Editor’s note: After a recent LifeWay Research study showed that most churches aren’t providing estate planning assistance to their congregations (see the Courier’s article, “Estate planning untapped tool for SBC churches,” Feb. 14), the South Carolina Baptist Foundation requested the opportunity to provide information that might be helpful to South Carolina Baptist churches. Here is the foundation’s response:
Clearly, estate planning provides opportunities for significant gifts to our South Carolina churches and ministries, but as a recent LifeWay Research study indicates, estate giving is often ignored as a giving option in our congregations.
Educating and encouraging individuals to use their estate assets as a giving tool has been the mission of the South Carolina Baptist Foundation since its inception in 1950. Yet, after 63 years of encouragement, only a little more than 8.5 percent of churches in our state benefit from endowment funds through the foundation.
“In dealing with congregations in the area of estate planning, we find that many individuals never considered a gift through their estate simply because no one ever asked,” said Valerie Rumbough, executive vice president of the foundation. “Giving of your tithe is heavily focused on the pocketbook, yet shouldn’t the increase in the value of your home or other assets you’ve accumulated over the years be considered when your tithe is discussed? Those accumulations of blessings make up an estate plan, and a tithe of those assets can be significant.”
Estate planning isn’t just about giving – it’s about making a difference. Most estate gifts are impact gifts, creating opportunities for meeting significant ministry needs in our churches from capital improvements to ministry plants. As the LifeWay Research study indicates, pastors definitely see the benefits estate giving can bring to their churches, yet four out of five surveyed had provided no resources to encourage their congregations in the area of estate planning in the past year.
“Simply having the resources available to encourage legacy giving is a good first step in getting the conversation started,” said Rumbough. “A brochure in the rack or a reference in your newsletter may capture the attention of someone who never even considered a legacy gift as an option.
“The foundation provides these and other resources to assist churches in approaching the subject of legacy giving. It doesn’t matter to us whether an individual wants to give an outright gift to your church or wants to endow a gift – we just want our churches to have resources to advance the kingdom. And we know that legacy giving can provide significant resources.”
In an effort to provide additional assistance in the area of estate planning, the foundation last year contracted with PhilanthroCorp, a Christ-focused estate planning firm that works with other state foundations as well as churches and Christian para-church organizations. This service provides estate-planning consultation and plan drafting at no cost to the individual.
“PhilanthroCorp works with the individual or couple from the beginning of the plan through the conversation with an attorney,” said Barry Edwards, foundation president. “My wife and I went through this process and found it to be Christ-centered, thorough, and very comfortable. The final documents must be drafted by an attorney, but having a drafted plan can help reduce fees. If an individual doesn’t have an attorney, PhilanthroCorp can refer the client to a local network attorney.”
Through the foundation’s partnership with PhilanthroCorp in July 2012, more than $4.2 million in future gifts to Baptist churches and ministries has been identified, with an average of more than $185,000 per gift.
“Education is essential,” said Rumbough. “It’s thrilling to see people get excited about their potential for giving to their church through their estate plan. When we share with congregations, you can sometimes see the light bulb turn on. They think, ‘I can do this. I can make a real difference.’ The opportunities are there, but we must share them or they will be lost.”
The South Carolina Baptist Foundation provides printed resources and seminars to educate congregations in the area of legacy giving. Additional information can be found on their website at www.baptistfoundationsc.org.