Summit Life Today

Lucy Van Pelt was probably right (even though she could be quite obnoxious while being right!). Remember when Lucy and Charlie Brown ponder Christmas gifts?  Lucy complains that she only receives gifts of clothes or toys.  To her, this is depressing.  Lucy shares that the gift she really wants is…REAL ESTATE! Lucy is wise beyond her years.  Our real estate—whether it is our home, farm land, vacant land, or other types of real property interests—may be an incredibly valuable element of our estate and tax planning for our charitable giving and to produce income and tax benefits during our lifetimes.

You may give land to an eligible church or charitable organization and receive the fair market value of the property (appraisal requirements from the IRS apply) as a tax deduction if you itemize.
Also, did you know you may retain a life estate interest in your home, continue to live there, give the remainder interest to church or charity to pass your home at your death…and receive a fair market present value of that remainder interest as a tax deduction?  This also avoids probate as the property passes directly to the designated charitable beneficiaries.

Finally, do you have real property that isn’t producing much income?  A solution may be to transfer that property to a charitable remainder trust (CRT), receive an income tax deduction, bypass any capital gains, and have the CRT trustee sell the property in your CRT.  The proceeds can then be diversified and invested wisely to produce an annual stream of income for your lifetime from your CRT.  What’s left in your CRT at your passing goes to the church or charity you designated.

Real Estate—-it’s been said that God isn’t making any more of it; however, what He made and what property you own can be incredibly important and valuable in your planning process during your lifetime and at the time we graduate to eternal life.

Please contact us anytime for brochures that describe these planning techniques and if you’d like to discuss how your real property can fulfill your charitable, income, and estate planning goals or for a referral to an attorney or financial professional.  Thank you (and thank you, Lucy)!

p.s.:  Want to have an immediate and constant impact for your stewardship at Summit Leadership?  Please consider becoming an Exodus 17 Sustaining Partner at $17, 30, 50, or more monthly.  It’s easy—you may sign up on-line at https://www.summitlife.org/donate  May God Bless You!

Will the CARES Act Boost My Tax-Wise Charitable Giving This Year? (Yes, in Three Ways!)

During the COVID-19 pandemic, we pray unceasingly for those individuals and their families who have contracted or passed away with this virus.  We also remember those serving tirelessly on the frontlines of healthcare.  Certainly, we’re all sensitive for those who have lost jobs, been furloughed, or seen their work hours reduced.

As this global crisis continues to unfold, one steadfast course of action for serving people is clear for Summit Leadership Foundation and our corporate and nonprofit partners:  the on-going ministry of caring for and encouraging others is absolutely critical—and our efforts must be sustained.  To provide a boost for these objectives, the Congress and President Trump enacted key provisions of the CARES (Coronavirus Aid, Relief, and Economic Security) Act to encourage your charitable gifts this tax year.

“Good Courage” (SLT 67)

“Courage is not simply one of the virtues, but the form of every virtue at the testing point.” ~ C. S. Lewis

Courage is not the absence of fear.  Courage is the determination to not let fear stop you.  People with courage do it afraid.  “Good Courage” is a faith-driven boldness.  Faith always overcomes fear.  If you desire to be a courageous leader who overcomes fear and uncertainty to get the job done, become a faith-filled leader.  Be of good courage and lead with confidence.

“Faith is the strength by which a shattered world shall emerge into the light.” ~ Helen Keller

Physical strength can be impressive.  Have you ever watched one of those Strong Man Competitions where huge men lift cars, pull buses and throw large barrels over a wall?  Their physical strength is something we admire, but most of us aren’t very interested in being able to do what they do.

It’s much different with “inner strength”.  People with inner strength are not only admired by others, but they also possess an attribute that most people desire for themselves.  Two women of amazing inner strength mentioned in the Bible are Naomi and Ruth.

As many of us self-isolate now in and around video conferences, texts, emails, or telephone calls, this could be an opportune moment to review your estate plans (especially if that yellowed, Last Will and Testament gathered an inch of dust, and yes, it states your long-grown, years-away-from-living-with-you adult children should be placed under the guardianship of Aunt Martha and Uncle Herb).