Why Should Christians Create an Estate Plan?
As a Christian, you are a steward of your possessions who strives to manage your blessings in an efficient and God-pleasing manner. An estate plan is a powerful tool to help you manage your estate, even after your time on earth is past. You can use your estate plan to express your faith in Christ and your confidence in your eternal salvation. You can also create a plan that reduces the amount of government taxes and legal fees, which preserves a larger portion for your family and favorite charitable organizations.
What are the Components of an Estate Plan?
There are various tools that are available to you. Estate-planning professionals can guide you through the process of selecting the tools that match your personal goals. At minimum, people should create a will, a power of attorney for finance, and a medical directive. Many people will also include a trust as part of their comprehensive plan.
How Do Powers of Attorney Fit Into My Estate Plan?
Through your Power of Attorney for Finance, you select the person, called your power of attorney, who will handle your financial matters if you are unable to handle them yourself. Since this person is managing your cash and investments, it is wise to select a person who understands your philosophy of Christian stewardship and is willing to make decisions that are consistent with your wishes.
Your Power of Attorney for Health Care allows you to designate your health care agent and to communicate your wishes regarding end-of-life medical care. Within the medical community, the patient is giving autonomy over his/her medical decisions. If you are unable to make your own medical decisions, you want a health care agent who will make ethical decisions that are consistent with Biblical principles and also be reflective of your personal wishes.
These documents help you communicate your Christian perspective regarding the principles of stewardship and the value of human life. These two documents are extremely important, because they provide directives that apply while you are still alive.
What are the Benefits of a Deferred Gift?
There are many benefits to deferred giving. The size of your estate could allow you to make larger gifts that were not possible during your lifetime. Deferred gifts can have a significant impact on those who receive the gift, including some long-term benefits for your heirs. You can set a wonderful example of Christian stewardship for your family. Above all, you can express your love to those who will receive the benefits of your gift.
What are the Benefits of a Charitable Deferred Gift?
Once you have provided for the needs of your loved ones, you can also consider a gift for your church and KML. Gifts to your church or KML are powerful ways in which you can support your favorite ministries, provide for sustained Gospel outreach, and ensure that future generations will have wonderful opportunities to worship and grow in the knowledge of their Lord and Savior. In addition, charitable deferred gifts will provide potential tax benefits that will enhance the overall impact of your estate.
What is the KML Foundation?
The Kettle Moraine Lutheran High School Foundation, Inc. has been established to invest and preserve gifts for perpetual support of the people and programs of KML. As a unique and separate organization, the Foundation Board of Directors annually uses the growth of the funds to assist families and advance the mission and vision programs of its high school.
To discuss a planned gift to KML, contact your KML Estate Plan/Deferred Gift Counselor, Mr. Paul Snamiska (262-677-4051 x1116; firstname.lastname@example.org).
The information that is provided on this site is for educational purposes only. Consult your personal tax consultant, attorney, or financial planner for specifics that apply to your personal situation.