By: Laurie Valentine
You do not have to be wealthy to be able to set up a plan that will provide financial support until the Lord returns to charitable causes that are important to you.
Providing ongoing support for your church; state, national and/or international missions; ministries to hurting children and their families; disaster relief; and/or other causes can be accomplished through the creation of a new endowment fund or by making gifts to an existing endowment fund.
An endowment fund is a permanent, perpetual fund managed either by the cause benefited by your gift or another entity such as the Kentucky Baptist Foundation. Only the earnings from the endowment fund are distributed for use by the cause(s) you name as beneficiaries; the original value of what you give is never distributed.
A large gift is not required to establish an endowment fund with the Kentucky Baptist Foundation. It can be started with any amount and you can add to it from time to time over your lifetime. This permits even those of modest means to do much more than they ever dreamed possible. As the endowment fund grows, more lives will be touched and blessed through the support provided.
Establishing (or adding to) an endowment fund during your lifetime may provide income tax savings if you itemize deductions and capital gains tax savings if you use appreciated assets to fund your gift.
All good things come from God. Establishing an endowment fund, whether through a single large gift or a lifetime of more modest levels of giving, permits you to demonstrate your gratitude for God’s blessings and your desire to be involved in touching lives in His name.
Laurie Valentine is COO and Trust Counsel for the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; (502) 489-3533 or 1-866-489-3533 (Toll-free, Kentucky Only); KYBaptistFoundation.org
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.