Planning for the Unexpected From CBN

In the context of estate planning, the risks of loss are greatest in times of transfer, be it wealth transfer, through gifts or bequests, or power transfer, through a succession event. If these  scenarios aren’t properly planned and executed, a lifetime of work and wealth  accumulation can be undone in an instant. Estate planning can be extremely complicated, and the consequences of handling it poorly  can be costly to your loved ones or intended beneficiaries. Start by Taking Inventory of your Assets It takes time and effort to make a list of your property, but identification of your assets is very important. Values are also important and estimates need to reflect the potential reductions for liabilities. Your list of major assets should show how title and ownership is held. Customize the Plan There’s no single estate-planning template. Each plan must be customized to fit the individual and the family needs in order to maximize its effectiveness. Talk to your Family about the Future Your family needs to know what’s in store. Especially since inheritance can be a loaded issue. Be as upfront as possible about your intentions, to help alleviate conflicts after  you are gone. The Blended Family Second marriages present estate planning challenges which can be met with a combination  of good communication and smart planning. You each may have property and other assets  you've brought to the relationship. You will want to provide for your spouse's needs,  while ensuring that your property ultimately will go to your children. Find an estate  planning attorney in your state with experience in blended families to guide you all the  way to a completed plan. DIY Wills aren’t the Answer Don’t attempt to write a will yourself. It’s too easy to make a big, costly mistake. Guardianships Naming a guardian for children who are minors is essential, but perhaps even more  important is notifying the potential guardian and others of your intentions to avoid conflicts  in the future. Don’t Stop with a Will A simple will may not be sufficient in terms of a complete estate plan. Determine if a living  trust is also necessary. Some major advantages of the trust: (1) The trust is revocable (2) The trust is private (3) The trust avoids the probate process (4) There can be provisions for medical care and managing assets Assign a Successor Executor & Trustee Since every will must have at least one executor and every trust must have at least one trustee,  it's a good idea to name a successor executor or trustee in your estate plan, in case the original executor or trustee passes away. Fund the Trust A revocable living trust is only effective if its assets are properly funded. In order to fund a  trust properly, you need to make sure that all of your trust assets are titled in the name  of the trust. Keep your Plans up to Date An estate plan isn’t something that can be done once and then put in a drawer and forgotten.  It has to be constantly updated and reevaluated because laws, objectives, and people, change. Using your Estate Plan to Create a Christian Legacy A good estate plan can indeed create a legacy for family and the Lord’s work, giving added  meaning to your life. The estate plan can provide specific instructions to use property the  Lord entrusted to your care to lift up those in need. Paul spoke to those in Corinth and said, “Now he who supplies seed to the sower and bread for food will also supply and  increase your store of seed and will enlarge the harvest of your righteousness.  11 You will be enriched in every way so that you can be generous on every occasion,  and through us your generosity will result in thanksgiving to God.”     2 Corinthians 9:10-15 (NIV) Create a Legacy Please let us know if you have considered CBN for a Legacy planned gift.  We want to personally thank you and let you know how much we appreciate your  support. Your gift will help CBN continue its mission to impact the world with the  Gospel of Jesus Christ. “A charitable bequest or beneficiary form designation are excellent ways to create a  lasting legacy.” Free Will and Trust Guide Kit: Request by e-mail to Frank.Nico@CBN.org Your legacy gift supports the CBN Family of Ministries through mass media,  primarily  television broadcasts and digital media, and humanitarian projects: The 700  Club and other CBN TV programs worldwide, CBN News, CBN prayer centers,  Superbook animated Bible series, Orphan's Promise, CBN Israel, U.S. and  international humanitarian and disaster relief aid through CBN International and more. The Leave A Legacy estate planning presentation by attorney Suzanne Pennington  can be viewed at www.CBNLegacy.org If you have a question or would like more information please e-mail me at Frank.Nico@CBN.org  or call our toll free number at 1-800-333-2373.