PERMANENT FUNDS

1,620 Diapers & 4,480 Wipes Purchased for Teen Parent Connection

An Endowment Ministry at Knox….

As Christians, we are called to be faithful stewards of all God’s gifts. Since 1960 Knox Presbyterian Church faithfully has carried its passion for mission and ministry into the community and throughout the world.

We pray that the Knox Presbyterian Church Endowment will make it possible to nurture this ministry far into the future through a planned giving program. Gifts assure not only a legacy of generosity in support of the church, but will inspire future generations to learn, grow, and serve as followers of Jesus Christ.

RECENT ESTATE TAX LAW CHANGES - KEEP YOUR ESTATE PLAN CURRENT

The Chicago Presbytery designates a “Wills Emphasis Sunday” to remind Congregation members of the importance of having a will and keeping it current. Reviewing your will and estate plan, its implementation, and its documentation on a regular basis is always a good idea. This is critically important now as the New Year ushered in changes to both federal and Illinois estate tax laws. The new federal estate tax exemption of $5 million was well publicized by the news media, but note that the $5 million federal exemption will return to lower levels in 2012 unless Congress takes further action.

Less publicized, but more stringent, was the reinstatement of Illinois’ estate tax in 2011. This tax increase imposes an estate tax on the value of property owned by a resident at death that exceeds $2 million. This value can quickly be reached since the taxable estate includes retirement accounts and life insurance proceeds. The new Illinois law also provides for married couples to be able to deflect the imposition of Illinois’ estate tax until after the surviving spouse passes away. Although in order to take advantage of this provision, special planning and documentation is needed.

These changes in estate tax laws can particularly impact people who have previously implemented living trusts as part of their estate plan. Moreover, people who own properties in states outside of Illinois have additional complexities to address in their estate plans. Even if you do not anticipate having to pay any estate tax, you need an estate plan to determine who will inherit what assets when you are gone. Additionally, without a valid will, the probate courts of the State of Illinois determine who will inherit your assets and who will be the guardian of your minor children.

The details of the recent estate tax law changes and potential future changes should be reviewed with your estate planning attorney or financial professional. As you do that, please consider estate sharing with Knox. Gift sharing to the Knox Endowment Fund assures not only a legacy of generosity in support of the Church but will ensure future generations have the opportunity to learn, grow, and serve as followers of Jesus Christ. Organized in 2006, the Knox Permanent Funds Ministry Committee has the dual roles of educating the Congregation about estate planning and informing them about estate sharing with Knox. If you have any questions about the Endowment Fund or estate sharing with Knox, please contact one of the committee members (Tammy Dusenberry, Kurt Dorr, Rick Elder, Barry Horek, Randy Johnson, Brad Knell, and Daryl Varney). It is strongly recommended to seek the advice of your attorney and/or financial professional in the estate planning process and in planning and executing the gifting or transfer of any asset to any charitable organization.

Have a Will. Keep it Current.