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United Methodist Foundation of Arkansas

United Methodist Foundation of Arkansas. United Methodist Foundation of Arkansas. Non-profit chartered in 1963 $130 million in assets Sixth largest of 52 UM Foundations Over 650 accounts 30 Board Members, Clergy & Lay 6 Staff members. United Methodist Foundation of Arkansas.

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United Methodist Foundation of Arkansas

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  1. United Methodist Foundation of Arkansas

  2. United Methodist Foundation of Arkansas • Non-profit chartered in 1963 • $130 million in assets • Sixth largest of 52 UM Foundations • Over 650 accounts • 30 Board Members, Clergy & Lay • 6 Staff members

  3. United Methodist Foundation of Arkansas Mission: To create and administer permanent charitable endowment funds to help strengthen and grow United Methodist Ministries in Arkansas.

  4. UMFAThree Areas of Responsibility • Charitable Gift Development • Investment/Administrative Management • Grant Making

  5. UMFA Recent Grants • UMFA Seminary Scholarships - $180k • ARUMC Strategic Plan - $175k • Imagine No Malaria - $333k • Spiritual Direction Training - $20k • ARUMC Historical Archives - $25k • COR Leadership Institute - $50k • UMC Large Church Initiative - $18 • Camp Aldersgate Carousel - $10k • Dollars for Scholars - $25k

  6. Three Ways to Give • Outright • Testamentary (Bequest) • Life Income

  7. Baker Kurrus Attorney at Law Email: bkurrus@aol.com

  8. Planning Process 1. List Family- complete information 2. List Property 3. How Property Owned? 4. Decide Estate Plan 5. Sign Will and Medical Documents

  9. Gift of Peace to Family Income For Family PrincipalForFamily Estate Goals • Healthcare If Disabled • Charitable Legacy • Reduce Probate Costs • Reduce Estate Taxes

  10. Executor Some States - Personal Representative List and Protect Assets Open Probate Process Pay Debts and Taxes Manage Estate File Estate Tax Return (706) Distribute Estate

  11. Guardian For Minors • Physical Custody • Usually Spouse • Share Your Values • Choose Schools • Manage Healthcare • May Select Different Trustee of Property

  12. Healthcare Power of Attorney Trusted Person If You are Incapacitated Major medical decisions like type of care, medications, operations

  13. Healthcare Living Will-Request to Die with Dignity Your Last Weeks/Days Nutrition/Hydration Medication Resuscitation Heroic Measures Some States- Advance Directive

  14. Power of Attorney Trusted Person Durable Presumption Manage Your Property Authorizes During Life Only Pay For Your Care Gifts to Family/Charity Option – Fund Living Trust

  15. Your Finances Real Estate Checking Accounts Savings Accounts Investment Accounts Personal Property Life Insurance Retirement Accounts Debts and Liabilities

  16. Transfers of Property • $14,000 per Year, per Individual • $5,340,000 Gift Exemption • Unlimited Transfer Between Spouses • Unlimited Charitable Exemption Lifetime Gifts

  17. Transfers of Property INTESTATE(Without a Will) • The State Writes Your Will • 1/3 Spouse • 2/3 Children • Then Parents • Then Brothers and Sisters • Court Appoints Guardian

  18. Transfers of Property • Things Owned in Your Name • Appoints Guardian For Minor Children TESTATE(With a Will)

  19. Estate Distribution Only Three Places Family/Friends Charity Government

  20. Valid Will – Requirements • Legal Age or Status Requirement • Capacity - “Lucid Interval” • Intent - Transfer Property • Freedom from Fraud, Undue Influence, Duress, Coercion • Proper Execution - Signatures, Witnesses

  21. Principal to Family Charity - Saves Income Tax - Reduces Estate Tax • Benefit Children • Nephews/Nieces Simple Will Estate

  22. Bequest • Fixed Amount • Specific Property • Percent of Residuary • Contingent

  23. Bequest to Church • Preserve Lifetime Flexibility • Can Change Your Mind • Desire an Estate Tax Deduction • Want to Achieve Charitable Purpose

  24. Bequest of IRA Bypass Income Tax Bypass Estate Tax Part or All of IRA Beneficiary Designation IRA Charity

  25. Personal Property List Jewelry, Silver, China Collections Family Items Item, Description, Recipient City, State

  26. Summary • Title to Property is Important • Will or Revocable Trust? • Estate Planning Reduces Taxes • Charitable Gifts Leave a Legacy • Your Best Chance to Provide & Protect

  27. United Methodist Foundation Call Us For More Information Jim Argue President jargue@umfa.org Clarence Trice VP/CFO ctrice@umfa.org Janet Kernodle Marshall VP of Development jmarshall@umfa.org Website: www.umfa.org Facebook: United Methodist Foundation of Arkansas Phone: 501-664-8632 877-712-1107 toll-free

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