There are many reasons to create an estate plan and one of the most compelling is the ability to reduce or eliminate the amount you pay to the government.
Without a plan, you will force your loved ones to incur attorney fees, court costs and a potential tax burden. These costs can be reduced or eliminated by those who have an estate plan. Consider the following:
There are three potential heirs of your estate:
- Loved ones
- Charities like your church, KML, missions, etc.
A misperception is that if you give an estate gift to charity, you reduce any inheritance to your loved ones. A better option is to give generously to loved ones, and reduce the amount for the government by including a charitable component. In other words, a gift to KML or other charity allows you to support loved ones and ministry – not the government. That is an option that works for most people!
The relatively small amount you will pay to create an estate plan, is well worth it when you consider the significant costs that are associated with those who don’t have a plan.
To get started on the process, contact your KML Estate Plan/Deferred Gift Counselor, Mr. Paul Snamiska (262-677-4051 x1116; firstname.lastname@example.org).