Participants: Jill Morikone (Host), Mollie Steenson (Host), Barry Benton, Earlenne Hunt, Nancy O'Brien
Series Code: TDY
Program Code: TDY017025A
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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 00:40 Mending broken people 00:45 I want to spend my life 00:51 Mending broken people 01:07 Well, hello, and welcome to 3ABN Today. 01:10 As always it is a joy to have you join us right here 01:14 on the 3ABN set and today, 01:17 ladies, this program is geared for you 01:20 but gentleman every bit of this information 01:23 is information that will do you nothing but good. 01:26 We are going to talk with some people 01:29 that are professionals 01:30 and they'll be able to give you amazing information. 01:34 And, Jill, it is always a joy to have you with me 01:37 sitting right there and helping. 01:40 Thank you for joining me today. 01:42 Thank you so much, Mollie, 01:43 I'm excited about the program today, 01:45 because it's something that 01:46 I need to learn more about 01:48 and as a woman it's a vitally important topic, 01:50 so I'm excited about it today. 01:52 So let me tell you what we are doing today. 01:56 I have with me attorney Barry Benton, 01:59 and Barry has been our attorney for many years, 02:03 and as a matter of fact, 02:04 he has retired and has only kept one client. 02:08 Barry, what client did you keep? 02:12 3ABN I have been retired for little over four years now 02:16 and 3ABN is the only client I've got 02:19 because of how much fun I've enjoyed 02:22 working with people like Nancy and early in Roy Hunt. 02:25 Amen. 02:26 And Earlenne and Nancy and Roy Hunt 02:29 are all in our Planned 02:30 Giving and Trust Services departments 02:32 so, ladies, 02:34 that's what we're going to be discussing today 02:36 is financial planning. 02:38 Nancy O'Brien, 02:39 thank you for joining with us today. 02:41 Nancy is a Trust Services officer. 02:46 You're an officer 02:47 in our Trust Services department. 02:49 Tell us just a little about what you do, Nancy? 02:53 Well, I answer a lot of questions. 02:54 People call in and wondering what is planned giving 02:58 and what do we do there. 02:59 They sometimes hear a little bit of information 03:03 when they watch 3ABN and then they'll say, 03:05 "Tell me more about it? 03:06 What exactly do you do? 03:08 What exactly can I do 03:10 with to either invest or to do something besides, 03:16 you know, I want to put my land somewhere, 03:18 I want my family to benefit from it." 03:21 Answering a lot of questions 03:22 and sending a lot of information. 03:24 All right. 03:25 And, Earlenne, 03:27 thank you for joining with us today, 03:28 and I know you're a trust officer, 03:31 but you're also the office manager 03:34 in our Planned Giving and Trust Services department 03:36 and your husband is, 03:38 he's the head honcho over there, isn't he? 03:40 Yes, that's why he needs me to keep him in line. 03:43 I agree. Yes. 03:46 We enjoy working together, 03:47 we really do and we make a good team. 03:49 It's when I can't think of an answer, 03:51 he'll get one 03:52 or he'll go find Barry Benton for me, 03:54 so we work it together. 03:56 So you have just met two of our trust officers, 04:00 our attorney, 04:02 and, ladies, we're going to go to a song here 04:05 in just a minute. 04:06 We've got the Burchfield Brothers with us 04:08 and we're going to have them minister a beautiful song, 04:11 but let me just read a little information to you. 04:15 According to MissMoney.com, 04:19 75% of women 04:21 will become widows at some point in their life. 04:25 The average age of widowhood is 56 years of age. 04:29 That's young. 04:31 That is very young, 04:33 and there are so many facts and figures 04:36 and data we're going to go over a good bit of the information 04:40 just because we want to 04:42 first and foremost make it so clear to you 04:46 how vitally important it is 04:49 that you have some financial planning 04:52 that we can't depend on someone else 04:56 to take care of us, 04:57 we must be wise what is it the little saying, 05:01 "Nobody plans to fail what do they do? 05:04 They fail to plan." 05:07 And so we just want you to be informed, educated 05:12 and that's what this program is about today, 05:15 but now we've got the Burchfield Brothers with us 05:18 and what song you said 05:19 that they're going to sing, Jill. 05:20 It's always a blessing 05:22 when the Burchfield Brothers come 05:23 and minister music and the song they're going to do 05:25 is a Wayfaring Stranger. 09:45 Now, Jill, that was beautiful. It was, absolutely. 09:49 They are really gifted and talented, 09:50 I always appreciate their musical abilities. 09:54 Well, we're here today 09:55 with our Trust Services department 09:58 representatives Nancy and Earlenne 10:00 and 3ABN's attorney Barry Benton. 10:03 Again we welcome all three of you, 10:05 and again I want to say 10:07 that this program is geared toward women, 10:11 but gentleman, 10:12 you will learn something from everyone 10:14 what is applicable to women is applicable to you too. 10:18 We're just going to use some examples 10:20 that are geared toward women. 10:22 So here's the reason 10:24 why 3ABN does financial programming 10:29 for the ladies. 10:32 I recently read an article, it was by a lady 10:37 and her husband had just recently passed away 10:42 and she was a younger lady, 10:44 she had younger children 10:46 and he hadn't left her in good financial, 10:51 good financial shape 10:53 and there was no insurance policy, 10:55 but as she was cleaning off his desk 10:58 she found something. 10:59 She found an insurance policy that was completely filled out 11:05 but he never turned it in. 11:07 He had good intentions 11:09 but he didn't follow through on it 11:11 and he passed and left her, 11:14 oh, what a blessing it would have been to her 11:17 had he gone ahead 11:19 and got that insurance policy turned in 11:22 and in place because now she's left 11:25 which so many women are in her case widowed 11:29 without the finances to raise, 11:32 take care of and educate her children. 11:35 And this happens not just 11:37 with widowed ladies as Earlenne has mentioned, 11:41 there's divorce 11:43 and other reasons why ladies will be left 11:47 with the sole responsibility of that family. 11:50 And I want to read a few other things to you, 11:54 I'm really big on statistics. 11:57 "In a recent poll where women were asked 12:00 what was some of their fears, 12:03 50% of the women said they feared 12:07 they would become destitute in old age." 12:11 That's one of their fears to be destitute in old age. 12:15 I think that comes from the sense 12:17 that you think your husband takes care of you 12:19 or you know he's the provider, he's the protector, 12:22 and you're defender and you're in your home 12:25 and so I think this is important 12:27 why we're doing this program... 12:28 Absolutely. 12:30 Because there would be that fear, 12:31 "Okay, my defense is gone. 12:32 Now what am I supposed to do?" 12:34 And we do hear that on phone calls, Jill. 12:37 The person is gone, what am I going to do now? 12:40 So we're here for you. 12:42 Yes. Amen. 12:43 Again that's the purpose for having this program. 12:46 We have got professional ladies 12:49 and an attorney that are here to help you 12:52 and it doesn't cost you anything. 12:54 I want to lay that down. 12:55 Let me give you some more statistics. 12:59 "45.6% of the poverty stricken 13:04 in the United States 13:06 are elderly women, that's age 60 and older." 13:10 That's almost 50% of the poverty stricken 13:14 are elderly women so, ladies, we need to take this seriously. 13:19 One in four women from 65-74 are widows, 13:24 that's one in four that would be 25% 13:26 according to consensus figures. 13:29 When women reach 80 years old, 13:32 three out of four that's 75% are widows. 13:36 Women in the United States live 13:38 about five years longer than men do. 13:41 Worldwide women live about seven years longer 13:44 than men do. 13:46 And you may think, well, I'm not concerned about that, 13:51 if I'm widow I'll just remarry. 13:54 Here is one of those statistics that we don't like too well. 13:58 "Research shows that only 7 out of 100 widows remarry." 14:04 7 out of 100 that mean 93% never remarry. 14:10 So you will be responsible for your safety. 14:14 Again, ladies, I just want to get your attention, 14:17 I want you to see this is important 14:19 and we're not coming to you 14:21 with just the problems you may face, 14:23 we've got some solutions, at least help for you. 14:28 "A study conducted on the financial circumstances 14:31 of widowed women. 14:33 Half of the widows reported, 14:35 they were just getting by financially 14:39 within a year to two years after their husbands death." 14:43 So, ladies, let me ask you this question. 14:46 Do you have a financial planning in place 14:51 for your future? 14:52 If not, today's the day for you to at least get the information 14:56 and we're going to show you documents 14:58 you can put together with any stage that you're at, 15:02 you don't have to be wealthy, what you have to do is plan. 15:06 Again, nobody plans to fail, they fail to plan. 15:10 We want to help you plan, 15:12 "Up to 90% of all women 15:14 will be making financial decisions 15:16 on their own due to being widowed, 15:19 divorced or unmarried, that's 90%." 15:22 That would be in their lifetime. 15:24 "It's time to think about what you need to do now today, 15:29 not when you're in emotional turmoil 15:31 or are in grieve, 15:33 and you need to get assistance from a professional." 15:36 Let's do another one of those statistic things, 15:39 "When seeking financial direction 15:42 only 12% of women 15:45 seek the assistance of a professional." 15:47 You know who they go to? Family members or friends. 15:52 You need to go to a professional 15:54 because you can be led astray. 15:56 And now we're talking about women 16:00 they are or they don't have financial planning. 16:03 And let me just throw this in very quickly. 16:06 Let's say 16:07 that something happens to your husband 16:09 and he is really wealthy and he left you 16:12 a insurance policy for a million dollars. 16:15 All of a sudden you've got millions of dollars, 16:18 let's say he was worth to me. 16:20 So now you've got three million dollars 16:22 would be you're safe for life, not necessarily, 16:24 if you don't take good care of those resources, 16:28 let me tell you something, 16:30 there are some unscrupulous people out there 16:32 that will do everything 16:33 they can to take your money away from you. 16:35 So listen, be wise, 16:37 be wise in how you handle those resources 16:41 that God has given you. 16:43 Let's go on. 16:45 For that reason we have invited Barry, 16:49 Nancy and Earlenne 16:52 to help us with our... 16:56 We're going to call 16:57 this a training period here today. 16:58 I like that. That's good. 17:00 To instruct the ladies and, gentlemen, 17:04 again this program is good for you to. 17:06 What can we do to stabilize our lives? 17:09 What can we do? 17:10 Earlenne, I'm going to let you go first. 17:13 Let me go to you. 17:14 If you were counseling these ladies, 17:16 what would be the first document 17:19 that you would think 17:20 they need to write to get some stability 17:23 in their lives? 17:25 Well, 17:27 there are several that we could, could ask them 17:30 if they'd like to participate in 17:32 but the first thing I like to know is one, 17:35 are you still viewing 3ABN 17:38 and that's a very important thing, 17:40 then I want to know a little bit about them. 17:43 Once I find out a little bit about them 17:45 and their charitable intent to 3ABN. 17:48 I love to hear their stories of how they found at 3ABN 17:53 or what they've done for 3ABN and what their heart desires. 17:57 So that's very important, that also leads me 17:59 into directing them in the right direction. 18:02 And can we go to the annuities 18:04 and maybe discuss what we can do there. 18:06 Absolutely 18:07 Okay, let's go ahead and do that. 18:09 So I would like to share with them 18:12 that the annuities have some tremendous interest, 18:16 that interest can be used for a number of things 18:19 and when women call, 18:21 we like to find out what their interests are. 18:24 Now annuity is a document where you invest money. 18:27 You invest money and when you invest that money, 18:30 you are going to earn according to your age. 18:34 And age is not a problem. 18:36 This is a situation 18:37 where the older you are the better it is. 18:41 You can't find another benefit program like that. 18:44 The older you are, the better it is, 18:46 you don't get canceled, so... 18:49 Is it revocable or non revocable? 18:50 This is an irrevocable document, 18:52 very good question, Jill. 18:54 And that is a question they do ask is it, 18:56 you know, irrevocable? 18:58 Yes, it is. 18:59 So if you have some finances just lying around and women do. 19:05 I remember one time we were doing a program 19:08 and one of our trust officers said this time, 19:12 said they had a friend 19:13 who had like $89,000 in the bank 19:17 and it was drawing maybe .01% a year 19:22 and so when she and she was in her 80s 19:26 so that means 19:27 that she would have been drawing like 8%, am I close? 19:30 Sure, let me give you those figures. 19:32 If you're 84 years old, you could get 7.6%. 19:36 7.6. 19:37 As opposed to... 19:39 As opposed to next to nothing, 19:41 I had a lady call me and she said, 19:43 "I earned a quarter last month. 19:45 Can you do me any better 19:46 on some money I'd like to invest." 19:48 And so when she told me that she was 90 years old 19:52 and I said, "Yes, we can do 9% for you." 19:55 I thought she was gonna fall off the chair, 19:57 she must have been sitting at on at home. 20:00 She was so surprised, so shocked and she said, 20:02 that's what I'm doing. 20:03 I don't have to think about it any further. 20:05 I've been wanting to do something 20:06 where God and I could share this as a plan. 20:09 So in her life she's going to earn the interest, 20:12 in her death 3ABN is her beneficiary 20:15 and the person that will receive 20:17 the balance left in her account. 20:19 Praise God. 20:21 So dose 3ABN, pardon my ignorance here, 20:23 I'm a newbie. 20:24 Does 3ABN would we invest the money that comes in, 20:27 does it go into stocks, bonds, 20:29 what happens with that like if I were doing an annuity? 20:32 Yes, we do. What will happen with that? 20:33 We do invest 20:34 and with this one it's a bank in California 20:39 that does our annuities for us. 20:41 Our investments have been great, 20:43 they've worked with us a lot of years, 20:45 they know what we want to do, 20:47 they know where it's best to go. 20:48 Okay. 20:49 And, Jill, to answer this question 20:51 which is they asked often. 20:53 Do you invest in pornography? 20:56 Do you invest in alcohol, tobacco, bad things? 20:59 No, we don't. No, we're very conservative. 21:01 We're very conservative, 21:03 and God has blessed the funds for 3ABN 21:06 because we've laid it all down 21:09 and said, no, we aren't going to do that. 21:12 So an annuity is relatively easy to do, 21:14 it's our one page application. 21:17 And in a one page application 21:19 you're mainly giving us your name, 21:21 your address, your birthday, your social security number, 21:24 and who your emergency contact is. 21:27 Then you're reading the little statement 21:28 at the bottom and agreeing that you know 21:30 that it's an irrevocable document 21:33 and that when you pass away the remainder will go to 3ABN 21:36 and there aren't any other beneficiaries. 21:38 But during the period of time 21:42 when you start drawing this interest for instance 21:45 if you're 84 21:46 you'll drawl 7 point something percent. 21:49 Seven point six. 21:50 Seven point six percent 21:52 so every month, every quarter, 21:55 however you choose to receive this 21:59 your annuity interest 22:03 then it's just deposited right into your bank account 22:06 and there you got that those finances 22:09 to further the kingdom of God, 22:10 to further to help your children, 22:12 to help yourself. 22:14 And rather than that money 22:15 just sitting there dormant in a bank account, 22:19 your money needs to be working for you 22:21 and it's just sitting there lazily doing nothing 22:23 instead of working. 22:25 And let me tell you about some of the simpler things 22:26 we've been able to help people with in their lives... 22:29 Could I add something. With their interest... 22:30 Yes. Yeah, sure. 22:31 On the gift of annuity 22:33 the sum that the receipt the donor gets is guaranteed, 22:38 that 7.6% of the dollar amount have to be 22:41 is guaranteed for their life, 22:44 and secondarily they get a deduction 22:46 based on the, the gift, 22:49 the amount of the gift going in, 22:50 so there is another benefit 22:52 beside the dollars coming to you. 22:53 Like a tax deduction you mean? 22:54 Nice. Yes. 22:56 Okay, okay. 22:58 Is there a minimum amount to put in? 23:00 Do you have to put in 20,000 or what? 23:01 Yes, you have to start with 5000 for a single. 23:03 Okay. 23:05 So 5,000 for single, 23:06 10,000 for a joint 23:08 and you cannot add to an annuity. 23:12 You just buy a new one, so maybe you have 5,000 today 23:16 and next week you came up with another 5,000 23:18 because somebody left it at your doorstep. 23:20 No, you actually found it in the bank account 23:22 and you wanted to go ahead and put in, do another one, 23:25 call us up we'll do another one. 23:27 But in mean time you've gotten an older 23:29 so does your interest rate go up? 23:30 Yes, yes with every year your interest rate goes up 23:34 with the new purchase. 23:35 Okay. 23:37 It's not going to change your old one 23:38 and we've had people call and say, 23:40 "For the last five years, I've done an annuity every year 23:43 and my interest isn't the same." 23:45 And we've said, "Well, praise the Lord 23:46 you've gotten a little bit older, 23:47 he's given you some more time 23:49 and so this year you had more income 23:51 than you did last year." 23:52 So that's always a pleasant surprise. 23:54 I'd like to run down through it again 23:56 that the charitable gift annuity 23:58 is an irrevocable document, 24:01 fixed interest payments for your life 24:03 like Barry has added here. 24:05 That's great. 24:06 You may not add funds but you can buy a new one, 24:09 you may not withdraw funds. 24:11 That's what irrevocable means. 24:13 And we'll be talking about another document where you can, 24:16 but this one is irrevocable and there are tax benefits. 24:21 And 3ABN is the exclusive beneficiary. 24:24 Now when I get people on the phone, 24:26 you ask some of the questions 24:27 that I ask them and some of the things 24:28 I'd like to do is to find out 24:31 what they really would like to use 24:33 this extra money for? 24:35 Oftentimes it is they want to just give a monthly gift, 24:40 so we set it up in accounting 24:42 where they can give a monthly gift to 3ABN 24:46 of, of this interest 24:47 so they invested the money 24:49 and we constantly let the interest coming in. 24:52 What a generous person. 24:54 I also want to add that annuity interest income 24:57 could be just enough money to pay your, 25:01 your supplemental insurance when you retire. 25:04 Nice, yes. 25:05 And, you know, maybe this 25:07 just that little bit would be enough 25:08 now you get Medicare and Medicaid. 25:09 Right. 25:11 But your husband even helped you set this up. 25:13 He left that knowing you 25:14 would need to pay a supplemental. 25:16 So that's another thing to think ahead, 25:18 always think ahead. 25:20 How about the water bill and the electric bill? 25:23 It goes up a little more in the summer time 25:25 and I just can't quite meet it. 25:28 There you go. 25:29 You've got that money coming in. 25:31 How about supplemental education, 25:33 supplementing education for your grandchildren? 25:36 Yes. 25:37 We can send it to the academy or grade school of your choice. 25:40 So when you set up that interest, 25:42 we can make sure it goes to where you've designated. 25:46 We've had a couple of interesting 25:47 ones here recently 25:49 and that is I use that money every month 25:53 to pay my co-pay on my medications. 25:56 So to of the older woman who may be, 25:58 you know, needs that extra money, 26:00 there's another benefit right there. 26:03 Always think about emergencies, plan for the unexpected 26:07 because it just may be that that would help you out. 26:10 And automatic donations I think we've mentioned that 26:15 that we can take those out each month for you. 26:18 And so that's with annuities, and remember, 26:21 annuities are irrevocably, 26:25 but now let's say we have somebody that says, 26:29 "I don't want to put something in an irrevocable document." 26:34 I want to have my money 26:35 to where although I'm investing it 26:38 and I'm drawing an interest rate 26:39 maybe not quite as high, 26:41 but I want to be able to get that money if I need it. 26:44 Nancy, can you speak to that? 26:45 Yes, in fact my husband 26:47 and I just started one of these. 26:48 All right. 26:49 That's a revocable cash trust and it is nice in that, 26:55 you can, you can withdraw it if you need it, 26:58 you know, you can add to it so as the years go on you can, 27:02 you can add any amount to it to build up your principal. 27:06 You can let your interest accrue 27:09 and build up the principal 27:10 or you can get a quarterly payment. 27:12 We generally say, 27:14 if it's funded with the 50,000 or more, 27:16 you get a monthly interest payment. 27:18 The interest rate is 27:20 sometimes equal to the charitable gift annuity 27:23 for someone my age, 27:25 if you're in your 60s it's we... 27:29 The charitable gift annuities are generally around 4%, 4.5% 27:33 and are charitable are... 27:35 Sorry, our cash trust interest varies between 4 and 5% yearly. 27:40 So it's a nice interest rate 27:41 something that you don't find very many places if any. 27:45 And another thing that Nancy and I do is 27:48 we're careful to calculate for them, 27:50 so that we can tell them you're still better off 27:53 with a cash trust which is revocable 27:55 or if you needed emergency money, 27:57 because you aren't far enough in up in age 28:00 to qualify for one that's, that's higher 28:03 than what you're going to earn in that cash trust. 28:06 So for someone my age, 28:08 you would say instead of doing an annuity 28:10 you would recommend I should do a cash trust. 28:13 Yes, in fact, you're not old enough to do an annuity. 28:15 How old you have to be to do an annuity? 28:17 Starting at 68 gets close to the same number, 28:20 65 is the preferred. 28:22 Okay. 28:23 But as we're talking about people 28:25 or women in particular who lose their spouses 28:29 either through divorce or death. 28:31 We've got some veteran situations, 28:33 these people are a lot younger 28:36 but it's not that we don't have anything for you 28:38 and it's not that you can't, you know, have a plan with God. 28:42 Both of these plans are plans with God 28:44 and some you have the opportunity 28:47 like what you're saying 28:48 who can they name as beneficiaries? 28:50 Yeah, I was going to bring that up 28:52 and this particular one, 28:54 especially when you're young, you might have children 28:56 or, you know, siblings 28:59 that if you were to pass away while you had this, 29:01 you list who your beneficiaries are 29:04 and we ask that you list 3ABN as one of the beneficiaries 29:07 at a minimum of 25% 29:09 but the other 75 you can leave to other ministries, 29:12 but you can include your family in that 29:14 and so a lot of the... 29:15 Yeah, lot of young people, well, it's young 60 year olds. 29:19 You know they name their children 29:21 as beneficiaries. 29:23 Some of them will specifically even say, 29:25 if my, my daughter passes away 29:28 I want to go to fund Christian education 29:31 for my grandchildren. 29:32 So we can write that into the benefit, 29:34 you know, into the trust as well for the... 29:36 as a beneficiary. 29:37 Something I've always appreciated about 3ABN is 29:40 just the way we do business 29:44 is we always encourage people remember your children. 29:47 Yes. 29:48 Always take care of your family first. 29:50 Now we're calling this a cash trust, 29:53 I think it's also called A Revocable Living Trust 29:57 or A Family Living Trust 30:00 and it also includes property, doesn't it Barry? 30:04 Yes, and hopefully for the Revocable Living Trust 30:08 the value of it is that if you have 30:10 all of your assets in the trust, 30:12 then at the death of one of the spouses 30:16 everything just flows immediately to the other, 30:19 they're fully in charge, absolute totally in charge, 30:22 and so there is no probate process, 30:24 if the death of the first there will... 30:27 If everything is in the trust 30:28 there will be no probate process, 30:29 no court procedure at the death of the allies to them. 30:33 And that is the beauty of the Revocable Living Trust. 30:36 So if the husband and wife have it jointly 30:40 and one passes 30:42 then there is no hiccups at all, 30:44 it just goes to the next. 30:46 And there's no cost 30:47 because you're not going to court, 30:48 you're not going to probate, 30:50 and that can get very expensive. 30:52 Yes. Yes. 30:54 As Barry can tell us that can get very expensive 30:56 and that money is coming right off the top, 30:59 and so if you're a beneficiary 31:01 it's going to cut down what you're getting. 31:03 And it's time consuming too. Oh, very consuming. 31:05 And also if you need to... 31:07 If you need access to your money right away 31:09 sometimes it's tied up, you can't. 31:11 Well, I wanted to say that through the years 31:13 Hal and I have been able to put small amounts of money 31:18 into this Revocable Living Trust 31:23 and I recall a time 31:25 when I got a phone call from someone saying, 31:27 "I've got to have money, 31:29 could you overnight me some money." 31:31 And all I had to do was call across the street 31:34 to the Planned Giving and Trust Services department 31:37 and say, "I've got an emergency in my family." 31:40 And really I didn't have to explain what I was doing, 31:44 just tell him I need the money 31:46 and, you know, I got that money overnighted. 31:50 It's that quick, they are quick to it 31:53 because it's your money and if you need it, 31:57 it gives you easy access to it. 31:59 Now that's not what we want, 32:02 we want to for the money to grow 32:04 and be there for us when we have to, 32:06 when we're in a way, 32:08 when we no longer have learning abilities 32:11 like we do today. 32:12 And so, but, that was a beauty to me in that 32:16 there was no hassle and it was handled quickly 32:19 and very professionally. 32:20 Normally we do 24 to 48 hours is our turnaround time. 32:24 Now I will explain if it comes on a weekend 32:27 then our staff of course is not here on the weekend 32:30 but Monday morning we'll catch it right away, 32:32 even if it comes in on a fax machine or an e-mail, 32:35 we'll get it taken care of. 32:37 You know what's amazing about this 32:39 is that your money is going to minister 32:42 and bless people all over the world, 32:44 you know, I think about the message of 3ABN 32:47 and the gospel message, 32:49 the undiluted Three Angles' Messages 32:51 and as it goes around the world 32:52 and when you put money in with 3ABN, 32:56 whether it's a cash trust or an annuity 32:58 that that money is going to further the gospel 33:01 and it's blessing you, 33:03 so to me that's a win-win situation 33:05 and just think someone my age could get 4.5% 33:09 I mean that's almost unheard of, 33:11 so that's incredible. 33:12 Does that percentage go up and down 33:14 based on the market. 33:15 I know you said attorney Benton that the annuity is fixed. 33:18 But with the percentage with the cash trust, 33:21 does that writhe with the market? 33:22 And let me explain a little on that too 33:24 is that fluctuates by the month. 33:28 We're quoting an annual percentage rate. 33:31 How do you come up with an annual percentage rate? 33:33 You take 12 months of interest, you add it up, 33:37 you divide it by 12 and now you have the... 33:39 That's your average. 33:41 Yes, the annual percentage rate comes out. 33:43 So if you're thinking a check is going to always be 4.2% 33:46 it's not one month it will be 1.3 33:51 another one could be 2.6 it could then jump to 4.2 33:55 and back down to 1.4. 33:57 And I remember one December when it was 9 point something. 34:00 Yes, yes. 34:01 And we had phone calls people calling us saying, 34:04 "We think you made a mistake our check is almost double, 34:07 that was such a lovely Christmas surprise." 34:10 I remember back when, 34:12 remember when the market really took a nosedive 34:15 and so many people got in really bad financial straits 34:19 and during that time 34:21 because we are conservative in our investing, we maintained 34:26 and our people didn't lose any money. 34:28 We can honestly say that, I can still say that. 34:30 Yes, yes. 34:32 So they're not in high risk investments then, 34:33 would that be accurate? 34:35 Mm-hmm. Okay. 34:36 It is really very well planned out. 34:38 Yeah, I wrote down something 34:40 we were going to discuss self administered trusts. 34:44 Who was going to discuss? 34:46 Okay, now that's our property trust 34:47 and you can all help me 34:49 kind of put a little bit of this together. 34:52 If you have property, 34:53 it's a good idea to put everything together 34:56 so we offered the cash portion, cash trust portion, 35:00 the Property Trust, 35:01 which is our actually what we call S-A-T SAT, SAT 35:08 so if you're looking for a SAT on your property 35:11 that means you're going to self administer your trust, 35:13 but we're going to guide you all the way through it. 35:16 We're going to have 35:17 the attorney plan out your documents 35:19 and have those all fixed for you, 35:22 based on what you want in it. 35:25 And then there might be extra things 35:26 that you will, we will ask you to put there, 35:28 that's a good idea, that might be automobiles, 35:32 collectables, furniture, estate sale, 35:36 if that's what you want when you pass away 35:39 and all this will feed into your trust. 35:42 And if all of this is already listed 35:44 and you keep it up-to-date with us, 35:46 then we can move right through the process 35:48 so your property is very valuable to 3ABN 35:51 and to your trust, 35:53 and if you've named beneficiaries 35:55 this would be the way to divide up the money 35:58 between your children and 3ABN 36:01 and we will come right there to the house, 36:03 we will take care of all the closing, 36:05 we will have the estate sale if needed and you say, 36:08 "Oh, I don't want you to have an estate sale 36:09 because Suzy is going to get my baby grand piano." 36:13 And now, Jill, 36:14 if that was your baby grand piano coming, 36:16 you would definitely want your baby grand piano. 36:19 So mom and dad... You better believe it. 36:21 I need my piano. That's right. 36:23 Make a list of what you want your children to get, 36:27 that's your gift to them, 36:29 after that everything will be in your trust, 36:32 we'll do an estate sale, 36:34 and also sometimes people leave us request, 36:38 would you ask the church members 36:40 if there's any families who need furniture, 36:44 dishes, plates, silverware, anything, pots and pans. 36:48 Sometimes we work that detail out, 36:50 so you can see we are very varied 36:52 in what we can do. 36:54 Yeah, I recall the time 36:55 that we were interviewing a couple 36:57 that had put everything in trust 37:00 and what the gentleman said, spoke to me so loudly he said, 37:04 "When we got everything in the cast trust he said, " 37:08 I was so relieved, 37:10 it wasn't my concern anymore, it wasn't my headache anymore, 37:14 it was 3ABN's from now on, 37:17 they are the one 37:18 that will take care of everything, 37:21 I don't have to concern myself, 37:22 my children don't have to concern themselves, 37:25 at my passing everything will be taken care of for them. 37:29 "Oh, what a relief to have that off of me." 37:31 It is a relief, it's a big sigh of relief. 37:34 Yes, and when people call in sometimes and ask questions 37:38 and when we explain the Living Trust, 37:41 they'll say, "Oh, you know, my family, 37:45 my kids are always so worried" because, you know, 37:48 families today don't live close to each other, they'll say, 37:51 "I have one daughter in Oklahoma 37:52 and I have another one in New York 37:54 and I live in Arizona..." 37:55 and they say, oh, they won't have to, 37:56 they're not going to be burdened 37:58 with trying to settle the estate 37:59 or they're going to like this. 38:01 All they do is get the... 38:05 When things are divided up, they receive and it's... 38:09 We certainly don't make that decision 38:11 whatever those parents say, 38:13 what that is exactly what 3ABN does. 38:16 And sometimes parents start out by saying, 38:19 we want the child to have this 38:22 or two children are going to share the house 38:25 as years go along they think 38:28 now these two children 38:29 really aren't going to be staying in this house, 38:31 they now have their own furniture, 38:33 their own home, their own children, 38:35 and we need to change it, 38:37 we do offer the amendments where ever needed 38:40 you are doing a self administered trust 38:43 on property. 38:44 So that means you call us and we work through the details 38:48 and we have our attorney rewrite an amendment for you, 38:51 to write an amendment for you. 38:53 So it can always properly reflect what you want. 38:57 That's right. 38:59 Can I ask one question, is there a minimum, 39:00 I know we talked about the minimum for annuities, 39:03 I think you said 5000 for single, 39:06 but what about for of the cash trust 39:09 or for the property trust, is there a minimum or more... 39:12 Sure. Go ahead. 39:13 There's a $10,000 minimum 39:15 if yours just having a single account, 39:17 if it's a joint account then it's a $20,000 minimum. 39:23 You can add any amount you want to, 39:24 and once you have it set up, 39:26 that's the minimum you can put in, 39:29 you can put in a lot more too but you can, you know, 39:32 after that you can put in a $100, 39:34 you can put in a $1000. 39:36 We had a lady that needed hearing aids 39:38 and she needed them right away 39:40 and I never put away $3000, $4000 for hearing aids 39:44 so she borrowed it 39:46 and then she slowly paid back until she put it all back in, 39:49 and that's when she learned that she could put money in 39:51 so she keeps giving us more so that does happen. 39:56 Well, we've got other instruments 39:57 we wanted to look at and one is a will. 40:00 Nancy, were you going to talk about Wills? 40:02 Yes, if you have property then a trust is the way to go, 40:06 but if you don't have property, if you have cash 40:09 maybe a couple of different checking accounts 40:11 or savings accounts and, 40:13 and you want to even retirement accounts 40:18 whatever then, then a will is proper in that, 40:22 you can list who you want your beneficiaries to be and, 40:25 but the one thing about a will 40:26 as Mr. Barry Benton said it's gonna go through probate, 40:31 so if you have any property at all 40:34 then we say the trust 40:35 that does not have to go through probate 40:37 but Wills are nice just 40:38 because you can list your beneficiaries 40:40 and it's taken care of that way, 40:42 but you do have to name an executor 40:45 and the executor has to take it through the court system. 40:48 But if you don't have any property 40:50 and you have lots of things you want to list specifically, 40:52 go to certain people or percentages 40:54 go to certain people 40:56 then the will is what you'd need. 40:57 And we want to bring out too, Nancy, 40:59 that when people are doing these, 41:03 they need to keep us posted on when their children move... 41:07 Yes. 41:09 And where they've gone to 41:10 and their phone numbers and new addresses, 41:12 but kids you need to tell us also 41:15 where did you put mom and dad? 41:17 Did you put them in retirement living? 41:18 Did you put them in a nursing home? 41:21 We need to know these things 41:22 otherwise we can't sell your plan at all, 41:25 we're stuck until we can get more information. 41:28 And it's wonderful we do send out wallet cards 41:32 and keep those in your wallets 41:34 and that is something that says, 41:36 "When I pass away 41:37 please contact Three Angles Broadcasting 41:40 because I have a document with them." 41:42 So then we are able to take care 41:44 of your closing of your trust 41:47 and also your charitable intent to the Lord's work. 41:50 If we have to lace 41:52 and we don't get that right away 41:54 then the money doesn't get here for the ministry. 41:57 And now you're going to tell me what a POD is? 42:02 The POD, okay. 42:05 A POD. 42:07 A POD, okay, we have fun with this one 42:09 because we tell people, 42:10 you'll need to go to your bank and get a POD, okay, 42:14 I'll go to my bank and I'll get a POD. 42:16 They get there and the cashier says, 42:17 "A POD, I don't know anything about POD." 42:22 Well, then just tell him we would like to have the form 42:25 to fill out that when we die 42:27 any money that we have here in your bank 42:30 who we're going to give it to, 42:31 we're not going to leave it for you, sorry, 42:33 but we're not going leave it for you, 42:35 we have intent 42:36 so we need to put that down somewhere. 42:38 Many, many people have no idea 42:41 who they assigned their money in the bank to when they die. 42:46 Some say, "I think I did that, 42:49 I don't know who's going to get it." 42:51 Stay current and if you want us to be the ones to help you 42:54 stay current, 42:55 we'll be happy to do that for you 42:57 but we need your first pay on death, POD. 43:02 It seems to me like every one of us 43:04 ought to have that in place. 43:05 Yes. Oh, yes. 43:07 And yet so many don't. 43:08 I went into the bank 43:10 after I started learning all this 43:11 and I did ask, I said, if we, 43:13 if my husband and I passed away, 43:15 where does the money go? 43:17 And she said, "Oh, it goes into your estate." 43:19 And I said, "Will, my daughter get it?" 43:22 You know, "No it goes into your estate." 43:26 So would that mean that they have to, 43:28 she'd have to take it to court to get the money? 43:30 The Probate Court that's, yes. 43:32 But if Nancy put down that her daughter got it 43:36 then you would have to let your daughter know 43:38 I'm assuming... 43:39 Yes. 43:40 But then all Kelly would have to do 43:43 is go to the bank and withdraw the money, 43:45 because it's hers. 43:46 It would be pay on death to her. 43:48 Okay, those gave POD... 43:49 And we've got several open accounts right now 43:51 where people didn't do it 43:54 or they move their bank account to a new bank 43:57 they always thought they have it, 43:58 a POD doesn't travel with you, 44:00 that's to the bank where you had your money 44:02 and then you move it somewhere else 44:04 or you move out of town go to a new bank 44:06 go immediately and do a pay on death. 44:08 So that pay on death 44:10 should be in place for everybody, 44:11 it doesn't matter what your age is. 44:13 That's right. 44:14 That sounds like a wise thing to do. 44:15 Well, we need now to learn how to develop the documents. 44:19 We've learned what's the documents are, 44:21 we looked at annuities, we looked at trusts, 44:25 we looked at Wills, 44:28 and we told you what to do about that POD. 44:31 Now, how do we develop those documents? 44:35 Okay, what we do is when you call in 44:37 the first thing we do is ask you questions, 44:39 your date of birth is very important 44:42 because that is a vital part of this. 44:45 We also need your social security number, 44:47 the reason being that when you earn interest 44:51 that needs to be reported on your taxes, 44:53 so we will send you your tax forms every year, 44:56 so we do need those. 44:58 Also we will go through an application 45:01 with each person, 45:03 we will carefully help you fill out all the pages. 45:08 There's about seven or eight pages 45:10 whether it's a cash or property that you'll be filling out. 45:14 Talking about the trust. 45:16 Yes, the applications will be filled out. 45:18 The other name for an application 45:19 is the attorney's worksheet. 45:21 Okay. 45:22 So we're getting all the information together 45:25 and then the attorney is going to build that document 45:27 that looks good, reads great, 45:29 and then you're going to sign it, yes. 45:32 So you fill out all of that information 45:35 and then you send it to our attorney. 45:38 Yes. 45:40 We help them through it 45:41 and what we do is we mail them a packet first 45:44 and then we're on the phone, 45:45 and if they aren't sure what needs to go there 45:47 we help them understand 45:50 what needs to be filled in there. 45:51 Okay, so the filled out application 45:55 or the filled out document is submitted to 3ABN's attorney 45:59 whether it be Barry Benton or Wesley Westfall, 46:02 we send those documents. 46:04 Now, when those documents are sent to our attorneys. 46:09 Barry, whose attorney are you at that time 46:13 when you receive that document? 46:15 Who are you working for? 46:17 Well, actually I'm working for both. 46:19 Okay. 46:20 And has to be explained 46:22 that particularly with husbands and wives for example 46:25 that they can have their own attorney 46:27 should they decide to do that, 46:28 so everybody should have the right 46:30 to consult another attorney 46:32 that is not the attorney for 3ABN for example. 46:36 I'd like to add something to all of this. 46:38 Yes. 46:39 The motivation to get started mostly come from you ladies, 46:42 it's not from the man. 46:43 I would say 75 to 90% of all the estate plans, 46:47 all of the energy, the motivation come from women, 46:51 because you tend to be more security oriented 46:54 than us fellows. 46:55 You guys are always faster than we are. 46:57 When I was a kid, 46:58 the girls were always fastest in the class 47:00 and, you know, law school now there's... 47:02 Most law schools have, 47:04 more than 30% of the law students are women. 47:07 I didn't know that. 47:08 And so we... 47:10 This country has changed and I would say 47:12 that you women 47:14 need to take some of these thoughts 47:16 and decide yourself what works for you 47:18 but to have a plan 47:20 because if you don't have a plan 47:22 your security and the security of your loved ones, 47:25 your children are in jeopardy. 47:27 Yes. 47:29 And it is so important that we figure these things out 47:31 because it's not Star Wars, 47:34 this is not, you can understand these, 47:36 these things are all easy to understand. 47:38 The documents are easy to understand, 47:40 and I would like to add something to this 47:43 in addition to these documents we've talked about, 47:46 now, we're going to talk about the power of attorney 47:48 for business purposes and the healthcare powers 47:51 is that would you like to be, 47:53 you know, something about that? 47:54 Sure, go ahead. 47:56 For business purposes, 47:58 for example my mother-in-law 91 years old, 48:01 91 years of age next month 48:04 and she has the onset of Alzheimer's 48:07 so she has given a power of attorney 48:11 for business purposes to my sister-in-law 48:14 for her to handle the business for her. 48:16 Okay. 48:17 And my wife has since she's a nurse 48:19 she has the healthcare power so even if you're disabled, 48:23 there are documents that you can use 48:25 that conduct your business for you should 48:27 you not be able to conduct it for yourself. 48:30 Yes. 48:31 And so with the Will and the Revocable Living Trust 48:35 and virtually every case we handle we recommend 48:38 that you have a business power of attorney 48:41 to handle your business should you either 48:43 have the onset of a mental disability 48:46 or the children is not present. 48:49 So that takes care of the business persons 48:51 and then you have a healthcare power 48:53 that makes the healthcare decisions 48:55 for you should you not be able to make them for yourself. 48:59 Okay, that's very good counsel, good information to know. 49:03 And I will add to that there when they call into our office 49:07 we have strict confidentiality. 49:10 Amen, yes. 49:12 We are not going to release information to anybody 49:15 that you didn't want it to go to. 49:17 So if you want your child to know about things 49:20 when you're older definitely, 49:23 definitely list them as your power of attorney 49:26 so that when they call in we'll say, 49:28 let me check your file, yes, we have power of attorney 49:31 for your son or your daughter, then we can talk to them. 49:34 Right. 49:35 So that is really, really important. 49:37 This is our Trust Services department, 49:40 you can trust us. 49:41 That's right. 49:42 Everything is very confidential and something that I wanted 49:45 and asking Barry who does he work for? 49:48 And he said very honestly he works for both, 49:51 but when he is taking care of your documents, 49:53 when he is preparing things for you, 49:55 he's working for you, he's making sure 49:58 everything is done legally and accurately 50:01 and that you are signing an instrument 50:04 that will carry out your wishes to the fullest 50:08 and here is something that we always consider 50:10 the beauty of it 50:12 is that it doesn't cost you anything, 50:14 we take care of all of the financial responsibility 50:18 to make sure that once you get these documents in place, 50:22 signed and you're going, shoo, got that taken care of, 50:26 it hasn't cost you anything, has it Earlenne? 50:28 Right, hasn't. 50:30 No. 50:31 It's taken care of, we take care of it 50:34 and the love of God asked us to do that 50:37 because they are giving a gift to God, 50:40 they're always giving a portion of any document 50:43 to Three Angles Broadcasting. 50:45 Yes, so often what we see here is 50:48 people making provision 50:51 for their children and for others 50:53 as well as for the kingdom of God 50:55 so that at their demise, 50:58 the kingdom of God continues to grow, 51:00 their children are taken care of, 51:02 their grandchildren, 51:03 and, Jill, you were saying something, 51:04 I think I interrupted. 51:06 No, you're good, I was just going to say 51:07 our Trust Planned Giving and Trust Service department, 51:10 there are precious men and women of God 51:12 and they have a beautiful spirit 51:14 just whenever I talk to them 51:15 so I know if you call and when you call, 51:18 we don't want to say if, we want to say, 51:20 when you call 51:22 that you're going to be well taken care of. 51:24 That right. 51:25 And if you would like to get in contact 51:27 with Earlenne or with Nancy 51:29 with our Trust Services department, 51:31 we are going to give you that contact information, 51:34 get your pencil, get your piece of paper, 51:36 write this down and give us a call. 51:40 If you would like to know more about Trust Services 51:43 or if you have any questions for Roy or Earlenne, 51:46 then you can write to 3ABN Planned Giving 51:48 and Trust Services, 51:50 PO Box 220, West Frankfort, Illinois 62896. 51:55 That's 3ABN Planned Giving and Trust Services PO Box 220, 52:00 West Frankfort, Illinois 62896. 52:03 You can call 800-886-4800. 52:07 That's 800-886-4800. 52:10 You can visit them online at 3abn.tv. 52:13 That's 3abn.tv, 52:16 or email TrustServices@3abn.org. 52:19 That's TrustServices@3abn.org. |
Revised 2017-05-11