Foundation adopts new estate-plan policy
The Kansas-Nebraska Southern Baptist Foundation Board has adopted a new policy effective immediately regarding the handling of estate plans. The policy is as follows:
The Kansas-Nebraska Convention of Southern Baptists will reimburse individuals/couples up to $500 in preparation of or amendment to their wills and/or trusts when the following provisions are met:
- The will or revocable trust must contain a gift of at least 10 percent of the residual estate to Southern Baptist causes supported by the Kansas-Nebraska Convention of Southern Baptists. (Residual estate means the estate remaining after bills are paid, children are raised and educated to age 23, or finishing a bachelor’s degree, whichever comes first.)
- Of the 10 percent gift, a minimum of 50 percent (5 percent of the residual estate) must be dedicated to an endowment fund administered by the Kansas-Nebraska Southern Baptist Foundation.
- In the case of a will, the gift is bestowed upon the death of the surviving spouse. If distribution is done through a trust, the gift is bestowed at the closing of the trust.
- The Kansas-Nebraska Southern Baptist Foundation must be appointed as co-trustee or co-executor.
- A copy of the signed will or revocable trust and a copy of the invoice from the attorney must be provided to the Kansas-Nebraska Convention of Southern Baptists prior to reimbursement.
One of the positive results of this policy change is that members of Southern Baptist churches in Kansas and Nebraska will have the opportunity to work with a local attorney in developing their estate plan documents while having the Kansas-Nebraska Convention of Southern Baptists underwrite a portion of cost.
Documents currently in process will be completed as previously agreed upon.
If you would like assistance setting up an estate plan or amending your current plan, or would like to have a planned giving seminar in your church, please contact Bob Clark at (800) 984-9154 or (913) 424-5901. Bob and Marie will come at no expense to you or your church.