Laying the groundwork for legacy of giving

There is little doubt that the current population in the United States has more wealth at its disposal that any other in history.

Numerous articles over the past ten years have given estimates from such a "small amount" of 11 trillion dollars to as much $42 trillion that will transfer from one generation to the next by 2050.

Regardless of the actual amount, the question is how that transfer could impact charitable giving, particularly Christian ministry.

In the opening chapter of Max Lucado's newest book, Outlive Your Life, the author makes the assertion that this generation of Believers is the wealthiest ever. In our hands are enough resources to solve many of the problems of those who are most in need in the world today. Lucado writes:

But this much is clear: the storehouse is stocked. The problem is not in the supply; the problem is in the distribution. God has given this generation, our generation, everything we need to alter the course of human suffering. *

One way to help unlock the storehouse is for each Believer to establish or continue a pattern of giving. Especially in difficult economic times Christians should examine their personal finances and earnestly seek God's direction in carrying out a plan of stewardship – a Legacy of Giving.

Here are some avenues of giving that can help lay the ground work for a Legacy of Giving.

Create or update your Will

January is traditionally "Make Your Will" month. As part of personal stewardship, every Believer should have a Will. You have probably heard this before and even said to yourself "I'm going to do that this year." Then the brown, heavy haze of procrastination sets in. This year, push back the haze and get your Will in order. Don't let the general laws of Louisiana direct who will inherit the assets God has placed in your hands. Include a gift to your church or other Baptist ministry in your estate plans.

Establish a deferred gift

Charitable Gift Annuities and Charitable Remainder Trusts allow you or family members to receive income from funds set aside in trust, that will also provide a gift to ministry in the future.

The U.S. Tax Code allows a partial tax deduction at the time of the gift and gives favorable treatment to gifts of assets that have appreciated in value. These types of gifts are a great way to meet personal or family income needs while providing for a gift of the "remainder" to ministry.

Give from your "deep pockets"

Retirement plans and life insurance policies are often the largest assets a person owns. End of life gifts from these assets are easy to establish: simply change the beneficiary statement. There are numerous possibilities for setting up a gift including a partial gift or a contingent gift. Also remember that leaving retirement assets to your family can create an undue tax burden for them. Choosing the proper assets to leave for your heirs and leaving retirement assets or ministry purpose may result in more money for both.

Donor advised giving

This avenue of giving allows the donor to make a current tax deductible gift of cash or securities to a named account managed by the LBF.

At a later time or at various intervals the donor may make recommendations to the Foundation as to the disbursal of funds from the account to other charitable organizations, institutions, or ministries. The donor may choose to distribute all of the assets or retain part for future distribution or to build a permanent endowment. The fund is also open for additional contributions.

The Donor Advised Fund is a convenient way to make one asset transfer that can benefit multiple organizations. It also is a great vehicle to accommodate anonymous giving.

Winston Churchill is credited with the quotation: "We make a living by what we get; we make a life by what we give." There is no question that all of the facts and statistics regarding a generational transfer of wealth are debatable. But the truth remains that God has called each of us to a life of stewardship.

Please Pray, sense God's direction, and seek wise counsel. Establishing a Legacy of Giving will certainly strengthen and enhance the Legacy of Faith you leave for others to follow.

The Louisiana Baptist Foundation is tasked with encouraging and managing gifts for Louisiana Baptist churches and entities. For more information you may call the Foundation office at 1-877-523-4636 or log on to www.LBFinfo.org.

* – Outlive Your Life: You Were Made to Make a Difference: Page 6; Max Lucado; 2010, Thomas Nelson Publishers, Nashville, Dallas, Mexico City, Rio De Janeiro