2nd Qtr 2024 Legacies Newsletter

LIFE ESTATE GIFTS:

Home, Sweet Forever Home

Margaret sat quietly in the back row of her Sunday school class, listening intently as a representative from the United Methodist Foundation of Louisiana explained various charitable giving options. Widowed for three years now, Margaret had been pondering over how she could give back to her church, which had been a cornerstone for her and her late husband, Charles, throughout their lives. They had raised their three children there, and it had been a sanctuary through countless trials and celebrations.

As the speaker continued, a term caught Margaret’s attention: “life estate gift.” She leaned forward, her curiosity piqued. The concept was simple, yet profound—she could donate her home to the church, receive a tax deduction, and still reside there for the rest of her life. It was an idea she had never encountered before. Their beloved home could continue to be her home, yet also serve a grander purpose after her time.

The thought of leaving the largest gift she had ever made to her church filled Margaret with immense joy. It felt right, like a natural continuation of her family’s legacy. After the class, she approached the representative to learn more.

Over the following weeks, Margaret met with her attorney and the representatives from the Foundation and made the life estate gift a reality. It was almost too good to be true. Not only did she reap the benefits of living

in the home and the tax deduction, but the Foundation charged nothing for establishing the gift—not even legal fees! Most importantly, her gift would significantly benefit the church that had been her family’s support network for so many years, enabling it to thrive and assist others, forever.

Her children, all grown and with families of their own, supported her decision, understanding the deep spiritual and communal connection that their mother felt towards the church.

That gift was made years ago, but Margaret still enjoys her mornings in the sunlit kitchen of the family home. As she drinks her coffee, she is content in the fact that after her lifetime, the gift of her house will ensure ongoing ministry and support for the church she loved.

Understanding Life Estate Gifts: How Do They Work?

Board of Trustees

Bobby Fahey Chairman

Abby Cochran

Rev. Clifton Conrad

Rev. Jo Ann Cooper

Joe Crouch, Jr.

Omer Davis

Drew Kennedy

Bob Kimbro

Sandra Kuykendall

Eunice Val Lavigne

Richard Lewis

Rev. Mimi McDowell

Sen. Willie Mount

Troy Searles

Rev. Drew Sutton

Dianne Wilkinson

Chris Spencer President

A life estate gift is a charitable giving strategy that involves donating a property to a charity while retaining usufruct, the right to use it, for the rest of your life or a specified term.

How Does a Life Estate Gift with the Foundation Work?

1. Donation Agreement: The donor executes a deed transferring the property to the United Methodist Foundation of Louisiana but retains a life interest. This means the donor can continue to live in the property or use it as they did before the donation.

2. Continued Responsibilities:

Contact Us:

8337 Jefferson Hwy. Baton Rouge, LA 70809

Phone: (225) 346-1535

Email: information@umf.org

Web Addresses: www.umf.org www.umfgiving.org

Legacies Editor: Kelly Johannessen kellyj@umf.org 2024

Although the Foundation would own the property, the donor is responsible for all maintenance, taxes, and insurance on the property during their lifetime. However, in Louisiana, the donor no longer pays property taxes after donating the property.

3. Tax Benefits: The donor can receive a charitable tax deduction based on the value of the remainder interest that the Foundation is expected to receive.

4. Property Transfer: Upon the death of the donor, or at the end of the specified term, full ownership and control of the property transfers to the Foundation, which then sells the

property and uses the funds to create an endowment that benefits a church or ministry of the donor’s choosing, forever.

Benefits of

a Life Estate Gift

• Tax Advantages: Donors receive an immediate income tax deduction for the charitable portion of the property’s value.

• Estate Planning: This gift strategy can reduce the size of the donor’s taxable estate, potentially lowering estate taxes.

• Personal Satisfaction: Donors can know they have supported a cause important to them in a substantial way.

Life estate gifts offer a flexible way for donors to contribute to ministry while maintaining use of their property during their lifetime. This provides significant tax benefits and ensures that the donor’s philanthropic goals are met, even beyond their lifetime.

Find out more about life estate gifts at www.umfgiving.org. Click on How to Give/Life Estate Reserved. Or, call the Foundation office at 225.346.1535.

savvy LIvIng

Health Travel Tips for Travelers

Dear Savvy Living,

We have been looking forward to traveling, but my spouse has a heart condition and back problems. What tips can you offer those with health issues who are planning to travel?

A dream vacation can turn into a nightmare if you get ill or injured while you are away. Before traveling, here are some tips to ensure a safe trip:

Be prepared: Talk with your doctor about your travel itinerary and what precautions you need to take. Have your doctor’s contact information with you when you travel, as well as a list of your medications in case you need emergency medical care while you’re away.

Locate health clinics or urgent care facilities near the areas you are visiting. Your hotel can help you with this or a simple internet search can identify nearby health care services. If you are traveling abroad, the U.S. consulate or embassy in the countries you are visiting may help.

For travel outside the U.S., find out the conditions in the countries you are visiting and what, if any, vaccinations are recommended. See CDC.gov/travel or call 800232-4636 to get more information.

Check your insurance: If you have private health insurance or a

Medicare Advantage plan through an HMO or PPO that covers innetwork doctors only, check your plan to find out what is covered should you need it outside of your geographic area.

Beneficiaries that have original Medicare are covered across the U.S. However, if you are traveling abroad, coverage is typically not included, except for rare circumstances. Nevertheless, some Medicare Advantage plans and some Medigap supplemental policies do provide limited coverage. Most private health plans do not pay health care costs outside the U.S. It is advisable to verify coverage details prior to travel.

Many individuals traveling abroad purchase travel insurance with medical coverage. These policies can include reimbursement if there is a trip cancellation, payment for medical treatment received overseas or costs for medical evacuations. Be sure to consider preexisting conditions. Organize your medications: Make sure you have a sufficient

supply of medications to last the entire trip. If traveling by air, you should pack necessary medication in your carry-on bag, in case your checked luggage is lost. Keep your medications in their original packaging to get through airport security without delays. Additionally, carrying a note from your doctor that explains why you take these medications, especially if syringes or other medical supplies are involved, would be advisable. For airport security requirements, visit TSA.gov – and click on “Disabilities and Medical Conditions.” Or call TSA Cares at 855-787-2227 prior to traveling with questions about screening policies, procedures and what to expect at the security checkpoint.

Maximize technology: Keep a list of your medications and other important health and medical information with you or on your smartphone to easily access and share with emergency health care providers when you are traveling.

Living book.

“Savvy Living” is written by Jim Miller, a regular contributor to the NBC Today Show and author of The Savvy

“Where Faith and Money Come Together”

8337 Jefferson Hwy. n Baton Rouge, LA 70809

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Foundation News

The Foundation is pleased to announce the election of three distinguished women to its Board of Trustees. Elected at the Foundation’s 49th Annual Meeting on April 16, Abby Cochran of St. Francisville, Rev. Mimi McDowell of Shreveport and Sen. Willie Mount of Lake Charles will begin their three-year terms in August.

As these ladies were welcomed onto the Board, we also expressed our gratitude to those who have completed their service: Rev. Doug deGraffenried of Ruston, and L. Nettles Brown of Natchitoches. Brown served 13 years on the board, including a term as Board Chair from 2016-2018.

The Annual Meeting and Luncheon was a festive gathering of faith, friendship and flourishing together at the LSU Lod Cook Alumni Center in Baton Rouge. President Chris Spencer recapped 2023 with a review of the Foundation’s Annual Report, and former Board Chair Frank McArthur, philanthropist, volunteer fundraiser and community servant, delivered the keynote address: an uplifting, humorous testimony of generosity. The Foundation’s 2023 Annual Report is available to view on our website at www.umf.org/publications.

Abby Cochran Rev. Mimi McDowell Sen. Willie Mount

A heartfelt thanks to L. Nettles Brown, (center) recognized at the Foundation’s Annual Meeting in April for his 13 years of service to the Foundation Board, including a term as Board Chair, 2016-2018. Shown with President Chris Spencer (L) and Board Chair Bobby Fahey (R).