Legacy Chat
"Helpful Info'"
Just what is an "estate plan" ... and, more importantly, what do we mean when we refer to that as an "estate and legacy plan?
Simply stated, an estate plan is a simple process of bringing together all the "moving parts" of your individual, and sometimes family, affairs. It is "one place" where what you have accumulated, such as homes, cars, bank accounts, life insurance, and other important elements of your net worth are all listed - and clarified in both their ownership and in how they are being managed. In short, think of it this way, if you were to suddenly pass, would your spouse or surviving children know what (all of that just described is). More importantly, would they know how to disposition it (distribute it among themselves and often to cherished ministries) as you would have were you to speak that ... because in an effective and intentional plan, you can - and you do!
There is one remaining but all-important area to an effective and intentional estate plan, and that is with respect to your minor children (often special needs situations), and your healthcare. What if you were suddenly incapacitated and unable to direct the care you were receiving. Would your family or friends know what you would specifically like to have happen to and for you? In the worst scenario, one where your passing is imminent if there is no intevention, would you want "heroics" or a quiet passing (life support or no)? What if you survive a tragic event but can no longer care for yourself in some or possibly any regard. Similarly with minor children ... who will care for them at your sudden passing (and with special needs children, what should happen there)?
In our next segment, we'll unpack this a bit ... for now, think about all that makes up your "estate" and ask yourself, "would my family or friends know where to look to find all I will need to have liquidated to settle my affairs"? What would I like to see happen for my children - how, specifically, would I like to see them cared for?
Have you heard the latest?
Important considerations during this pandemic (including what may be wise to do, and not do right now with your portfolio), and the movement of assets.
Click here for that info: The CARES Act.
“Estate and Legacy Planning” – Does it Really Matter?
Think about this: early in the life of Israel we see the Lord repeatedly reminding them about the importance of passing on to “their children and their children’s children” God’s testimony of faithfulness (Deuteronomy 4:9 and following). God went on to tell the children of Israel that He wasn't’t talking directly with their children, but rather with them – because “their eyes had seen” all that the Lord had done (Deuteronomy 11:2-7).
Estate planning, when done with intentionality and by including a narrative of one’s life, can be an incredible means of motivating future generations. Further empowering such planning with
Watch for our next installment where we will purpose to unpack …
- what estate and legacy planning is
- why it’s important
- what it looks like
and most importantly,
- how it can be a compelling motivation for succeeding generations when it is empowered with an integrated level of charitable gift planning
As always, if we can be of service to you in this area, or for any questions you may have, please do not hesitate to email us at leavealegacy@letufoundation.org or call us toll-free at 903-500-2972 and ask for Tom Bevan.
And always a proper disclaimer: When considering what we might point to by way of a benefit to you in any given situation, always assure to consult your legal and tax advisor for what qualifies as the actual tax treatment of that scenario in your unique situation.
Scholarships play a major role in the lives of LETU students. More than 90% of the student body receives financial assistance from scholarships, grants, and loans. But with graduating seniors incurring significant financial debt, it is our goal to lessen the burden and increase our scholarship aid. Endowed scholarships play a vital role in decreasing the debt burden on students.
Why do LETU alumni and friends choose to establish Endowed Scholarship Funds?
- To perpetuate the memory or legacy of a loved one;
- To honor positive role models who have significantly influenced others;
- To invest in today's students who will influence every workplace and every nation for Christ tomorrow.
Endowed Scholarships provide significant impact:
- Equip leaders for tomorrow today;
- Recruit and retain outstanding students seeking the hands-on, Christ-centered education that has for decades been the strength of LETU;
- Recognize and reward outstanding performance by students with demonstrated financial need.
Endowed professorships, chairs, programs and schools are also available. Call 903.233.3833 to establish your endowment today.
Many companies will match their employees' charitable gifts. Some will even match the donations of retirees or employees' spouses! You can make your money double or even triple and at the same time invest in students' lives.
If your company is eligible, request a matching gift form from your employer's Human Resources department. Complete, sign and send in the completed form with your gift- every time you give a gift! Inform your employer of your donation and give them LeTourneau University's mailing address (2100 S. Mobberly Ave. Longview, TX 75607) so they can make the match. We will do the rest.
Giving a cash gift isn't the only way you can support LeTourneau University students. All you have to do is sign up for all the programs below and then let your shopping do the donating. It's that easy! Your normal, everyday shopping will help the LETU Annual Fund provide scholarship aid to deserving students. Thank you!
Give by Shopping
You're going to buy things anyway, right? Here are some ways your purchase can benefit LeTourneau University.
Amazon Smile
Start your shopping at smile.amazon.com, choose LeTourneau University as your selected organization, and the AmazonSmile Foundation will donate 0.5% of the price of your eligible purchases.
Kroger
If you are a KrogerPlus member, Kroger's Community Rewards program donates a portion of your eligible purchases to the organization of your choice. Choose LETU! Visit https://www.kroger.com/topic/kroger-community-rewards-3 to enroll with your membership card and choose LeTourneau University (NPO# 84780). Don't forget to re-enroll each year to continue in the Community Rewards program.
Tom Thumb
Tom Thumb's Good Neighbor Program allows customers to direct donation dollars to a favorite church, school or other non-profit organization. Visit the courtesy booth at your local store to link your reward card to our account (use our Charity# 9090).