Estate Planning

Estate planning is managing the resources the Lord has entrusted to you over a lifetime and using them to care for your family and for the Lord’s work. There are a variety of estate planning tools available to enable you to maximize the value of your resources.

Stewardship Committee

The Stewardship Committee and Financial Advisors support the ministry of Union Bible College. The Stewards facilitate planned giving and estate planning.

Stewardship Committee Includes:
Don Bates, Jr. – Sales Manager – A.G. Edwards Corp.
Dan Boardman – Owner/Operator – Culture Lighting LLC.
Keith Russell – Financial Representative – Principal Financial Group

Several planned giving instruments are provided below.

Wills

A well-planned will is an important consideration in the stewardship of your estate and the cornerstone of every successful estate plan. In addition to properly disposing of your possessions when you no longer need them, a will also enables you to recommend a guardian for your children and to appoint the executor of your choice. Don’t be one of the 71% of individuals who do not have a will. Email Lanae Whitaker to request a free booklet designed to help you collect the necessary information for your will.

Charitable Gift Annuity

A charitable gift annuity (CGA) may be a good stewardship opportunity for you, because it allows you to give a gift to the Lord’s work and also allows you to receive a guaranteed income for the rest of your life. In today’s uncertain economic environment, you may want to consider the advantages of a CGA through Union Bible College. UBC’s annuities start with as little as $2,500. The benefits of a charitable gift annuity include:

  • Provides a gift to the Lord’s work
  • Grants immediate tax benefits for the charitable portion of the annuity
  • Guarantees high rates for life (American Council on Gift Annuities)
  • Provides regular payments for life
  • In most cases, offers a tax-free portion of each annuity payment

UBC is guided by standardized rates established by the American Council on Gift Annuities. If you would like to pursue this opportunity further, the Development Office can supply you with a confidential Charitable Gift Annuity Application.

Ministry Trust Agreement

The intent of a ministry trust agreement (MTA) is to provide a future gift to Union Bible College, while allowing the donor access to that money until the time of his/her death. The donor may add additional funds or withdraw funds up to the original amount at any time. Monies remaining in the MTA when a person dies become a gift to Union Bible College.

Charitable Remainder Trust

A charitable remainder trust is an estate-planning tool that allows a donor to accomplish some or all of the following goals:

  • Increased income from low-yielding assets
  • Reduction or elimination of income taxes, estate taxes, and gift taxes
  • Diversification of investment assets and the potential for tax-free growth of assets
  • Enjoyment of making a gift to one or more charitable organizations that might not otherwise be possible

There are two types of charitable remainder trusts to consider: Charitable Remainder Annuity Trust and Charitable Remainder Unitrust.

Charitable Remainder Annuity Trust

An irrevocable trust that produces an annual payment of a fixed dollar amount equaling at least 5% of the initial net fair market value of the trust when it was created. At the time of the person’s death, the amount remaining in the trust becomes a gift to one or more charities. Advantages to the donor include an initial income tax deduction, a bypass of capital gains tax at the time the trust is created, federal estate tax savings, and a consistent income for life.

Charitable Remainder Unitrust

An irrevocable trust that produces a yearly payment equal to a fixed percentage of the net fair market value of the trust as determined annually. At the time of the person’s death, the amount remaining in the trust becomes a gift to one or more charities. Advantages to the donor include an initial income tax deduction, a bypass of capital gains tax at the time the trust is created, federal estate tax savings, and a consistent income for life.