladly mail it to you.

Performing an Estate Inventory

• For the planning process to be effective, it is necessary to gather information about responsibilities, wishes, desires, assets and liabilities into one location.
• Gathering the information in advance can save your attorney time-which translates into saving you money.
• As we have seen, the ownership of assets is critical to the estate planning process. This workbook allows you to record this vital information.
• After completing the inventory process, people exclaim with surprise, "Wow! I can't believe it!" The Lord has provided you with more than you may think. It is important to think and plan now!

The Back to the Bible Foundation is available to help you through this or any step in the planning process. We would gladly sit down and make the thinking and planning as easy as possible. There are planned giving techniques that can be incorporated into your planning now or into your estate plan that can help reduce federal estate taxes and benefit the charitable organizations that you care about.

What does the individual or couple need to consider in preparing the plan?

• Personal preferences and desires--many people are concerned how a distribution of wealth is going to affect their children and grandchildren. Will they appreciate it and use it wisely? Will you protect their initiative and integrity through the future gifts?
• Who is the best one to serve as personal representative or successor trustee?
• Giving to the Lord's work through a will or living trust may be a new idea. But it is a natural step in making a lasting investment that will continue to impact lives with the Gospel.

Again, the stewardship ministry of the Back to the Bible Foundation is available to help you accomplish your desires--caringly and without pressure. Request the Confidential Estate Inventory and begin the planning process today.