9/27/2019 Prospe sper. r. Invest st. . Endow. Stewardship rdship and End of Life Issue ues: s: A Recipe for Generosity Time for Some Pie? P rosper I nvest E ndow The Rev. Larry Strenge, ELCA ow A Recipe for Faith-Inspired Generos osity The Rev. Minner Serovy, PCUSA Legac gacy y of a Lifeti time Live Forward, Give Forward 1 2 The quest stio ion with which you What t is your Net begin in a meetin ing g shape pes Worth? th? the outcome me of the meetin ing. g. 3 4 Family and loved ones “What’s the greatest possibility Faith ith and Values you can imagin ine God could ld do What at is your r Passio ions with your life story or legacy — Net t Worth th? now and beyond this life- -th that t Vocation tion would ld bring joy and blessin ing to Assets ts others?” Bishop p Jon Anders rson, ELCA 5 6 1
9/27/2019 Happy are they who… • Dr Mark Allan Powell • Professor of New Testament • Trinity Lutheran Seminary 7 8 Designing a life – your life --that fully reflects the joy of Christian What’s P.I.E. discipleship all about? 9 10 Designing a life – your life -- that fully reflects the joy of Christian discipleship Fulfilling God’s purpose – calling Fulfilling God’s purpose – What’s P.I.E. What’s P.I.E. – for our lives. calling – for our lives. all about? all about? Investing ourselves and our assets as though they are God’s and we are only stewards of them . . . In this life and beyond 11 12 2
9/27/2019 What makes you happy? What is your passion? Being intentional in sharing What do you want to be remembered for? our life stories and how they What do you do, and what will you do, to shaped our net worth shape your legacy? What if, What’s P.I.E. How will YOUR story be shared? Assuring that future instead, the family stories: what events were all about? generations have the important in shaping your life? questions are opportunity to know and What was important in your vocation and choices? grow in faith When was your church membership and faith most important to you? What do you wish you’d been able to do? 13 14 Stories are what make history more than a collection of dates, people and places. Family stories: answering the “why” and “how” questions for generations Jim Barkley — Sonant History Illustrate the values by which a person has lived Stories 15 16 Legacies . . . are footp tpri rint nts s we leave behind nd afte ter r [Video of Jim Barkley on family stories. Link we die. . is listed in Resources] They y prove that at we were re here: : we lived, , we matte attere red, , we made a differe renc nce. Rachael Freed 17 18 3
9/27/2019 • Happy are those who do not follow the advice of the “What if you could get church wicked, members to enjoy being good or take the path that sinners tread, stewards in ways that keep or sit in the seat of scoffers; your mission going – and 2 but their delight is in the law of growing? What if they got Legacy of a the L ORD , excited about laying a foundation Psalm 1 and on his law they meditate day Lifetime for vibrant new outreaches and night. that changed lives? And what 3 They are like trees if they embraced the planted by streams of water, opportunity to fund the future which yield their fruit in its season, through a simple gift in their and their leaves do not wither. wills?” In all that they do, they prosper. 19 20 “We are surrounded by God’s benefits. The best use of these benefits is an Gratitude unceasing expression of gratitude. John Calvin 21 22 Your financial assets will be distributed whether you plan or Only you can share your values not. . . and stories 23 24 4
9/27/2019 Everyone: You are never too young or Getting Our House in Order too old to want to make a difference As stewards of our resources, we: Who needs to Apart from finances: • Accumulate do estate Care for dependents • Preserve planning and Powers of Attorney • Distribute when? HIPAA waivers/permissions Medical Power of Attorney DNR Funeral and burial preferences 25 26 Provide for family Who Will I Leave My Estate to? Three Places Guardians for dependents Avoid arguments Goals Powers of attorney Mission Charity, Ministry Government Family & Friends Name personal representative/trustee and Mission Christian preamble 27 28 Helping people identify ways to make legacy gifts from assets they don’t The nuts and normally consider, or to bolts find ways to make gifts through instruments they What will I leave? are not familiar with. 29 30 5
9/27/2019 Charitable Trust Give it Twice Remembrance Trust Donor “purchases” shares of one of two pools of money, invested by the Pooled Income upon Charitable after Presbyterian Foundation. $200,000 $200,000 Trust Fund IRA $200,000 death 20 years Donor receives income 5% $10,000 per year 20 years (taxable income) during lifetime Heirs $200,000 31 32 Charitable Gift Annuity Donor Advised Fund John Smith – Age 72 5.40% Annuity Property Value $100,000 Donor and/or named Cost 25,000 Principal Gain $75,000 advisors make Charitable Gift $100,000 Charity recommendations for 1 . Give property to charity. charitable donations $100,000 Partial bypass $75,000 gain (Approximate value ) may save $4,617. Income tax deduction of $40,575 may save One Life Charitable tax $11,490. 2. Annuity of $5,400.00 for one 3. Annual payments for one benefit for $5,000 life. Tax-free amount $1,025.94. life. Property passes to charity entire amount Estimated one life payout of with no probate fees. There $83,700. Effective payout rate are also no estate taxes. in year given 6.8%. Remaining Balance May be invested to carries over continue to increase value 33 34 • Life Insurance Assures that your congregation will not suffer budget crisis if you die, Transfer fer on move, or unable to continue your • Retirement Accounts Death th pledge. • Investment Accounts Endow your A one-time gift of approximately 20 times your annual pledge can Pledge support the church in perpetuity. These instruments all have named A smaller amount can support the beneficiaries, which can be updated at any church for a specified number of time (and SHOULD be updated annually). years . A church or ministry can be named as a beneficiary. 35 36 6
9/27/2019 At age 70 ½, a RMD will be sent to the owner of a pre-tax retirement savings account: Required 401k, 403b, IRA Minimum Distributions Owner can designate the RMD payments directly to a Quest stions ns? qualified charitable organization to avoid taxes. 37 38 Resources • ELCA • https://search.elca.org/Pages/ResourceResults.aspx?k=stewardship • www.elca.org/resources/ELCA-Foundation#gift • PCUSA • www.presbyterianfoundation.org • www.stewardshipnavigator.com • University of Minnesota: Grandma’s Pie Plate • https://extension.umn.edu/transferring-non-titled-property/who-gets-grandmas- yellow-pie-platetm-workshop-facilitators-toolkit • Sonant History • https://sonanthistory.com/ 39 7
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