Participants: Mollie Steenson (Host), Earlenne Hunt (Host), Robert Manning, Pat Manning, Barry Benton
Series Code: TDY
Program Code: TDY015083A
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00:01 I want to spend my life
00:07 Mending broken people 00:12 I want to spend 00:14 My life removing pain. 00:23 Lord, let my words 00:29 Heal a heart that hurts 00:34 I want to spend my whole life 00:40 Mending broken people 00:45 I want to spend my whole life 00:51 Mending broken people. 01:06 Well, hello. 01:07 And I welcome you to this program 3ABN Today. 01:11 We always appreciate it 01:13 when you join us in our living room 01:15 as we bring our guest to you. 01:17 We've got some guest, we want you to meet, 01:19 and so let me introduce everyone 01:22 that's with us here. 01:23 We got a great program for you today. 01:25 And I've got my co-host, Earlenne Hunt. 01:27 Earlenne, it's so good to have you with us today. 01:29 Thank you, Mollie. 01:31 And Earlenne is a Trust Officer 01:34 in our Planned Giving and Trust Services department. 01:38 And we also have with us an attorney. 01:41 His name is Barry Benton. 01:43 Barry, it's so good to have you with us. 01:45 Thank you, Mollie. 01:46 And with Barry, we have a couple. 01:51 Their names are Pat and Bob Manning. 01:53 Pat and Bob, it's good to have you here. 01:55 Thank You. 01:56 And I want to just let you know that today, 02:00 we are going to talk to you, 02:02 and this program is especially designed for women, 02:06 although of course, we've got gentleman with us, 02:08 but we want to talk to you women 02:11 about the need and the necessity 02:14 for some planning for your future. 02:17 I've got some statistics and I always do this 02:19 when we do one of these programs, 02:21 because first and foremost, I wan tot get your attention 02:25 of how important it is 02:27 that we take into our hands our future, 02:31 and not let somebody else make decisions for us, 02:34 that could adversely affect us. 02:36 Let me just read a few statistics to you. 02:41 According to Miss money magazine, 02:45 75 percent of women will become widows 02:50 at some point in their life. 02:52 The average age of widowhood is 56 years of age. 02:57 That's really young, isn't it. 02:58 Yeah. Fifty six years of age! 03:01 Yeah, let me tell you this, in a poll, 03:05 50 percent of women said that they fear, 03:09 the one thing they fear the most, 03:12 is the loss of their money 03:15 and that they will become destitute in old age. 03:18 Now, here is another statistic, 03:21 87 percent of the poverty stricken, 03:26 87 percent of the poverty stricken are elderly women. 03:30 Women, am I getting your attention? 03:33 What I want to do today is encourage you, 03:35 first and foremost, to take some steps 03:39 that will secure your future. 03:41 You'll be good stewards of what God has blessed you with, 03:45 and that you'll have some security 03:48 in you heart for your declining years. 03:51 Every one of us are gonna get old. 03:53 There is just no two ways about that, 03:56 but we want you to have some security, 03:59 that as you decline in age, 04:02 that you won't become destitute. 04:04 You won't become part of this percentage of 87 percent 04:08 that is poverty stricken. 04:11 Now, one in four women, 04:15 from 65 to 74 are widows. 04:18 According to the consensus figures, 04:21 when women reach 85, 3 out of 4 are widows. 04:26 Now, some people will say, "Well, that okay. 04:28 I'll just remarry." 04:30 But only 7 percent of widows remarry. 04:34 Do you what that's telling us? 04:36 93 percent don't remarry, and every one of these widows 04:41 aren't always taken proper care of. 04:45 And I was just reading 04:48 something that a lady had written, 04:50 and she said, she was a widow. 04:53 She said, "As I was cleaning off my husband's desk, 04:57 I found a life insurance policy that was completely filled out. 05:04 He had just never turned it in." 05:06 He had left her destitute. 05:09 What a difference, that policy, 05:11 insurance policy. 05:14 It would have made for her and for her children. 05:17 He meant well. 05:18 He just didn't follow it through. 05:20 So Earlenne, today, I want us to talk to the ladies. 05:24 Okay. 05:26 I want us to talk with our guest. 05:27 That will be great. 05:29 And we want to look at some opportunities 05:31 that we have for women to put themselves 05:35 in a position of being secured in their older age. 05:39 But Earlenne, before we go there, 05:40 before we look into this, 05:42 we've got Kateena LeForge with us 05:44 and she is going to sing for us, "It is well." 06:19 When peace like a river 06:26 Attendeth my way 06:32 When sorrows 06:36 Like sea billows roll 06:45 Whatever my lot 06:51 Thou hast taught me to say 06:58 It is well 07:01 It is well with my soul 07:10 It is well 07:17 With my soul 07:24 It is well 07:27 It is well with my soul 07:56 And Lord, haste the day 08:01 When my faith shall be sight 08:08 The clouds be rolled back 08:14 As a scroll 08:21 The trump shall resound 08:28 And the Lord shall descend 08:33 Even so 08:36 It is well with my soul 08:46 It is well 08:50 It is well 08:53 With my soul 08:56 With my soul 09:03 It is well 09:06 It is well with my soul 09:16 It is well 09:20 It is well 09:32 With... 09:38 My soul 10:03 You know, Earlenne, when I get to heaven, 10:06 I'm gonna be able to sing like Kateena Laf orge. 10:09 Oh, won't that be wonderful? 10:11 Yes. She has a beautiful voice. 10:13 She does, she does. 10:14 It touches your soul. Yes, it does. 10:16 That's what I like about it. It does. 10:19 Well, Barry, you have been with us, 10:21 been working with 3ABN for quite some time. 10:25 You're an attorney. 10:27 I know, you're retired now, 10:28 but you still have been part of 3ABN for many years. 10:32 Just tell our people a little about you, 10:35 a little about what you have done for 3ABN. 10:38 Well, I've been practicing, all for 49 years, to this day. 10:42 When I've retired, I kept one client. 10:45 And that client is 3ABN. 10:47 The only client I'm still working with. 10:49 And for the last 20 some odd years, 10:53 I've been doing nothing but estate planning. 10:55 I have a Masters degree from Emory University 10:57 in Taxation and Estate Planning. 11:00 So I did wills and trusts, 11:01 and all kinds of trust for 3ABN over the last, 11:06 probably most of the last 20 years. 11:08 Oh, yes. 11:09 And we really, really appreciate him. 11:12 Something that I want people to know 11:15 is that we use legal counsel, 11:18 sound, Godly, experienced, intelligent legal counsel. 11:24 And although 3ABN is the one that will pay your bill, 11:30 when you have a bill with us, 11:32 when our legal counsel is working on your behalf, 11:36 they are representing you 100 percent. 11:39 They take care of what is in your best interest, 11:41 isn't that right, Barry? 11:43 That's correct. 11:44 You are, you are my client. 11:46 But here I am talking about the individual member of that, 11:49 go through 3ABN, to get their estate documents done. 11:52 Yes. 11:53 Well, we've got a lot of information 11:54 we want to extract from you. 11:56 Because today, what we're doing is, 11:58 we are educating you, 12:00 so that you will be one of the informed. 12:02 You know, earlier, I talked a little bit 12:03 about some of the scarier sides of aging. 12:08 But, you know, being a widow, 12:10 that's the coin that can have two sides. 12:13 And I talked about one 12:14 which was that of being may be a destitute, 12:19 not financially secure. 12:21 But something else happens to the widows. 12:23 When the husband passes, they can inherit, 12:27 a woman can inherit a lot of money. 12:29 She can come into life insurance policies, 12:33 or the estate of her husband. 12:35 She needs to be just as informed, 12:37 just as well equipped, 12:41 to be good stewards of that money, 12:42 as any other person. 12:45 I looked at some more statistics, 12:47 I know people think me and my statistics. 12:49 But only 35 percent of women have a plan for their future. 12:55 And only, when at the passing, 12:58 when women come into a large sum of money, 13:00 you know, only 12 percent use professional help. 13:04 And the other 12, 13:05 what's the other 88 percent that, they'll be using? 13:08 That would be friends and family. 13:10 And that's not always the wisest thing to do. 13:13 That's why we are here at 3ABN, have good sound, 13:17 Godly counsel for you to come to. 13:20 So Earlenne, we have with us the Mannings. 13:23 Oh, we've some wonderful guests with us today. 13:26 We have Pat and Bob Manning with us today. 13:30 They are from Maine. 13:32 And we welcome you to the 3ABN studios to be with us. 13:35 Thank you. 13:36 And tell us a little about yourselves, 13:38 and how we managed to meet you. 13:41 And how you have been attached to 3ABN, 13:45 for quite sometime? 13:46 Can you share that with us, today? 13:48 Yes, Earlenne and Roy, 13:51 were are so kind to come to our home 13:54 and initiate the process of a trust in our will. 14:01 So we really appreciate that, and we've grown to love you. 14:04 Thank you. Thank you so much. 14:06 And Bob, tell us about your lovely wife. 14:09 Now, we found out that she is a fantastic cook 14:12 and that she can entertain very well 14:15 in a very healthy way. 14:18 We enjoyed that at your home. 14:19 Tell us a little bit about yourself. 14:22 Well, it's hard to... 14:23 little hard to begin with my precious wife, Pat. 14:26 But she is an artist. 14:30 Yes, she is. Does beautiful art work. 14:33 She is one of the world's best cooks. 14:35 Amen. 14:36 And by the way, she is a LiveFood specialist, 14:41 as a result of our ministry through Holy Call, 14:46 Northern Botanicals. 14:47 That's right, 14:49 and what a pleasure to be in your home, 14:50 and see where you grow your own Kale, 14:52 and produce these things and share them. 14:55 It is just wonderful. 14:56 And I have to say, that was a fantastic meal. 14:59 But the art work was exceptional. 15:02 You know, something that I have learned, 15:04 just in the short time that I've known you, 15:06 is that you've been a part of 3ABN 15:08 for quite sometime. 15:10 Yes. 15:11 We were working in a ministry, in Florida, 15:13 another ministry in Florida, 15:15 and this was many years ago. 15:19 In fact, it was about the time that 3ABN was coming about. 15:24 That would be 31 years ago. 15:25 Thirty one years ago. 15:27 Yes. 15:28 So we heard about this carpenter 15:30 that was trying 0to build a television station 15:33 that would reach the world 15:35 and, so we have been following you ever since 15:39 and just been praying for 3ABN, 15:41 and being tremendously blessed by your program. 15:45 So the two of you have been 15:47 long time family members of 3ABN? 15:48 Yes. 3ABN family members. 15:50 Yes. 15:52 And they've been here for camp meeting, several times. 15:54 And we just enjoy you folks so much 15:58 because of your connection to 3ABN for so many years. 16:02 Now you did something up in Maine 16:04 that I'd really like our friends to hear about. 16:07 Can you share your story in Maine 16:08 and what you did for 3ABN? 16:11 And whether you want to or Bob? 16:12 Yes, Bob would be the downlink. 16:14 The downlink! The downlink. 16:16 Tell us all about it. We were so excited. 16:18 We wanted to spread the word 16:21 Northern in New England, and so... 16:24 Well, we were on all in the search 16:26 for a opportunity 16:30 to develop a downlink, 16:34 through a FCC permit. 16:39 And as the Lord led, 16:43 we came across a pentecostal brother, 16:48 who had a system in Water-- 16:51 Well, it was license to the city of Waterville, Maine. 16:55 And he came to the point where that he wanted to sell. 17:02 And it was around $80,000. 17:07 And subsequently, things changed for him 17:10 and he was ready to sell for 50,000. 17:13 So Moses came up and looked at the situation 17:18 and recommended that we do that. 17:20 Isn't that just fantastic? 17:22 So with your efforts, 17:23 we were able to get on a downlink up there in Maine. 17:25 Yeah. 17:26 So because of your efforts, 17:27 the gospel of the Lord Jesus Christ 17:29 has been spread all over that area up there. 17:32 And Pat shared with me. 17:34 I can read the story about how 3ABN started many times 17:38 and still get something out of it. 17:39 Correct. 17:40 Because it's such a wonderful story. 17:42 And to know, you're part of it. Right. 17:43 Yes, I thrill every time I hear the story. 17:46 You know, we're here today to talk about 17:50 our Planned Giving and Trust Services department, 17:53 and the different instruments, and so forth. 17:56 And I know, Bob, that you and Pat 18:01 have looked into writing a document, 18:04 and you have written a document with us. 18:06 Right. 18:07 Tell us what prompted you to look into that possibility 18:12 or the need that you saw 18:14 to become a part of the Planned Giving and Trust Services. 18:17 Well, it was exactly nine years ago, this month, 18:22 that I was diagnosed as a result of a colonoscopy, 18:26 with colon cancer. 18:29 And they moved me 18:34 right from the colonoscopy, 18:37 very next morning, into surgery. 18:40 It happened fast and the things happened pretty fast. 18:44 In our neck of the woods, when Pat or I are in trouble, 18:48 because our precious daughter Shoran 18:51 is an RN and knows the system very well, 18:55 and so the next morning 18:57 after having received the two units of blood, 19:01 I was operated on. 19:05 I had a appendectomy, cholecystectomy, 19:11 and a portion of my ascending colon was removed. 19:17 Right. 19:19 And it turned out that there were still 19:24 cancer cells in the lymph system. 19:27 So the surgeon recommended Adjuvant chemotherapy. 19:34 At that point, we didn't have a will. 19:37 And we went to our attorney 19:41 and in a very desperate situation, 19:45 to have a will drawn up. 19:52 It's really not the best time to, 19:55 have a will drawn up, at a time when you're facing... 19:57 In a crisis. Yes. 19:59 It is easy to miss important facts too. 20:02 Yes. 20:03 That' one of the things that you shared with me, 20:05 that even though you had drawn that up, 20:07 you have missed some very important things 20:09 that you wanted to do for your family, 20:12 and your church and 3ABN. 20:14 Yes. 20:15 But you were in a crisis situation. 20:18 And you knew, you needed to do something. 20:19 Right. 20:21 So I think, and we want to get back 20:22 to what you were telling us, 20:24 but I think, what we need to see here, 20:26 would you concur with this, Barry, 20:29 is that we need to make decisions 20:32 in a clear thinking time, not in a crisis time. 20:35 Correct. So. 20:37 So you were in that situation, so you went to your attorney. 20:45 As things matured, I went on to the chemotherapy. 20:50 And after three injections, infusions, 20:56 I had adhesions. 20:58 And nothing was going through me. 21:01 There was-- 21:03 It's quite a story about how I got back 21:04 into the hospital system to have that treated. 21:07 But as a result, 21:09 I had to have a second operation 21:12 to remove the blockage, 21:16 in a very compromised situation. 21:23 But my surgeon, he came around 21:27 one of the mornings to check on me. 21:29 And I was becoming a little bit more lucid 21:33 and he said, "If I were you, I wouldn't try that again, 21:37 "meaning the chemotherapy. 21:38 Right. 21:39 He says, that's what caused the adhesions. 21:43 And he says, "If you go to the oncologist, 21:48 they would deny that." 21:50 But that was his opinion. 21:53 He says, "If I were you, 21:55 I would find myself a good holistic practitioner." 22:00 And he says that my wife knows more about it than I do, 22:04 but that what I would do. 22:07 So when Pat came to visit me that day, 22:11 she was ecstatic to realize that 22:15 we're getting this kind of information. 22:18 And that was the beginning of Northern Botanicals, 22:23 which developed over a few years, 22:27 and to this point, 22:31 we've continued for 15 or 16 years with it and if any one's, 22:37 if the viewers are interested, 22:39 they can check it out on 22:41 the world wide web at northernbotanicals.com 22:45 Okay. Very good. 22:46 But it was this crisis, Pat, 22:49 that put you in a position to realize, 22:51 I or we need to do something concerning our future. 22:56 Exactly. Exactly. 22:58 We had, at that time, 21 rental units 23:04 and four of Bob's family 23:09 has succumbed to cancer, 23:12 three has passed as a result of the cancer. 23:16 And so, you know, I was very concerned, 23:18 I wanted to trust the Lord, 23:20 everything was gonna be alright, 23:21 you know, but we don't know. 23:24 And so you know, it was, it was a difficult time 23:29 Just recalling that too, Mollie, you know, and... 23:35 So it was at that point that we engaged the services 23:40 of an attorney and... 23:42 Well, I know, at some point you contacted 23:45 3ABN's Trust Services department. 23:47 Yes, we did. We did. 23:49 And, Earlenne, what was the document 23:51 that you feel like, 23:53 felt like would best suit their situation? 23:57 Well, they wanted to do a trust with us where they would know 24:01 where they were putting their property. 24:03 Right. 24:04 And you had all of these rentals, 24:08 and they still have cottages up there. 24:10 And by the way, you have a beautiful place up there. 24:13 And what were you gonna do with it? 24:15 You didn't know how you were gonna divide it. 24:17 How, you're who you were gonna be able to give what to. 24:19 And what you needed to work out as far as legally in advance. 24:24 That's what, you really were looking forward 24:26 when you called us. 24:27 Yes. So we made a trip up to Maine. 24:30 It was threefold, and so it was easy to work in 24:33 with the Mannings, while we were there. 24:35 And it worked out very well. 24:37 And we shared, but we were greeted with this meal first, 24:41 I keep talking about that meal. 24:42 She is fantastic. 24:44 But then we sat down and worked on your papers. 24:47 Beautiful. 24:48 And they were ready to give us answers. 24:51 We were able to put in the answers. 24:53 Get everything put together. 24:55 And then you were ready for it to be sent off to the attorney. 24:58 Yes. Now, go ahead. 25:00 Well, something I appreciate about Roy and Earlenne, 25:04 is that they all they'll come visit you, 25:05 they'll sit down with you in your living room. 25:09 They'll go over, we want to do what you want, 25:11 not what we want. 25:12 And something that I know that you did, 25:16 you treated 3ABN as a child. 25:19 Am I not correct in that? 25:21 Absolutely. Yeah. 25:22 We, 3ABN is never is out to... 25:25 We think you have to take care of your church, 25:28 and your children, and 3ABN. 25:30 And we appreciate that 25:32 because that you would entrust to 3ABN 25:37 is what will be used to take this gospel 25:39 to the four corners of the earth. 25:41 Yeah. And we appreciate that. 25:42 And that was so much in their mind 25:44 when we got there. 25:46 That, that knew exactly 25:47 what percentages they wanted to divide it up. 25:50 They knew 3ABN wanted to be 25 percent, 25:52 like she said, a child's portion. 25:53 You've got three children? Yes. 25:55 Three children. Yes. 25:57 So they divided it up, that way. 25:59 And that worked out really well for you. 26:01 It did. 26:02 And I think that sometimes, 26:05 we want those documents to come back immediately, 26:07 but we had a few little details we needed to work out. 26:11 But we walked right beside them 26:13 to get through all these details. 26:15 You've been beautiful. And get it all put together. 26:18 And it's worked out great. 26:19 And we have one more document, 26:20 we're gonna sign right here, today. 26:22 And you'll be all done. 26:24 You know, and something, 26:25 the name of the document, 26:28 Earlenne told me was a Self Administered Trust. 26:32 Don't you like that? 26:33 Self Administered, meaning I'm in control of me. 26:36 These are my finances, this is my estate, 26:39 this is my trust, I will administer it. 26:42 And I think that gives everybody 26:43 a sense of security, to know that. 26:46 Barry, I know that you have worked 26:49 with many thousands of people, probably, 26:53 and I know, today, we're kind of gearing this program 26:57 towards women, 26:59 because I think, women need to be made aware 27:03 that they need to get themselves to a position 27:06 to take care of themselves. 27:07 And I know that, 27:10 if through the years, 27:12 all the ladies that you've worked with, 27:15 what are just some counsel, 27:18 what are some counsel that you would give 27:20 may be to a woman that has just lost her husband? 27:24 Well, first of all, 27:26 before she lost her husband, 27:28 we really hope that she really understands fully 27:31 how her trust works. 27:33 If they just have only a will, that means that, 27:36 if there is gonna be a distribution, 27:38 it has to go through a probate court 27:40 to be settled, make the transfers. 27:45 But if, as the Mannings had, they have a pool living Trust, 27:48 of which you said, there is self administrator, 27:50 which means they are their own trustee, 27:52 and at the death of the first of them, 27:55 there should not be any probate process. 27:57 At the death of the last of them, 27:58 there should not be any probate process. 28:00 And the money would be divided, in this case, you know, 28:02 25 percent to each of the three children 28:06 and the 3ABN, without having to through the court process. 28:09 And that-- when you lose the spouse, 28:12 the last thing you want to do is consult a lawyer, 28:14 and have to go through the probate process. 28:15 Right. 28:17 And with the Revocable Trust, you're free of that. 28:19 And hopefully, all along the, 28:22 both husband and wife would participate fully 28:25 in their own investments, 28:26 they would know what they've got, 28:28 they would know what-- 28:29 How they're insured, 28:30 and they would understand how these things work. 28:32 And if they don't then they need to go find, 28:35 either a lawyer or a financial expert, 28:38 may be both 28:39 where that they feel very comfortable with, 28:41 who explains things in a way that they can understand 28:45 and they fully respects them as person. 28:49 So getting that legal counsel, 28:53 this is what I want to, around on more than anything. 28:56 Looking at the statistics 29:01 that so many women 29:02 are just relying on friends or family 29:06 for their counsel, 29:08 not good legal counsel or trained professionals 29:13 like we have here, and Roy, and Earlenne, and Nancy, 29:16 and 3ABN's Trust Services department, 29:19 and you, Barry, that we can always call and lean in to 29:23 and ask for your counsel. 29:25 You need to always make sure 29:27 you get professional advice, professional counsel, 29:30 and not just what someone might want to tell you. 29:34 And really, specifically, 29:35 you want someone that does this kind of work. 29:37 And not all lawyers are created equally. 29:39 Right. 29:40 And you want somebody 29:42 that does exclusively lots of wills, 29:45 and trust, and estates, 29:47 and real estate transactions, 29:48 so that they understand 29:50 how the mechanics of it really work. 29:52 And I can tell you, I've practiced law a long time 29:54 before I've received my Masters Degree 29:56 where I really studied for a year, 29:59 this-- the tax ramifications 30:02 and how these things actually work. 30:04 You know, I want to talk about 30:06 some of the instruments, Earlenne. 30:07 Okay. 30:09 We are talking about, what was the, 30:10 what was the correct document for you 30:13 was the Self Administered Trust. 30:14 Yes. 30:15 But that's not always, may be the best document for someone, 30:19 or it might not be the document that they want to write. 30:21 I wanted us to look at a charitable gift annuity. 30:25 Would you like to address that? 30:26 Oh, sure. I'll be happy to do that. 30:28 The charitable gift annuity 30:30 is something that you can get into 30:33 if you're more than 60 to 65 years old. 30:37 We say about 65 because right now, 30:39 our interest in the cash trust 30:40 is paying almost equal to that. 30:42 And it's still revocable, 30:44 but 65 is a very good age. 30:47 It is an irrevocable document. 30:51 That means that once you've made that contribution 30:54 and setup your account, 30:55 and you're getting your interest back, 30:58 you aren't able to take that back. 31:00 It's there for life. It's irrevocable. 31:02 It's irrevocable. But don't you get a bit of-- 31:04 However, you get an interest paid for it, 31:06 for the rest of your life. 31:07 That's what I was asking for. Yeah. 31:08 And it's a big higher 31:10 than if it was revocable, I believe. 31:11 Right. 31:13 And that's why that 65 year old 31:14 is the one whose gonna start benefiting. 31:16 If you are 90, in your 90s, 31:18 you're gonna be up in the 9 percent. 31:20 Where can you get 9 percent, Mollie? 31:22 I know, I recall a lady, 31:24 and she had $80,000 in the bank. 31:29 Just in the bank. 31:31 And it was not drawing, 31:32 I mean, whatever the interest rate was, 31:35 may be a half percent, 31:36 and that not even be on the high side 31:38 and she was 80 years old. 31:40 And I believe, at that time, her interest are was 8 percent. 31:44 If she put it in an annuity with 3ABN, 31:49 Do you know what 8 percent of $80,000 is? 31:52 I'm not a genius but I know that's $6400. 31:56 And she was withdrawing may be a half of percent. 31:59 Do you know what half of percent is? 32:01 I know, that is $ 400. 32:02 Do you how much-- 32:04 And $1600 as opposed to, 32:07 I mean $16,000 as opposed to $400. 32:12 That is amazing. 32:13 It's a big difference. Big difference. 32:15 In fact, we visited somebody here, recently. 32:18 And she had three different accounts. 32:21 And she said, "I really don't have much. 32:23 I don't have enough to really do it, 32:25 a charitable gift annuity." 32:27 So we started looking at what she had. 32:30 And the percentages 32:31 that she was getting on all three of them, 32:33 when we put it all together, 32:34 she had almost a hundred thousand dollars. 32:37 And with that, at her age, in her 90s, 32:41 you realize what we did to change her income that day. 32:44 Plus she was thrilled to know that when she passed away, 32:47 3ABN was going to benefit those funds. 32:50 And we're to, again, I'll use this, 32:53 we're to be good stewards of the finances 32:57 God entrusts to us... 32:58 There is one of the benefits 33:00 that comes from the gift annuity, 33:02 the majority of the payment that goes to the individual 33:05 is tax free. 33:06 Right. Good point. 33:08 Generally more than two thirds is tax free 33:10 and in your-- 33:12 do you have a CD or savings account 33:14 that's ordinary income rates which are, 33:16 they are at the highest rate for that person. 33:18 And the year that they make that donation 33:21 that is a tax deduction to them for that year. 33:25 So whatever that cash is that they put in 33:27 they are gonna get a tax break on that the first year. 33:31 And some of our-- 33:32 ones that are little bit younger 33:34 and we've got older ones 33:35 that aren't paying taxes anymore 33:37 because they are not making that large of an income. 33:38 But for the younger ones 33:40 they think that is wonderful way 33:41 to get a tax break and get a little bit ahead. 33:43 So that's another good point. 33:45 Okay, so this a charitable gift annuity, 33:49 now I want to give you a scripture 33:52 it's Deuteronomy 8:18 33:54 because I keep telling you, 33:55 we need to be good stewards of the finances 33:58 that God entrusts with, 33:59 the blessings that God entrust us with, 34:02 we need to be good stewards of those blessings. 34:04 Deuteronomy 8:18, 34:06 "But thou shalt remember the Lord thy God: 34:09 for it is he that giveth thee power to get wealth, 34:13 that he may establish his covenant." 34:15 Why does He give us power to get wealth? 34:17 That He may establish his covenant, 34:20 "Which he sware unto thy fathers, 34:22 as it is this day." 34:24 So that is the reason that God gives us 34:27 the ability to obtain wealth, 34:29 it's to establish the kingdom of God. 34:31 Oh, come, Lord Jesus, that's why we are here, 34:34 that's what we're here to do. 34:35 And now there are other documents 34:37 move to just stop at the charitable gift annuity. 34:40 But, Barry, let me ask you about this one. 34:43 Tell me about a revocable cash trust? 34:47 Well, the revocable cash trust is a, we call it an RLT. 34:52 Okay. 34:53 We know what a BLT is but this is RLT. 34:55 Be sure we get that right, RLT. 34:57 Yeah, it's the-- 34:59 And Earlenne can really expand on that, 35:01 I don't know what your rates are now, 35:02 but it's the-- 35:04 actually, it's your trust is in-- 35:07 I mean your cash is in a trust, 35:09 of which there can be a direct benefit to the person 35:12 and Earlenne can expand on that. 35:13 Right, and that is a fluctuating rate. 35:15 So unlike the charitable gift annuity, 35:17 which has a fixed amount 35:18 and you know exactly what's gonna come in every month, 35:21 with the revocable cash trust agreements that we write, 35:26 that money hasn't been donated yet, 35:28 you still personally own that money. 35:31 It's here, it's invested, 35:33 you're going to get an interest check, 35:35 just like you do with the other one, 35:36 but it's a fluctuating. 35:38 And right now we're still averaging 35:40 between 4.2, 4.4 to 5.0. 35:44 And last year, we went over that. 35:46 because in December we had 9 percent plus in December. 35:52 So you might have it fluctuating, 35:53 where you have 1.2 percent in January, 3.2, 35:58 then you might get a 4.1, 36:01 and the next one might be a 1.2 or 3. 36:04 But what it is, 36:05 you take and add up all twelve of those, 36:08 divide it by 12, 36:10 and that's what your annual percentage rate is. 36:12 So annual percentage rate 36:14 here at 3ABN right now is 4.2 to 5.0, 36:19 but last year, we went over it. 36:21 And you can add to that money at any time too. 36:24 Mollie, that's such a blessing. 36:26 Because people have inherited money 36:29 and actually gone ahead and put that money 36:31 into a cash trust here, 36:35 or they got it and added it to a cash trust here. 36:39 So their principal went up, 36:40 when your principle goes up, 36:42 then of course your interest check grows, 36:43 just because the principal is up. 36:46 And then if your interest rate, shoots up 36:47 like it did last year at the end of the year, 36:49 we had phone call, 36:51 Mollie, people were saying, 36:52 "I think you made a mistake in the counting, 36:55 because we've gotten much more money, 36:58 twice as much as we've gotten all year 37:00 on any of the high months." 37:01 So it can happen. God's blessing. 37:04 Yeah, and now that's the revocable cash trust. 37:07 And one of the beauties of the cash trust is, 37:09 you can put it in and take it out as you need it. 37:12 Of course, once you take it out 37:13 the interest rate does stop on that. 37:17 But, whereas if you put in an annuity, 37:21 the charitable gift annuity, 37:23 the interest rate is a bit higher and so-- 37:26 But you can't take the money out. 37:28 But you can't take the money out, but you-- 37:29 And we've already had an incident this year, 37:31 with the storms going across our country. 37:34 Somebody's roof. 37:35 And I've mentioned this many times, 37:37 but it does happen. 37:39 And these storms that happen, the roof came off. 37:41 Insurance paid a certain percentage, 37:43 they called us and they borrowed off of it, 37:46 and they've already put the money back in. 37:47 Okay, so they got it put-- 37:49 The house is put back together 37:50 and their account is put back together. 37:52 So... 37:54 You know, and I want to talk about 37:56 charitable remainder unit trust. 37:58 Barry, I want you to talk about that, 38:00 but something that I saw with the Mannings, 38:04 it's a self-administered trust, 38:06 but I believe they also did a will. 38:08 It's not that wills are bad things, 38:10 but didn't you do a will as well. 38:11 Yes, we did. 38:13 It is written in conjunction with it. 38:15 Yes. So kind of explain that. 38:19 The will, how that would work? The will? 38:22 Barry, tell how that-- it works with it? 38:25 In case, you haven't-- 38:27 If the Mannings left out some investments, 38:30 they just forgot about them and they died, 38:34 then they would have go through the probate process, 38:36 and that will backs up the fact 38:40 that if they fail to put something in the trust. 38:42 We hope we don't have to use it, 38:44 'cause we want to go seamlessly 38:46 to wherever they want to go, 38:47 but if they have forgotten something, 38:49 the will is a back up. 38:51 And another thing that people have asked is, 38:53 if one of my children was to precede me in death, 38:57 then what? 38:58 You can do an amendment to your documents 39:01 with these trusts, 39:03 and you can name another beneficiary if need be. 39:07 And more often than not we ask for 39:09 the person that's gonna be the beneficiary, 39:11 and an alternate or back up, 39:14 should that type of thing happen. 39:15 We try to cover everything 39:17 so that you're at peace with it. 39:19 And I know, the Mannings have said, 39:21 we're very much at peace 39:22 since we've decided to do a document 39:25 and know everything's together. 39:27 You followed us all the way. 39:29 Something that, Pat, you told me earlier. 39:32 You said that it is as though 39:36 when people start thinking about 39:38 doing these documents, is they're thinking, 39:41 "Oh, if we do these documents 39:43 that means we're going to pass, 39:46 we're going to die." 39:48 And the truth is, we are, 39:50 whether we do the documents or not, 39:52 but a greater truth is that peace you were talking about 39:57 is that I've heard so many people, Barry, 40:00 tell me that once they got their state taken care of, 40:04 they got all the documents in place, 40:07 they knew their children were taken care of, 40:09 their church was taken care of, 40:11 3ABN was taken care of, every-- 40:14 that it gave them so much peace. 40:16 The pressure was off of them. 40:18 And the truth is, 40:19 what happens when you have the peace 40:22 You'll live longer. 40:23 So get these documents in place and-- 40:27 And for those charitable gift annuities, let me toss this in. 40:31 On a charitable gift annuity, you know, 40:34 we went to school to learn about these things 40:36 and how they work. 40:37 And there is a place called Loma Linda, California, 40:40 a blue zone, 40:41 and you know those people seven years longer, 40:44 on the average, than the rest of the world. 40:46 So if you're doing a document with us, 40:49 there's a chance you'll get seven more years out of it, 40:52 if you're living the healthy diet. 40:54 That's what statistics show, and I like statistics too. 40:57 I like statistics. Yes. 41:01 Barry, again, I wanted you to talk about 41:03 the charitable remainder unit trust, 41:06 but I know you have other things 41:08 that you wanted to share, 41:09 particularly, talking with ladies. 41:12 So if there's some things 41:13 you would like to share with them, 41:14 now would be a good time. 41:16 Okay. 41:17 And then talk about the unit trust. 41:18 Okay. 41:20 This may surprise you, but I hope 41:21 all you ladies are lifting weights every day. 41:24 I'm really for that, I work out every day. 41:25 I'm 78-years-old, almost 79, 41:28 and I work out, literally, 41:29 every day in my life, so does my wife. 41:32 As I already said, you need to stay in good condition, 41:35 old age in nicer like that. 41:37 But secondly, 41:38 you need to take care of that yourself in other ways too, 41:41 and that is that we need to have full partnerships 41:45 between our wives and our husbands. 41:48 And part of that full partnership 41:52 is for the each party to understand 41:56 and respect the other person 41:58 so that everybody knows how to manage a check book, 42:03 everybody knows where their assets are, 42:06 what they're earning, 42:07 and what's the long-term plan is. 42:10 So I urge you to, first of all, 42:12 be comfortable with your financial advisor, 42:15 your lawyer, your CPA, 42:17 whoever your professionals are that you work with. 42:19 But you need to know them on a first name basis, 42:21 and you should feel comfortable with them. 42:23 Not just that the husband feels comfortable with them, 42:25 but the wife should feel a full partner in discussing, 42:28 and she should feel free to ask any questions 42:32 that is a concern to her. 42:35 Because when you die or you lose your husband, 42:38 and more often that not, you guys, 42:41 as your statistics show, you out live us, 42:44 then the wife's gonna be in charge of the money. 42:47 And with revocable trust, actually, 42:49 she can do what she wants to with it, 42:51 and it's her decision. 42:53 So I urge you to know what you've got, 42:55 and what the consequences are going to be 42:57 when in fact you do lose your husband. 43:00 Now the charitable and the unit trust, 43:03 Actually Sandy and I have a unit trust. 43:05 And it's particularly designed for people 43:08 who have greatly appreciated value. 43:11 They've had a farm that's been in the family for 40 years, 43:14 they get that farm 43:16 and then if they're gonna sell it at some point, 43:19 there is gonna be a large capital gain. 43:21 Well, the unit trust is designed 43:24 so that, there are four things 43:25 that happen with the unit trust. 43:26 Number one, you get life time income, 43:30 or 20 years your choice. 43:32 Number two, you don't have to pay the capital gain. 43:36 It's the third. 43:37 Number three, 43:39 you get a large tax deduction on the front end, 43:41 which you can use up to six years or it's used up. 43:44 And number four, you've really shown to 3ABN, 43:48 your respect for 3ABN, 43:52 and so at the death of the last of you, 43:54 that money would go straight to 3ABN. 43:58 It's a wonderful document. 44:01 It's also designed so that, if the money that are invested, 44:05 your money, since there is no capital gain, 44:08 putting the property into the unit trust 44:10 and there is no, even the unit trust is. 44:13 so that there is still no capital gain, 44:14 there is no taxes, it is tax free save, 44:16 so all of your money is invested. 44:18 And that payment to you, 44:20 its payable monthly or quarterly or some annually, 44:22 however it is paid, can grow, 44:24 if the underlying asset grows. 44:26 Okay. 44:28 So we have, very quickly, 44:32 going over some documents, 44:35 and the charitable gift annuity, 44:38 the revocable cash trust, 44:40 the seven ministry trust with a vail, 44:43 and the charitable remainder unit trust. 44:46 And I know, there's a lot of questions 44:50 that you may have. 44:51 So what I want to do 44:53 is give you information 44:54 on how to get in contact with Roy and Earlenne Hunt. 44:59 You can call them, you can write, email them, 45:03 however is best for you to contact them. 45:05 because I know you have questions. 45:08 And remember me telling you 45:10 what we have here are educated professionals 45:13 that are here to help you make the decisions 45:18 that you need to make for your future. 45:21 And, you know, I just wanted to say to you, ladies, 45:25 there's nothing wrong in asking your husband 45:28 please show me, like Barry was talking about, 45:31 please show me 45:33 what are our finances are about, 45:35 help me, so that should you pass, 45:38 I won't just be here floundering, 45:40 but I'll know what needs to be done. 45:43 And ladies, there's also nothing wrong in asking. 45:45 "Do you have a life insurance policy? 45:48 So that after your passing, 45:50 I can take care of these kids of mine or I can, 45:53 I will be taken care of." 45:55 Ladies, we need to be a bit proactive. 45:57 And gentlemen, 45:58 you need to take care of that wife of yours. 46:00 Think about her for the future. 46:03 But, right now 46:06 we have Kateena LeForge with us. 46:08 She's going to bring 46:09 another beautiful song to us. 46:11 And before she brings that beautiful song though, 46:16 we have an address roll 46:17 that we would like to roll that now. 46:21 If you would like to know more about Trust Services 46:23 or if you have any questions, then you can write 46:26 to 3ABN Planned Giving and Trust Services, 46:29 PO Box 220, West Frankfort, Illinois 62896. 46:34 That's 3ABN Planned Giving and Trust Services, 46:37 PO Box 220, West Frankfort, Illinois 62896. 46:43 You can call 800-886-4800. 46:46 That's 800-886-4800. 46:49 Or email them at trustservices@3abn.org 46:55 That's trustservices@3abn.org 47:00 Call or write to them today. 47:07 So that's how you can get in contact 47:09 with Roy and Earlenne. 47:11 Earlenne, you will be delighted to talk with people. 47:13 We love our phones to ring. 47:14 And we love to be able to help you personally 47:18 support 3ABN 47:20 and take care of your family at the same time. 47:22 Please give us a call. Yes. 47:24 And you know we have Kateena LeForge with us 47:26 as I mentioned earlier. 47:27 And Kateena is just, 47:29 she sings so beautifully 47:31 and she's going to sing a medley for us now 47:33 "Fairest Lord Jesus." 47:38 Fairest Lord Jesus 47:44 Ruler of all nature 47:51 O Thou art God 47:56 And man, the son 48:04 Thee, will I cherish 48:10 Thee, will I honor 48:16 Thou my soul's only 48:20 Joy and Christ... 48:31 Beautiful Savior 48:38 Lord of the nations 48:44 Son of God 48:49 And Son of Man 48:57 Glory and honor 49:04 Praise adoration 49:10 Now and forever more 49:16 Be thine 49:33 I'd rather have Jesus 49:39 Than silver or gold 49:45 I'd rather be His 49:49 Than have riches untold 49:56 I'd rather have Jesus 50:02 Than houses or lands 50:08 I'd rather be led 50:13 By His nail-pierced hand 50:23 I'd rather have Jesus 50:28 Than men's applause 50:33 I'd rather be faithful 50:38 To His dear cause 50:43 I'd rather have Jesus 50:48 Than worldwide fame 50:53 I'd rather be true 50:57 To His holy name 51:04 Than to be the king 51:09 Of a vast domain 51:14 Or be held 51:17 In sin's dread sway... 51:28 I'd rather have Jesus 51:35 Than anything 51:41 This world 51:45 Affords today... |
Revised 2015-12-10