When it comes to estate planning, most people fall into one of three categories: the chucklers, the nodders, and the back patters.
The chucklers hear the term “estate planning” and chuckle to themselves softly as they think, “My estate is so small, it doesn’t warrant any planning.” The nodders nod enthusiastically as they gather business cards of local estate planning attorneys and decide to set up an appointment – someday. Then there are the back patters who puff up their chests and pat themselves on the back because they’ve had the wisdom and foresight to set up a comprehensive estate plan for themselves, but then divert their eyes when you ask them if that plan has been reviewed or even dusted off since the turn of the millennium.
However, as we approach the largest intergenerational transfer of wealth in history, estate planning could not be more important. From 1998-2052, it is estimated that over $41 trillion dollars will transfer from one generation to the next. And those who have chuckled, nodded, or patted their backs at planning their own estates will have little to say about how their portion is transferred.
“The things we accumulate over our lifetimes – money, personal possessions, property – are simply gifts from God, entrusted to us to manage as his servants. But there comes a time when we all must make plans for transferring to others our wealth and responsibility as God’s stewards,” says Dave Keesling, Vice President of PhilanthroCorp, an estate and gift planning company that serves dozens of churches, evangelical ministries and charities throughout the nation. “That’s what estate planning is all about – a process of determining to whom we will transfer stewardship of our property when we will no longer be in a position to exercise stewardship on our own. For the Christian, estate planning is maybe the most important act of stewardship he or she will ever undertake.”
Being good stewards of God’s resources has always been a core value at Sagemont Church. The church paved the way in 1975 with the decision to become debt-free and has continued leading members in financial wisdom through ongoing programs such as the Financial Freedom seminars.
Beginning in November, Sagemont will take that leadership one step further by partnering with Colorado-based PhilanthroCorp to provide its members with confidential estate planning services. PhilanthroCorp is a Christ-centered, biblically-based company that does not sell insurance or any other commission-based financial service products. Instead, they provide carefully crafted estate plans based on the needs, wishes, values and financial situations of each individual.
For members, Sagemont pays all fees for PhilanthroCorp’s services. All legal documents are then drafted by your own attorney, or if you do not already have an attorney, the church will have a list of lawyers who will execute the official paperwork at a reduced rate. All information provided to PhilanthroCorp is held in the strictest of confidence, and there is no pressure or obligation from or to the church for utilizing PhilanthroCorp’s expertise.
“Most Christians understand and agree that we are to be good stewards of the resources that God has entrusted to us,” said Chuck Schneider, Executive Pastor of Sagemont. “However, many times that translates into, how much should I carve out of my weekly paycheck and put in the church offering box. Seldom do we extend that thought of stewardship into the context of stepping off into eternity.”
He explained that instead of just giving cookie-cutter advice, fill-in-the-blank wills, or general principles for managing one’s estate, PhilanthroCorp helps turnkey the process by helping Christians navigate through all the nuances of the law in order to leave the most significant legacy possible.
“In my experience, each of us has three choices we can make in deciding who will take over our stewardship responsibilities,” says Dave Keesling of PhilanthroCorp. “We can transfer stewardship of our resources (1) to loved ones; (2) to ministries that have impacted us and which have potential to continue impacting the world; or (3) to the Internal Revenue Service.”
Unfortunately, sometimes the tax ramifications of not doing anything to plan for one’s estate defaults into the deep pockets of Uncle Sam.
“It is not unusual to reduce estate taxes by more than 80 percent for someone who faces an estate tax at the death of the surviving spouse. In those instances, there are not only the stewardship and family issues, but also the added benefit of saving a member a large sum of money in taxes,” said Greg Ring, co-founder of PhilanthroCorp.
In addition to offering services through many churches and seminaries, PhilanthroCorp also services international ministries such as Precept Ministries International, Insight for Living, and the International Mission Board. They will present their services to Sagemont members November 2-4. Watch the weekly church bulletin for details, and let Sagemont, along with PhilanthroCorp, help you maximize your assets, provide for your heirs, minimize your taxes, and be living proof of a loving God through a biblical, legal, and financially responsible estate plan.