By: Barry G. Allen- President & CEO
When I think of this special couple we were able to assist in stewarding their estate, I am reminded of all the ways across the years they have demonstrated their love for Christ, their children and grandchildren, their church and their local community. They will be among the sheep to which the King will say, “Come, you who are blessed of my Father; take your inheritance, the kingdom prepared for you since the creation of the world. For I was hungry and you gave me something to eat …Then the righteous will answer Him, when did we see you hungry and feed you … The King will reply, I tell you the truth, whatever you did for one of the least of these brothers of mine, you did for me.” (Matthew 25:34-40).
This couple is the epitome of Kingdom-minded stewards who love Christ and show it with their time, talents and treasurers. For them, love is not something about which they talk, it is something they do.
When they decided to move from the farm to town, they sought the assistance of Laurie Valentine, our trust counsel, to work with their own legal and financial advisers in exploring ways of making a legacy gift as part of the sale of the farmland on which they lived. The ultimate plan was a win for them, a win for their family and a win for their church.
They donated, prior to the sale, a portion of the appreciated farmland on which they lived to a charitable trust for which the KBF is the trustee. The trust received that portion of the sales proceeds, and they received the balance. From the trust they will receive income for the rest of their lives. At the death of the second to die, the remainder in the trust will establish an endowment that will provide a perpetual stream of income to their church. In addition to the joy they experienced in knowing they were making a lasting difference in the world for the cause of Christ, they also received the following tangible benefits: an income tax deduction which can be used over a total of six years, reduced the capital gains tax on the real estate sale and converted the real estate into income for both of their lifetimes.
Remember, “love is something you do.” Please give us the privilege of assisting you.
For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.