Participants: CA Murray (Host), Barry Benton, Earlene Hunt, Roy G. Hunt Jr.
Series Code: TDY
Program Code: TDY017024A
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00:01 I want to spend my life
00:07 Mending broken people 00:12 I want to spend my life 00:18 Removing pain 00:23 Lord, let my words 00:29 Heal a heart that hurts 00:34 I want to spend my life 00:39 Mending broken people 00:45 I want to spend my life 00:50 Mending broken people 01:06 Hello, and welcome to 3ABN Today. 01:08 My name is CA Murray. 01:10 And allow me once again to thank you for spending 01:12 just a little of your no doubt busy day with us 01:15 to thank you as always for your love, your prayers, 01:17 your support of Three Angels Broadcasting Network. 01:20 We realize that we could not do what we are called to do 01:22 without your partnership, 01:24 so we thank you from the bottom of our hearts. 01:26 I'm excited today, 01:28 because of the subject matter and because of the people. 01:31 I won't say guests because they're really family members 01:33 who are with me. 01:35 I always have a good time with Roy Hunt to my left 01:39 and Earlenne Hunt to my right. 01:41 Yes, I am coming between husband and wife, 01:43 but it's just for a little while. 01:45 For this program we're gonna be talking 01:47 about Planned Giving and Trust Services, 01:50 and I'm gonna introduce Barry Benton in just a moment. 01:53 But Roy is our director 01:55 of Planned Giving and Trust Services. 01:57 And you've been how many years down here? 01:58 I've been here seven and a half years. 02:00 Really? Has it? It's hard to believe. 02:02 Yes, time has really gone fast. 02:03 Seems like just yesterday I was talking with Barry Benton 02:05 and he was kind of cluing me in as to 02:07 what Planned Giving was all about, 02:09 and I'm the director. 02:11 Yeah, you... 02:12 You've a quick study, did you? 02:14 Seven and half years later, I still depend on Barry. 02:18 Our third guest is Attorney Barry Benton, 02:21 who I'm told is technically retired, 02:25 technically retired. 02:26 Technically. Technically. 02:27 Yes, and we'll get back to that technically 02:29 in just a little bit. 02:30 But Earlenne Hunt works 02:31 in the Trust Services department 02:33 and does it very, very well. 02:34 These are fun people. 02:37 Sometimes when you're talking 02:38 about Planned Giving and Trust Services, 02:39 you're thinking, "Well, okay, they're talking about death, 02:42 what's gonna happen when I die, 02:43 and what I'm gonna do with my money?" 02:45 But these two individuals make the process easy, 02:49 they make it fun, they are articulate, 02:53 they know what they're talking about, 02:54 and can make what can be 02:56 a confusing process very simple, 02:59 and very easy to understand, and very easy to manage. 03:01 So every now and again, we'd like to bring them back, 03:03 and let you see them and let them speak to you, 03:06 so that you can know how you can help this ministry 03:08 move forward on a long-term basis 03:10 to help the ministry do what God has called us to do. 03:14 Roy, I wanna start with you for just a moment 03:16 because we're gonna go to some music in just a moment. 03:18 But this is not your first stint 03:21 at doing this kind of thing, 03:22 you came from, from where? 03:24 I came from the Voice of Prophecy, 03:26 the Adventist Media Center. 03:28 And I actually was not in charge 03:30 of the Planned Giving and Trust Services department, 03:34 I was actually... 03:35 They reported to me 03:37 and certain questions I had to answer 03:39 and sign off on. 03:41 But here at 3ABN, we're actually in the mix 03:44 of developing the different documents 03:47 that we do, 03:49 making sure everything runs smoothly, 03:51 and then when the time comes administer the estate. 03:54 I see. 03:55 So it's a whole different ballgame 03:58 so to speak for me. 04:00 Indeed. 04:01 But after seven and a half years, 04:02 we've gotten into a routine that we feel comfortable with 04:08 and people feel comfortable with us. 04:10 And that's a testimony 04:12 to the good Lord in His guidance... 04:14 Praise the Lord. In helping us. 04:16 Let me ask you a question 04:17 and then I wanna also give this to Earlenne too. 04:20 Actually one of those kind 04:22 of high concept ontological questions 04:23 we throw out in and out again. 04:24 A what? 04:27 Work with me, Roy. Stay with me. 04:30 But here's the question. 04:31 Why is it...? You know, we see why you're... 04:35 What you do is so very important to this ministry 04:37 to the long-term 04:38 financial stability of any ministry. 04:40 But why is it important in an individual's life, 04:43 the people that sit across the desk from you, 04:45 why is it important to them, for them, 04:49 to take a look at what they have, 04:52 and what they're gonna have, and what's gonna happen 04:53 when they leave? 04:54 Why is that an important part, a crucial part of life? 04:57 The important... 04:58 Number one important aspect of doing a document, 05:02 trust, and a will is for the security of your estate 05:06 when you pass away. 05:08 And I always hate to mention that word pass away, 05:12 but the Lord says, 05:14 we need to be good stewards of our money, 05:16 of our property, and stewardship is planning. 05:21 And for anybody that does a trust knows 05:23 once it's completed, they feel very good 05:27 about what they've done. 05:29 It's all set, plans are made so when the time comes, 05:34 there's not a lot of rush. 05:36 "Oh, we should have done this, we should have done that," 05:38 among family members. 05:40 And it helps the family, it helps the trustee, 05:43 the executor to know what mom and dad really wanted. 05:48 So it's something that 05:50 is almost a feel good part of your life. 05:55 When you're done, you feel good about it, 05:59 and statistics prove that you live longer. 06:02 Okay. 06:03 So rather than building up a lot of anxiety, 06:05 once you get through the process, 06:07 you actually can kind of exhale and relax because it's done, 06:09 it's taken care of. 06:10 The old myth or meth. 06:14 It's been around a long time. Indeed. 06:16 Is that when you do a trust or will, 06:19 you're gonna pass away. 06:20 That's just not true. Yeah. Yeah. 06:22 So we can dispel that right away. 06:24 We can dispel that, go ahead and do it, get started, 06:27 and feel good about it. 06:29 Yeah. Yeah. 06:30 Earlenne, I suspect if that's true for guys, 06:33 for husbands, for fathers, for heads of household, 06:36 once a woman has maybe lost her husband 06:39 or is in that kind... 06:41 I guess, it's even more so for a woman 06:42 to get that kind of thing settled 06:44 and get it kind of out of the way and done? 06:47 I think that's very true. 06:49 And I think that's true 06:50 because so often men have taken care of everything 06:54 and the girls have appreciated their husbands 06:56 for what they've done for them. 06:58 And all of a sudden they wake up and say, 07:01 "Oh, dear, my husband used to do all of this. 07:05 I saw the program, quick, let's dial Earlenne." 07:08 And I do get a lot of the women's calls. 07:10 Go ahead and call me, I enjoy it. 07:12 But I want to tell the women that it is an easy process, 07:17 it's not difficult, I'm more than happy 07:19 to walk through the process with each one of you, 07:23 just give me a call. 07:24 And I also appreciate women when you call 07:28 that you've been watching one of our programs 07:30 and you've also said, 07:32 "You know, I just feel special after watching this program 07:37 and my charitable intent is very high." 07:40 Isn't that beautiful? It is. It is. 07:42 My charitable intent is very high 07:46 and that's what brings donors to 3ABN 07:48 is because they love the program, 07:50 they know that the ministry has been good for many years, 07:54 and evangelism is well and alive. 07:56 So this is a reason to start the documents. 07:59 Yeah. 08:00 And then there's all the reasons of, 08:01 you need extra cash for something? 08:04 Maybe you hadn't thought about when you retire 08:07 that you're going to need to pay health insurance 08:10 because Medicare, Medicaid 08:11 and all the rest don't pay at all. 08:13 Set aside a little money that interest might be 08:16 just enough to get that document 08:17 for you that you need, or that insurance... 08:19 I should say with that document. 08:21 And, of course, we do a special program 08:23 that kind of just skews yourself 08:25 to women's concerns and the things 08:27 that they would have on their minds also 08:29 so basically they're covered also. 08:32 That's right. Yeah. 08:33 Yes, definitely the women are covered. 08:35 And the younger women, while an annuity 08:38 is not good for them yet, a trust definitely is, 08:41 so we'll talk about that later too. 08:43 Because the younger women want to know, 08:45 where should I get started if I'm gonna be thinking ahead 08:48 to my older years 08:49 or if a husband happens to die from an accident? 08:52 Are you ready? 08:54 Women if you're not ready and you have made those plans, 08:56 call me, we can work on that. 08:59 I like that. 09:00 Attorney Benton, is that ever too early 09:04 to really start thinking about retirement? 09:06 For me when I was in my 20s and 30s retirement, please... 09:10 The first time I got an AARP card, 09:12 you know, citizen's aid, I was like, I'm 35, what... 09:15 You know, what I'm gonna do with this thing?' 09:16 But is it ever really too early to start thinking 09:18 about those years 09:20 when you're not gonna be working? 09:21 No. 09:22 The millennials need to be started now 09:24 thinking about retirement 09:26 and how they're gonna deal with it. 09:28 Excellent. Excellent. 09:30 So you're never too young and never too old, Roy? 09:32 That's right. Yeah. 09:33 And we do wanna make the process good for you. 09:37 We like to say we're going to be happy 09:41 in what we're doing. 09:43 You're gonna be happy, we're gonna be happy, 09:45 and we're gonna laugh a little bit, 09:47 maybe cry a little bit, 09:49 but we're on your side when we're doing this. 09:53 And I'm gonna add to that. Okay. Go ahead. 09:55 I'm gonna add to that. 09:56 Because one of the things we're going to do 09:58 is we're going to pray with you. 09:59 Right. 10:01 We're gonna pray with you many times. 10:02 You might weep with us, 10:03 but we're gonna get you through it. 10:05 We will cry and we will pray with you, 10:07 I promise you. 10:08 Amen. And I like your spirit, CA. 10:11 You're smiling, you're laughing, 10:14 he's a happy preacher. 10:15 Amen. Amen. Yes. 10:17 And there's nothing wrong with being a happy preacher. 10:18 Nothing wrong with being happy... 10:20 I realized too one day I'm going to die, 10:23 but it won't be today. 10:25 Won't be today. It won't be now. 10:26 And you still have the smile on your face. 10:27 Praise the Lord. 10:29 I will die with the smile on my face. 10:32 We wanna talk about some ways you maybe thinking, 10:34 "I don't have a ton of money, I don't have a... 10:36 I'm not into millions of dollars." 10:38 But one of things we're going to wrestle with today, 10:41 Roy and Earlenne and Attorney, 10:43 there are other ways that you can use some things 10:46 that you have in your hand that you may not think of 10:48 that can be a benefit to you and of benefit to this ministry 10:52 so we're gonna go to some music, 10:53 which is coming to us from Johan Sentana. 10:56 He is going to be playing 10:57 because he's a wonderful young man, a wonderful pianist. 11:00 "This is my Father's world," then we're gonna come back, 11:02 and show you some ways that you can benefit yourself 11:05 and this ministry 11:06 that you may not have thought of that are of benefit to you. 11:10 So listen to Johan Sentana, then we'll be right back. 14:52 Johan Santana, 14:53 This is my Father's world, well done. 14:55 I'm here with Roy Hunt, 14:57 our director of Planned Giving and Trust Services, 14:59 Earlenne Hunt, who is a Trust Services officer 15:01 here at 3ABN, and Attorney Barry Benton. 15:05 Your specialty is or your area of expertise is, 15:09 is this kind of laws, this kind of studies, 15:11 is that not so? 15:12 Yes. Correct. 15:14 I have a master's degree from Emory Law School 15:16 in estate planning and taxation. 15:19 And I've done it... 15:20 I practiced law for 51 years, 15:22 but I have really been a special 15:24 at this probably when I was 25. 15:27 So you know what you're talking about? 15:29 So when you speak we ought to listen. 15:30 Roy thinks so, so I think so. I think so. 15:33 Well, as long as you think, Roy. 15:35 Praise the Lord. 15:36 One thing about Barry is that he has his degree in taxation, 15:41 not all attorneys have that specialty. 15:44 So I can talk to him about law 15:46 and I can talk to him about taxation 15:49 what many times goes hand in hand. 15:51 That's why we said semi retired 15:54 because he's not really retired, 15:55 he's kind of like retreated. 15:57 That's right. 15:58 Any time he sees my number pop up on his phone he says, 16:01 "Oh, there's Roy again." 16:03 Well, it's good that you have some good back up. 16:05 Absolutely. 16:06 Praise the Lord. Yes. 16:08 As we mentioned before we wanna talk about some ways 16:10 that you can support, help yourself, 16:11 and help the ministry that you may not be aware of... 16:15 And, Roy, I'm gonna kind of pitches to you 16:16 and then you can kind of circulate it broader here 16:19 because you guys know this area much better than I do. 16:25 Almost everyone has a life insurance policy. 16:28 Walk me through how that can be of benefit, 16:31 and just give us the sort of the lay of the land 16:34 as respect with life insurance? 16:36 A lot of people have life insurance policies, 16:40 and they kind of forget about them. 16:43 They're in a safe deposit box, they're in the drawer, 16:46 and they don't realize that 16:49 there is a benefit to the family 16:51 if they pass away, 16:53 and when they pass away who is the beneficiary. 16:58 You can list anybody 17:00 that you want to be a beneficiary including 3ABN. 17:04 And that's something that people have forgotten. 17:07 Sometimes people say, "Oh, I don't have any children, 17:12 I think I better change my beneficiary 17:14 from wherever they have it to 3ABN." 17:19 And something they hadn't thought about. 17:21 So life insurance policies check it out, 17:24 there might be $100,000 sitting there 17:27 that might go to 3ABN or another ministry, 17:31 however you want to split it up. 17:34 You know, it's their. Yeah. 17:36 And it never occurred to me... 17:37 Usually you think about how is it makes your wife, 17:38 your children your beneficiary. 17:41 I just never really thought that you could give it 17:43 to a ministry and that's a nice thing to do. 17:46 And, of course, you're gonna name your spouse 17:49 as the surviving beneficiary but when both are passed away. 17:53 Yeah. 17:54 Then, you know, 3ABN can be part of it 17:58 or all of it depending on the person. 18:00 However you want to do. 18:02 And then IRA rollovers, 18:05 that's something that we have questions 18:07 about all the time, 18:09 every year, our government would take their time 18:14 and wait until December to make a decision 18:16 as to whether you can make a donation 18:18 out of your IRA. 18:21 And two years ago, in December, 18:24 they finally got smart in Washington. 18:27 I remember when you made the announces 18:28 'cause we kind of went on that little bit here. 18:29 Yes, we ran that pretty heavy. Yeah. We did it. 18:31 But every year if you're 70.5 years old, 18:38 you have to take a required minimum distribution, 18:41 which means you have to take so much money every year 18:44 or the government's going to take a big chunk 18:47 if you don't do it. 18:48 So you have to take that out. 18:49 You have to take the minimum requirement 18:51 whatever that may be. 18:54 Well, you can donate that 18:56 required minimum distribution to 3ABN 19:00 or you can donate 19:01 if you have a large IRA anything up to $100,000 19:07 you can donate to 3ABN 19:10 and you don't have to report that 19:12 on your income tax as income. 19:15 There's a place to put it, but it's not considered income 19:18 and you don't pay any penalties, 19:20 no taxes, it's an outright gift. 19:24 And the key is it has to be a gift, 19:27 you can't take that money and start an annuity, 19:31 or cash trust, or anything else. 19:33 It has to be a gift. 19:34 Oh, so you can't roll it back in 19:36 or start something new to benefit you. 19:37 You have to... Right. 19:38 Okay. Okay. It has to be a donation. 19:40 And there's a lot of people 19:41 that have a large amount of money tied up in IRAs 19:48 and they say, "You know, 19:49 our financial condition is such that we don't need that money 19:54 and we want 3ABN to have some of it." 19:56 And we're always willing to take. 19:58 I would think so. Yes. 19:59 So... 20:03 We're a happy organization. 20:04 Indeed when they do that. 20:06 And this is important, Roy, 20:07 because you can't do something to benefit yourself, 20:11 you have to give it or you have to use it 20:14 so you might as well give it to a place like 3ABN. 20:16 Do you get a... 20:17 What's the contribution? 20:20 It's considered a contribution 20:22 but we send the individual a different type of receipt. 20:26 It has to show that it came from the IRA 20:28 and then came into 3ABN. 20:30 Of course, so they've got to be able to prove that 20:32 it was a donation. 20:33 The other part of this is that 20:36 the donation has to come directly 20:39 from their financial institution to 3ABN. 20:43 I see. 20:44 It has to be made out to 3ABN, 20:46 otherwise IRS does not recognize that as a donation. 20:50 And then too the government is kind of making sure 20:52 you're not playing any games with that stuff. 20:53 That's right. Yeah. 20:54 They are pretty good about us not playing games. 20:58 I'm not insinuating a thing. 21:00 But... No, we won't do that. 21:02 They don't want us... They're gonna make sure... 21:06 Make sure we're not playing faster foot. 21:07 And it make sense, it comes directly from institution 21:10 to 3ABN, you know, it's clean, it's done. 21:11 That's right. 21:12 And that helps you, helps us certainly, 21:14 and it does help the person 21:16 that's making the contribution also. 21:17 You're right. So it's a good deal. 21:18 The other areas of gifts are property. 21:21 If you have a house... 21:24 Some people have a rental house they get tired of renting it, 21:27 they want to turn it over to someone else, they'll say, 21:32 "3ABN, here it is, you take and sell it, 21:37 and take the money, and make it as a donation. 21:42 Now we always say call and let us know what it is, 21:47 we don't accept every piece of property that comes along. 21:51 Yeah. 21:52 There's things that we need to look at, 21:53 make sure it's beneficial for 3ABN and the donor also. 21:58 I wanted to go to Attorney Benton on this. 22:04 Is property, 22:05 can that be problematic depending on... 22:07 Because if it's in... 22:09 And we're gonna go to reverse mortgages 22:11 in just a little bit 22:12 because that's a big thing that you hear in TV a lot. 22:15 Can property be a bit of a challenge if it's not, 22:18 you know, if it's not 22:20 in the owner's hands, if it's... 22:21 Can it be a bit of a challenge sometimes? 22:23 Yes, in every case we have to do be sure 22:25 that the title is clear 22:27 that the people have a right to make the donation. 22:30 And there's not some other interest 22:32 that is ahead of the owner in some way, 22:36 there's been a lien put on the property, 22:37 there is a mortgage on the property, 22:39 so we have to do a title search to verify 22:42 the ownership of the property. 22:44 And also we, you know, 22:46 the old thing about the charity, 22:48 they got the service station given to them, 22:50 and there was a problem 22:52 'cause it had been leaking fuel. 22:53 We have to do some checks to be sure 22:55 that property does not have any environmental issues. 23:00 So there's a lot of... 23:02 There can be a lot of hidden things 23:05 that make getting a piece of property 23:06 really not a blessing but kind of a challenge? 23:08 Exactly. 23:09 And that's why we say, "Call us, we'll talk about it," 23:13 and don't feel bad if we reject it, 23:17 because we are using the Lord's money. 23:19 If we have to go and dig a tank out of the ground 23:22 that's been leaking and we get hit with 23:24 all the different charges for that. 23:27 That's not a good use of the Lord's money. 23:30 So we will say thank you, but no thanks. 23:32 But no thanks. Yeah. Right. 23:33 Yeah. 23:35 So it is best to call before you kind of just drop 23:36 that little gift on us 'cause the gift can be a bomb. 23:38 Right. Absolutely. 23:43 Another area is stocks and bonds. 23:46 Any financial instrument that you may have 23:51 usually has a place for a beneficiary to be noted 23:56 whether it would be under your trust into a charity, 24:01 ministry, 3ABN... 24:05 You know, it's something that you can list 24:08 right on the papers who is the beneficiary. 24:12 And most people forgot who the beneficiaries are. 24:16 I ask many times, some people are calling I say, 24:18 "Who is the beneficiary now?" 24:22 They're not sure 24:23 and they've got to go back and look. 24:25 And many times the beneficiaries 24:27 they've listed have passed away. 24:29 So it's always good to review what you have 24:32 and update your beneficiary listing. 24:38 The gifts we call them, "Gifts in kind," 24:42 that's a legal term. 24:43 It's not my area, but I'll mention it 24:46 because there are coin collections, 24:49 gold, silver, anything like that 24:52 can be donated to 3ABN. 24:54 And we have a gentleman by the name of Bruce Chance, 24:57 Bruce, and Tammy Chance that run that department. 25:00 So that's an area that you can help 3ABN also. 25:04 Automobiles, RVs, things like that, 25:08 we have a lot of donations, and those cars are put to use 25:12 or they're sold depending on, you know, how good the RV is, 25:18 we might turn around and sell it just like that. 25:21 And we've had a couple of them here recently 25:24 that have sold very quickly. 25:27 Yeah. 25:28 We've sold over the years RVs, some very nice units. 25:31 Yes. 25:32 And for us appreciable amount of money. 25:34 That's right. Yeah. 25:36 There's a lot of RVs out there that have 25:38 20,000, 30,000, 40,000 miles on them 25:40 and that's low mileage. 25:42 Yeah, yeah. 25:43 So anyone that has retired and has decided 25:48 that RVing is not their thing. 25:52 Give us a call, 25:53 and we may be able to help them out, 25:56 and help 3ABN also. 25:58 Earlenne, just a question. 26:00 Someone calls and I wanna help 3ABN, 26:04 but I don't know anything, about anything, 26:06 what's the first question you ask them 26:07 when you're trying to walk them through the, 26:09 you know, the system? 26:11 What's the first thing you'd ask a person? 26:12 Okay. 26:14 I always try to find out if they are a current viewer, 26:17 if they're, you know, new, 26:18 is this something they had seen in the past, 26:21 and are you getting 3ABN now? 26:25 And we assist them wither being able to get 3ABN. 26:28 If for some reason they aren't getting it 26:30 because some used to get it and they aren't now. 26:32 So we work to pull all that together 26:34 because we know that we work as a team. 26:36 And so we've helped many people with that, 26:39 then from there we start by asking them a few questions, 26:42 personal questions getting their addresses, 26:46 and sending them information packets. 26:49 And then filling them in on what an annuity 26:53 and what a trust, 26:55 those two things in particular we focus on, 26:58 and exactly what each one is. 27:01 An annuity is something where you invest 27:03 and according to your age 27:05 as to how high your interest will be. 27:08 Thus our 90-year olds are walking around saying, 27:11 I'm making 9%. 27:13 9% interest where can you get that? 27:16 So, yes, that's something I do inform them about 27:19 and then I also let them know about the trust. 27:21 A trust is a great thing to have. 27:24 One you're putting some money away 27:27 so that you are going to in an emergency situation 27:32 crack the nest egg, 27:37 because you shouldn't have to go 27:39 into some of your major big investments 27:41 that you have and destroy that 27:43 because you had something come up 27:45 that you didn't set emergency funds aside for. 27:48 And then out of those funds they've got money 27:51 they can do several things with on interest. 27:53 And interest can involve many things, 27:57 supporting Christian education... 27:58 Grandmas and grandpas, 28:00 you wanna support Christian education, 28:01 that's a good way to do it. 28:03 You're gonna make some interest, 28:04 you can make that school payment 28:05 for your grandkids. 28:07 And then I go ahead and let them know 28:10 all the different ideas and suggestions I have 28:13 that they can use that interest for 28:15 but I also challenge them to make their own list. 28:18 And then we send out a little card letting them know 28:21 that we have outlined some things 28:23 for them personally, 28:24 and for them to re-contact us when they receive their packet, 28:28 and then we go through that whole packet with you, 28:31 every single thing in the packet, 28:32 we will talk about again. 28:34 And if you saw us on a program, 28:36 we're going to send you a DVD of that program. 28:40 So it'd be fun to refresh your mind 28:43 as to what you saw on a program like we're doing today. 28:45 Yeah. Well done. 28:46 And let me compliment you for the professional way 28:50 that you go about this. 28:52 See, I would've been crass and said, 28:54 "Okay, how much money you have?" 28:55 And you didn't start there, 28:57 you started with the tying with 3ABN, 28:59 how do you receive us? 29:00 Have you been watching us? Do you understand it? 29:02 Nicely done. 29:03 And it makes it, 29:05 it's just a nice way to move into that. 29:08 Attorney Benton, do the laws that govern trusts 29:14 and other kinds of instruments 29:16 vary greatly from state to state 29:18 or there's some uniformity across the United States? 29:20 There's very close uniformity across the United States. 29:24 There are some differences, 29:26 but the vast majority of the cases 29:28 it's very comparable across the United States. 29:32 So there won't be great shifts in how you deal with things 29:35 as you move from West Coast to East Coast 29:38 pretty much the same. 29:39 Now all the instruments that 3ABN uses that, 29:42 Roy and Earlenne use every day are instruments 29:45 that apply in all the states the trust, 29:48 the wills, the annuities, 29:51 all of these instruments are very compatible. 29:53 Expect for two states. There are two states. 29:55 Yes, there're states. 29:57 That we now can't do Washington State, 29:59 we can't do Alabama. 30:00 Right. On the annuities. 30:02 And the reason for Alabama... 30:04 And, in fact, we got a notice on it 30:05 because I sold something... 30:07 I shouldn't say that too loud. 30:10 This has been many years ago. 30:12 Okay, Roy. Well done. 30:14 That we can't do business in Alabama, 30:16 because we have to have our securities license. 30:18 And we don't have securities license for Alabama 30:23 and most ministries do not. 30:25 But don't let that discourage you. 30:27 I have a plan for you just call me. 30:29 That's right. 30:31 I can walk through lots of ideas. 30:33 Make it work, work around it. Amen and amen. 30:35 And I've heard Washington State is a little tough 30:37 on a number of fronts dealing with charities 30:40 and other kinds of things little difficult. 30:42 It's again, it's the annuity. 30:44 A cash trust not a problem, 30:46 in Alabama cash trust is not a problem. 30:49 It's the charitable gift annuity 30:52 that we have to be careful of. 30:54 And this is just on the annuities, 30:56 in the trust area we do have to be careful 30:59 that the homes are not homesteaded in some states. 31:02 Now define that? 31:04 Help me define this. 31:07 If they have the homestead they could lose it, 31:10 if they put their property into a trust. 31:13 If at the time that they recorded it, 31:15 that they did not take their legal document with them 31:19 to the recording and... 31:20 I'll add something to that because we have found 31:24 that a revocable trust that we used to do, 31:28 which made 3ABN the trustee, 31:32 which most people were all right with. 31:35 But some of the state said if 3ABN is the trustee, 31:40 you're going to lose your homestead exemption. 31:43 And that's money, that's out of your pocket, 31:45 if you're the person doing the trust 31:49 so we changed to avoid this 31:52 to what's called a "Self Administered Trust". 31:57 If you decided to do a trust with 3ABN, which, you know, 32:03 you and I need to talk again and we keep the conversation 32:07 but no action... 32:09 No offence. 32:17 But if you came to me and said, "I want to do a trust." 32:21 It would be a self administered trust, 32:23 it would be CA Murray as the trust, 32:27 or putting it into the trust, and you become the trustee, 32:32 which gives you full control. 32:33 Control. Yeah, yeah, yeah. 32:35 And you can take things in and out of that trust 32:38 as long as you're alive 32:40 and in sound mind you can do that. 32:43 Now that doesn't mean that we said, 32:45 "Sorry, you took this out on your own, 32:48 you're on your own." 32:49 We don't say that, we're here to help you with it. 32:52 So maybe you need something changed 32:54 in the document, you just notify us, 32:56 and then we tell you, you know, 32:58 what you'll need to do in writing, 32:59 and that will correct that 33:01 or if you need to sell the home, 33:04 we can redo the deed 33:05 so it's ready to be transferred to the purchase. 33:09 There's many things 33:10 we will assist you with on that, 33:12 but you're going to tell us what you would like to do. 33:14 I see. It's self administered. 33:17 They refer to those as an S-A-T or a SAT. 33:21 A SAT. 33:22 Not to be confused with SAD. 33:25 No, there's nothing sad about it, 33:26 it's really very pleasant. Well said. 33:30 Well done, Earlenne. 33:31 Let me, sort of pull a little comment here 33:33 because there are other people in your department 33:36 besides yourself, who else works with you 33:38 in the Planned Giving and Trust Services department? 33:41 We have Nancy O'Brien, she's a trust officer, 33:45 and there's three trust officers, 33:47 Earlenne, Nancy, and myself. 33:49 Then we have a secretary 33:52 and she actually does secretarial type work 33:56 as well as recording, 33:59 getting the deeds prepared to go into the trust. 34:02 She is the one that looks at that trust and says, 34:05 is everything there 34:07 that we need to make it complete. 34:09 Because if there's something missing 34:11 and it comes time to administrate the estate, 34:16 we may have to go to probate because it's not there. 34:19 Not there. 34:21 So Diane Hamilton is the one that does that. 34:23 I see. 34:24 So we have a good team 34:26 and any one of the team members can answer questions, 34:30 if they can't, they'll call on me, 34:34 and sometimes, you know, it's way over my head, 34:37 and that's where I call Barry. 34:39 Yeah, yeah, yeah. 34:40 Now I noticed you are logging a lot of frequent-flyer miles. 34:43 Sometimes you have to go actually 34:45 and see things and inspect things 34:47 because you can't just sort of take on face value. 34:50 Well, we do... 34:51 Sometimes we go and check out the property 34:54 that's going in the trust right upfront. 34:58 So when it comes time to administer the estate, 35:01 you know if it's an apartment complex, 35:05 maybe a rental, we wanna see what's there. 35:09 Also, I go when it's time to 35:13 when both spouses are passed away, 35:16 I'm the one that goes out and determines 35:20 what needs to be done, 35:21 the steps that need to be done in administrating the estate. 35:25 What it's gonna take to sell the property? 35:29 Do we need a lawyer in any part of it? 35:32 Normally, in trust 35:33 you don't need a lawyer involved, 35:35 and that's why you want 35:37 as much as you can get in your trust. 35:41 And if it's there, then in most cases 35:43 you don't have to go to probate and that saves time and money. 35:48 I'd like to add just a word to what Roy said there. 35:50 I'm gonna add here 35:52 that it's really vitally important 35:54 that if you hold a document with us, that you contact us, 35:58 and update your beneficiaries their addresses, 36:01 their phone numbers, 36:03 and anything else we might need to know about them 36:04 because that will delay closing a document. 36:10 We just can't go anywhere 36:11 without having those names ready 36:13 and correct in the file. 36:16 You will sometimes receive from us a letter once a year 36:21 that says, "Is your document an antique?" 36:25 When you receive that letter, it's to call us, 36:29 and we've put lines there where we suggest, 36:31 "Have you purchased anything?" 36:33 Maybe you purchased two brand new cars 36:34 and we don't know a thing about it. 36:36 We want those in the document. 36:38 Or property. 36:39 Or maybe you purchased property, 36:41 in fact, maybe you purchased three properties 36:45 because when you retired 36:46 you moved from the West Coast to the East Coast 36:48 and discovered that you could buy rentals 36:50 for a whole lot less with the money 36:52 that you sold your house for out in California. 36:54 So now you're retired and you also have three rentals 36:56 that's helping your income. 36:58 Put those in your trust 37:00 and make sure that we've got the deeds in there 37:02 so that your charitable intent for the Lord's work 37:06 will be accomplished 37:07 at the closing of those documents. 37:09 Now what we do 37:10 as kind of what we call a pour-over will. 37:14 Something that you have forgotten, 37:16 or maybe something that you purchased, 37:18 and then you passed away the next day 37:21 and it didn't get into the trust. 37:23 That can come into the trust through the pour-over will, 37:26 which is part of the whole process 37:29 of doing a trust. 37:31 So as your situation changes buying, selling, 37:33 moving things around, 37:35 you can adjust your trust or bring other things in. 37:37 So that you're constantly updating 37:38 what's going on. 37:40 Yes, that's exactly right. 37:41 And for those viewers 37:43 who have possibly moved their parents 37:45 to a retirement living, give us their new addresses,. 37:49 It's very important we know where they are. 37:51 We also send birthday cards to everyone. 37:54 Roy and I like to do that. 37:56 And so if you don't update your birthday, 37:58 you're going to miss the birthday card 38:00 and we personalize those for each of you. 38:03 CA. I like that. 38:04 That's a perk. Well said. 38:06 If you do a trust with us, you'll get a birthday card. 38:07 I get a birthday card. 38:09 Well said. Well said. 38:11 That is wonderful. 38:12 The idea that this is a long drawn out 38:17 mystical kind of process, 38:19 you've kind of blown that smoke away. 38:20 It's not as difficult as one would think. 38:23 No, it's not. 38:24 It's actually quite pleasant, because you get that peace 38:27 and that assurance that you have finished 38:30 what God wants you to do 38:31 and you have done your final arrangements 38:34 financially with God. 38:37 Now, I wanna kind of put this to you, Earlenne, 38:40 because someone is saying, "I don't have that much, 38:44 I own this house, and I got a car, 38:47 and maybe I have $30, 000 in the bank." 38:50 That's kind of beneath the radar, 38:53 that's not enough to do anything. 38:54 No, we'll do a will for you, so we can do a will, 38:58 and will outline those things for you, 39:00 and it does not matter how small. 39:04 If your intent was to give 25% to 3ABN 39:08 and 25% to each of your children 39:10 that can be accomplished through a will or a trust. 39:14 And we're going to do that for each and every person. 39:18 Yeah. In God's eyes nobody has less. 39:20 Praise the Lord. 39:22 And kind of a guideline, 39:23 if you own property, real estate, 39:26 which means the house that you're in, 39:30 the land that house sits on, almost always we'll do a trust. 39:36 That's kind of the defining moment 39:39 in doing a trust. 39:41 If you have property, 39:44 we'll talk you in doing the trust. 39:46 We pay for it 39:48 so there's no reason why you shouldn't. 39:50 That is a very, very special thing 39:53 that we do pay for all of our documents. 39:56 So when our attorneys work on our documents we pay them, 40:00 you don't pay them anything. 40:02 So we're giving you a thank you upfront. 40:05 Yeah. 40:06 We're doing a document where you have 40:08 charitable intent for Three Angels Broadcasting. 40:10 So you're actually facilitating that charitable intent. 40:12 You have the will, they have the way. 40:15 That's right. So it will get done. 40:17 This idea because I know there are people 40:19 who put in their documents 3ABN as one of their children, 40:24 have three children the fourth child is 3ABN. 40:26 Child of share. Yeah. 40:28 And so everybody gets a equal portion, 40:31 is that something that happens a lot? 40:33 We do see that quite a bit, right. 40:35 And oftentimes it seems like with many families 40:40 that it is three, four children, two... 40:44 It's a smaller amount. Yeah. 40:46 And we do still have some people 40:48 who have 12 kids 40:51 and it's amazing maybe it was a farm in North Dakota 40:55 where they decided that they were going to give 40:57 to all of their children, 40:59 but they didn't just wanna give it away 41:00 so they have asked us to do an annuity at their passing 41:06 that each of their children 41:07 will now have an annuity with 3ABN. 41:10 There are so many ways, Roy, 41:12 that you can either to manipulate your funds 41:16 so that you're blessing your family, 41:18 you're blessing the ministry. 41:20 It's not quite as difficult as one would think. 41:23 It's not and people will hear this program and they say, 41:27 "Wow, how do I get more information?" 41:30 Yeah. We're always here. 41:33 I shouldn't say always, we're not 24/7 41:36 but we're here during normal business hours. 41:38 Indeed. 41:39 And you can call us as many times as you want 41:42 to make sure you understand, 41:44 we never get tired of answering the questions. 41:46 And even if we're out on the road, 41:48 our staff is very good at locating us 41:50 or leaving a message on our phones. 41:52 And when we come down out of the sky, 41:54 and we're in the airport, we're already calling you back. 41:57 Amen, and amen. 42:00 So yes, that is something that we want everybody to feel good 42:05 about is we are approachable. 42:09 If you're here at camp meeting, and you want to talk, 42:11 we'll talk. 42:13 If you wanna call us, if you wanna come visit, 42:15 and if you want us to come visit you... 42:17 I mean, there's all kinds of ways 42:20 that we can make it happen. 42:21 And I know you do a seminar during camp meeting time... 42:24 Right. When people come in. 42:26 Before our time gets away 42:27 'cause I'm looking at the clock on the wall 42:28 and it's moving quickly. 42:30 Let's talk about something that 42:31 you can hardly turn your television set on 42:33 without hearing a promotion for, 42:36 and it sounds like the greatest thing 42:38 since the invention of bread, 42:41 and that is the reverse mortgage. 42:43 Reverse mortgage. 42:45 And I remember the first time I mentioned that to you, 42:46 I saw your face contort into this thing 42:52 that I had never seen before. 42:54 So that said to be that maybe this is not all 42:56 that it's cracked up to be 42:58 when it comes to what they can do 42:59 for a ministry like 3ABN? 43:01 It's usually nothing that will come to 3ABN 43:06 because of reverse mortgage. 43:08 Just briefly a reverse mortgage they make it sound like 43:11 it's the greatest thing 43:13 since sliced bread in your words. 43:16 You know, you still own the house, you still pay taxes, 43:20 you pay everything that you normally do, 43:22 and they turn around 43:24 and instead of you paying down a mortgage 43:28 they'll give you the money and then that money 43:32 that you're normally pay in a mortgage 43:33 is tacked on to the mortgage to the principal, 43:38 which means every month that is increasing. 43:42 Wow. 43:43 So if you had any intention of that house 43:46 even a portion of the sale of that house 43:48 to come to your children 43:50 or to 3ABN in most cases it's not going to, 43:55 because they know what the formulas are, 43:57 they know that they will get the house, 44:00 and they will do with it as they see fit. 44:04 And very seldom, 44:05 I'm not gonna say it's impossible, 44:08 there has to be a great appreciation 44:10 in the property 44:12 before it even begins to help out the children 44:16 or a ministry. 44:19 So the first question I ask... 44:22 I'll say, "What is your intent? 44:25 Do you want 3ABN to have any portion of your house, 44:29 your property? 44:31 And if they say, no right upfront, I'll say, 44:35 "We're probably 44:37 not the organization to be talking to." 44:39 If you want to go to your kids, 44:41 they probably won't get anything. 44:43 But if you're looking for a quick buck, 44:47 you need that money for whatever reason, 44:49 you're going to get the money 44:51 but you're going to pay dearly for it. 44:53 Wow. 44:56 Attorney Benton, if a person 44:57 is in a reverse mortgage situation, 45:00 is there any way to get out of that? 45:02 Is that even possible? 45:06 How complex is freeing yourself from that 45:09 if it is at all possible? 45:11 Well, you can always pay the mortgage off. 45:14 But as Roy indicated there are the fees 45:19 of actually setting the mortgage up 45:21 that are pretty hefty. 45:23 And you're paying probably a higher interest rate 45:25 than you would be 45:27 if you were just gonna mortgage a property freely 45:28 without the reverse angle on it. 45:31 I have had people 45:33 who had very highly appreciating homes, 45:35 which has not been so true in recent years 45:38 and be able to go back 45:39 and get another reverse mortgage. 45:42 But yet typically speaking as Roy said, 45:46 if somebody is in trouble they want money quickly 45:48 they think that for whatever reason 45:51 maybe they've had medical bill 45:53 or they think they're not in good health, 45:57 then you need to really go to someone an attorney, 46:01 or talk to Roy about it, or Earlenne. 46:05 And I've done a lot of reverse mortgages 46:07 back in the era from 2008 46:12 when the bubble did break. 46:15 But generally speaking for most people, 46:17 it is not an ideal situation. 46:20 And most of our people who watch 3ABN are people 46:24 who are savers, they save money, 46:26 they have appreciated property, 46:28 they pay their bills, 46:29 they do not have big debt built up. 46:31 And so for them reverse mortgage really 46:35 is not a very attractive instrument. 46:39 So if you're pretty solvent and you're making your way 46:43 through life and... 46:45 To try to complicate it with a reverse mortgage 46:47 really wouldn't appear that much. 46:48 Really wouldn't. Yeah. 46:50 Only if you need the money, right now. 46:51 Yeah. That's it. 46:53 Would it be better to take out 46:54 just a second mortgage on the home? 46:57 Then I can get people on financial advices 47:00 that is simpler thing to do. 47:02 I'll refer that to Barry. 47:03 Yeah, than going to reverse mortgage route. 47:05 Almost never is that a good idea 47:08 to mortgage your house for short-term debt, 47:14 whether it's medical or whatever 47:16 because typically speaking 47:17 the house is among the most expensive things 47:20 that you ever bought 47:21 maybe except your children's education. 47:23 I put two kids through college so that's a big expense. 47:26 Yeah, yeah. 47:27 But the house for most people 47:29 is the largest expenditure of their lifetime. 47:31 And we normally recommend that particularly people 47:34 who are thinking about going to retirement, 47:37 it's not recommended to go into retirement 47:40 still having to pay a mortgage on your house. 47:43 And I've heard that many times 47:45 that I think is a true statement. 47:46 You don't wanna be retired 47:48 still fighting mortgage every month. 47:49 And you don't wanna have other mortgages 47:51 on your vehicles or other things 47:54 because you're going in generally 47:55 in the area of your life 47:56 when you're not making as much income 47:59 so it's harder for you to pay debt off. 48:01 And I think most, everybody 48:02 that responsible financial counselor 48:04 would advise people, 48:06 "Let's pay your debts off, people. 48:07 And let's not be beholding to mortgage company." 48:10 I think the last ten years of 48:13 or the last seven or eight years 48:14 of America's experience has been the mortgages 48:17 typically are not a good thing, 48:19 certainly for people who are going out 48:22 of their highest earning years. 48:26 So you wanna have your slate, Roy, 48:27 kind of as clean as you can 48:29 and not a lot complicating things 48:30 so that... 48:32 And when you pass everybody's got their hand out 48:33 because you owe this one and that one and then, 48:35 of course, 3ABN almost getting back of the line 48:37 because there are other debts that have to be paid first. 48:40 That's right. Yeah. 48:41 And that's part of our administration 48:43 of the estate to make sure everything's paid. 48:46 And it makes it so nice to see a clean plate. 48:49 Yeah. Everything has been paid for. 48:50 Yeah. 48:52 Now that's important the more complex situation is, 48:55 the more work you have to do to try to unravel that 48:57 before we can get any benefit. 48:59 Right, and the more cost. 49:00 Absolutely, right. Yeah. 49:02 I want to say one thing about the other thing 49:05 that's on television 49:07 besides reverse mortgages are the ads 49:10 that say annuities, 49:12 and the basic premise is stop don't do annuities. 49:17 And people have called me and say, 49:19 "What are they talking about?" 49:20 Yes, I've seen that lately. 49:21 Well, first of all those are commercial annuities, 49:25 what you do with 3ABN is a charitable gift annuity. 49:29 It's a totally different document 49:33 and to do a charitable gift annuity, 49:35 you have to have charitable intent, 49:37 and you know the money is gonna come to 3ABN. 49:40 If you have questions on those annuities, 49:43 I'd encourage you to call me, call Earlenne. 49:46 And we can walk you through why they're saying, 49:49 what they're saying. 49:51 And why you should do a charitable gift annuity 49:54 with 3ABN. 49:56 There are good reasons 49:57 why you should do a charitable gift annuity, 50:00 maybe not a commercial, 50:01 I'm not going to say don't do it 50:03 but there are reasons why you do one or the other. 50:07 But call us and we'll talk to you about it. 50:09 Yeah. 50:11 That's important, Roy, 50:12 because I've been seeing commercials really lately 50:14 just in the last year or so 50:16 that are really death on annuities. 50:17 Oh, they make it sound like 50:19 it's the worse thing you could do. 50:21 Precisely. But this is not that. 50:22 That's not that. 50:23 This is what we do is not what they're talking about. 50:25 Not bad at all. 50:27 Amen, and amen. 50:28 So if you see those... 50:30 And it's always good to call and get some advice. 50:31 These are two lovely people, and it's a lovely department. 50:35 So you can get information and they don't bite, in fact, 50:39 they help you out very, very, very much. 50:42 So don't go by what you hear on television always, 50:46 listen to the good information that they have, 50:50 and they can help you out. 50:53 And we're thankful for that. 50:54 Have we covered everything? 50:56 There's so much to cover but not enough time. 50:59 Not enough time, not enough time. 51:02 I don't know if we have time 51:03 to talk about charitable remainder unit trust or not? 51:07 Well, let's do this, let's do this. 51:09 We'll go to our newsbreak and then we'll come back, 51:13 I think we'll have maybe two minutes in change 51:15 and we can kind of squeeze that in 51:16 before we have to say goodbye. 51:18 Okay. All ready. |
Revised 2017-06-05