When considering your giving options, you might want to think about a charitable bequest--one of the easiest ways to make an impact for ministry.
With the help of an advisor, you can include language in your will or trust specifying a gift to be made to family, friends, or the ministry of your choice as part of your estate plan.
To learn more, visit our charitable bequests page on our website. We have providedsample bequest language on our website to assist you. You can also contact us at913.577.2983 or info@nazarenefoundation.org. To read more about our services, visitwww.NazareneFoundation.org.
Blessings,
Kenneth R. Roney, J.D.
President
Family Business Bailouts
Joe and June started Children's Clothing Company 30 years ago. They are now both age 65 and are interested in retiring. Their daughter Susan is currently the company president and their son Michael is the vice president of marketing. They have two other children, Spencer and Ellen, and both of them have decided to pursue other careers.
Children's Clothing Company is a C corporation. It has both voting stock and non-voting stock. There are 1,000 shares of voting stock and 20,000 shares of nonvoting stock. All of the shares are currently owned by Joe and June.
Children's Clothing Company struggled like many new businesses in the early years. However, they now have gradually increased their sales and opened four new clothing stores. The company has now paid all of its debt and has $800,000 in reserve.
Joe and June realize that they eventually will want to retire and transfer the business to Susan and Michael. After talking about this between themselves, they decided to visit with their attorney Linda. Before the meeting, they wrote down their three principal objectives. They would like to have secure retirement income, transfer the business to Susan and Michael and provide a fair inheritance for Spencer and Ellen.
Planning with the Advice of Attorney Linda
Joe: "Thank you for meeting with us Linda. As you know, we now are thinking about ways to transfer the business to Susan and Michael."
June: "Yes, both of them are doing well. Susan is a good manager and Michael has always had a gift for sales. We think it would be good if we could find a way to move the business to them - perhaps over several years. We don't want to give up everything at once, but it would be good to get that transfer started. Plus, we want to provide a fair inheritance for Spencer and Ellen. With the business and the number of years that Susan and Michael have spent building the business, they may end up with a larger total value, but the rest of the inheritance should still be fair."
Linda: "That's very understandable. A good concept is to give part of the business to Susan and Michael. The balance of your stock can be transferred over several years to a special trust. This trust has the ability to receive that stock and sell it tax-free back to the corporation."
Joe: "And so as we give part to Susan and Michael and then sell stock back to the corporation, they will need to make the business productive. That is good. They should learn how to run it and be successful. That will help them learn more about the business and I like the idea that they would earn part of their value."
June: "But how does this gift and trust work?"
Linda: "First, the gift. We can set up a special agreement called a family limited partnership (FLP). You can transfer part of your stock to the FLP. Because there are discounts for minority interest and lack of marketability, it will be easier to make gifts of that part of the business to Susan and Michael. We will need to have an appraisal every year and then you can make transfers of FLP interests to them."
Joe: "That's okay. I am open to that idea, but we are only going to use the non-voting stock with that part of the plan. June and I plan to hold on to the 1,000 shares of voting stock for a number of years."
June: "So that's the first part with stock going into the partnership and then being gifted to Susan and Michael. Tell me more about the second part, especially how the trust can give us a good retirement income."
Linda: "This trust has a special name - a charitable remainder unitrust or CRT. We could set up a trust that would pay you 5% for your two lives. Every year, you can make a gift of stock to the unitrust. The unitrust can hold the stock for two to four weeks and sell it back to Children's Clothing Company. You will benefit from an income tax deduction each year for about one-third the value of the gift."
Joe: "I can see why that would be great for us. We will get our tax deduction from that charitable trust and also receive good income. How does this help Susan and Michael?"
Linda: "There are great benefits both to you and to Susan and Michael. As you mentioned, Joe, you will receive a very good charitable deduction each year. But when the trust sells stock back to the corporation and receives cash, that stock is held as "treasury" stock by the business. You will give a portion of your stock to Susan and Michael through the FLP. Most of the rest of your stock will be transferred to the trust and then sold back to the corporation. We call that a redemption of the stock by the corporation."
June: "How long will this plan take?"
Linda: "Let's plan on three to five years. It will depend in part upon the success of Children's Clothing Company. The more cash flow that is produced each year, the larger the block of stock that you can give to your trust and then sell back to the company. If the business continues to grow and be successful, it may be possible to complete the plan more quickly."
The Plan in Action
Joe and June did set up a charitable remainder unitrust and a family limited partnership. They gave half of their non-voting stock to the FLP and started making a gift of shares of nonvoting stock each year to the unitrust. The same appraiser valued the stock for both the gifts of the FLP units to Susan and Michael and the gifts of stock to the charitable trust.
The charitable trust received about $400,000 per year of nonvoting stock. It held that stock for a few weeks and sold it to Children's Clothing Company. By making the gift of $400,000, Joe and June received a charitable deduction of around $140,000 per year. This saved a very substantial amount of taxes. Plus, when the stock was sold back to the company there was no recognized capital gain, saving additional taxes.
With the transfer of half the stock through the FLP and the gifts to the unitrust with stock redemptions by the corporation, Susan and Michael eventually ended up owning all of the nonvoting stock in Children's Clothing Company. Joe and June still held the 1,000 shares of voting stock and planned to leave a bequest of that stock to Susan and Michael.
Inheritance for Spencer and Ellen
Joe and June were pleased with the progress of the "charitable bailout" plan. They had a substantial retirement income from the trust and the stock in the business was being transferred to Susan and Michael.
But they wanted to fulfill their third objective and provide a fair inheritance for Spencer and Ellen. Because Joe and June were both in reasonably good health for age 65, they were able to set up an irrevocable life insurance trust and purchase life insurance.
They selected a whole life policy that will be funded over a number of years. Joe and June take some of their income and tax savings each year and make a gift to the trust. There is a special power that allows Spencer and Ellen to spend that gift for a period of 30 days. Because Spencer and Ellen eventually want to receive the insurance proceeds, they allow the funds to stay in the trust and then be used to pay the premium.
When Joe and June pass away, there will be no estate tax and no income tax on the inheritance for Spencer and Ellen. The insurance trust inheritance may not be exactly the same value as received by Susan and Michael, but that's acceptable in the view of Joe and June. Susan and Michael have contributed to the business for many years and the substantial insurance proceeds will be a tax-free inheritance for Spencer and Ellen.
Sunset Years for Joe and June
Joe and June turned 75 and they are enjoying their sunset years.
Joe: "This has been a good plan. We have our IRA, our Social Security and now are receiving excellent income from our unitrust."
June: "It's also been wonderful to watch Susan and Michael blossom. They have opened another store and the business is continuing to grow. I especially appreciate the fairness of the rest of the inheritance plan through the insurance trust. We have transferred our business to Susan and Michael, but still provided a very good inheritance for Spencer and Ellen. All and all, we can be very thankful that we had the opportunity to visit with Linda and create this 'charitable bailout' plan."
SAVVY LIVING
Social Security Offers Lump Sum Payouts to Retirees
I've heard that Social Security offers a lump-sum payment to retirees who need extra cash. I have not yet started drawing my benefits and would like to investigate this option. What can you tell me?
There are two Social Security claiming strategies that can provide retirees a lump-sum benefit, but you need to be past full retirement age to be eligible and there are financial drawbacks you need to be aware of too.
First, let's review the basics. Workers can begin drawing Social Security retirement benefits anytime between ages 62 and 70. Full retirement age is currently 66 for those born between 1943 and 1954 and it rises in two-month increments to 67 for those born in 1960 and later. You can find your full retirement age at ssa.gov/pubs/ageincrease.htm.
At full retirement age, you are entitled to 100% of your benefits. If you claim earlier you'll receive less and if you delay you'll receive about 8% more for each year until age 70.
Lump Sum Options
If you are past full retirement age and have not yet filed for your benefits, the Social Security Administration offers a retroactive lump-sum payment that's worth six months of benefits.
Here's how it works. Let's say you were planning to delay taking your Social Security benefits past age 66, but you changed your mind at 66 and six months. You could then claim a lump-sum payment equal to those six months of benefits. So, for instance, if your full retirement age benefit was $2,000 per month, then you would be entitled to a $12,000 lump sum payment.
If you decided at age 66 and four months that you wanted to file retroactively, you'd receive only four months' worth of benefits in your lump sum. SSA rules prohibit you from claiming benefits that pre-date your full retirement age.
Another option that provides even more cash is the "file and suspend" strategy. Again, this option is only available to people on or after full retirement age.
Here's how this strategy works. Let's say you're 66 and you decide to delay your benefits. You could file for your benefit and then immediately suspend it. This gives you the ability to collect a lump sum going back to the date you filed. So if you need money at age 69 for example and your full retirement age benefit was $2,000 per month, then you could get a three-year lump sum of $72,000.
Drawbacks
The big downside to these strategies is that once you accept a lump-sum payment, you'll lose all the delayed retirement credits you've accrued and your future monthly retirement benefit will be reduced to reflect the amount you already received.
Here's an example of how this works. Let's say that you are entitled to a $2,480 monthly benefit at age 69. By taking a three-year lump sum payment, your future benefits will shrink back to $2,000 per month, which is what you would have received at your full retirement age. This also affects your future survivor benefit to your spouse or other eligible family members after you die.
You also need to consider Uncle Sam. Depending on your income, Social Security benefits may be taxable and a lump-sum payment could boost the amount of benefits that are taxed. To help you calculate this, see IRS Publication 915 "Social Security and Equivalent Railroad Retirement Benefits" atirs.gov/pub/irs-pdf/p915.pdf, or call 800-829-3676 and ask them to mail you a copy.
One other caveat: If you're married and you "file and suspend" your Social Security benefit, you cannot file a "restricted application" too, which gives you the ability to collect spousal benefits while delaying your own retirement benefit past full retirement age.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.
YOUR PLAN
The Giving Bone by Mark Lail
That giving bone, the one connected to the heart, is susceptible to various diseases; selfishness, control or pride to name a few. For good health, one must exercise the giving bone often. Consistent tithing will keep it strong but even more effectively when combined with frequent additional gifts to the Lord and his people. Stewardship is the Lord's way of raising people, not money. Generous giving is a natural outgrowth of a life devoted to God and his son, Jesus Christ. As stewards, we recognize that God is the owner and giver of everything. We give, we exercise the giving bone, and the exercise makes us stronger. As Christians, we grow.
One of the privileges of being a Christian is the responsible care of his property. After the Lord gives a few decades of life including the privilege of working, earning, saving and giving, most Christians stand at the threshold of a great opportunity, the opportunity to make a life gift to the Kingdom of God. Of course this can happen through ordinary wills or trusts but the opportunities today are so much more diversified. Charitable Gift Annuities, for example, are like feeding vitamins to the giving bone! They offer the donor a current income stream in addition to the joy of legacy giving. Endowments provide the opportunity to exercise the giving bone even after the Christian's promotion to heavenly reward.
Peter encourages the early church to give generously. ?The end of all things is near. Therefore be alert and of sober mind so that you may pray. Above all, love each other deeply, because love covers over a multitude of sins. Offer hospitality to one another without grumbling. Each of you should use whatever gift you have received to serve others, as faithful stewards of God's grace in its various forms. If anyone speaks, they should do so as one who speaks the very words of God. If anyone serves, they should do so with the strength God provides, so that in all things God may be praised through Jesus Christ. To him be the glory and the power for ever and ever.? (1 Peter 4:7-11) That was a very different culture than ours but I doubt that Peter's message would change much if he were speaking directly to us today. We have been recipients of God's richest blessings so the expectation is that we will give richly from what we have received.
The giving bone really is connected to the heart bone. A healthy heart seeks to share rather than to hoard. A healthy heart trusts. A healthy heart gives!
WASHINGTON NEWS
Still Time to Extend Until October 15
As the April 15 tax-filing deadline approaches, the IRS published IR-2015-68 to remind taxpayers that it is easy to extend the filing deadline to October 15.
There is a Free File link on www.irs.gov. With this link you may request an electronic Form 4868. If you file this form, the IRS permits you to file your tax return on or before October 15, 2015.
Another option is to obtain a hard copy Form 4868 from the IRS website. You may also request an extension by mailing in the printed form. In both cases, taxpayers are required to pay the proper amount of tax. The extension applies only to filing the return and not to the payment of tax.
If you owe taxes, there are several convenient ways to pay.
1. Direct Pay – On irs.gov/directpay, you may make transfers directly from your checking or savings account. There is no fee or pre-registration required.
2. Electronic Federal Tax Payment System – This is a free system that requires pre-registration. You can obtain information on EFTPS.gov or call 800-316-6541.
3. Electronic Fund Withdrawals – Your bank or other financial institution may offer anelectronic payment option. You may use this to pay your taxes.
4. Credit or Debit Card – It is permissible to pay your taxes with an authorized credit or debit card. The IRS does not charge a fee for that payment, but your credit or debit card issuer may assess their normal fee.
There are limited exceptions for specific categories with respect to filing. Civilians and military personnel who live abroad must pay tax by April 15, but may delay filing their return until June 15.
However, military members in combat zones such as Afghanistan or other areas may delay both filing and payment of taxes until 180 days after they return from their combat assignment.
If you need more time to pay, it is possible to use the Online Payment Agreement on irs.gov. If you owe the IRS $50,000 or less, you may schedule a monthly payment. The payment agreement can have a maximum duration of 72 months.
Taxpayers who are in economic difficulty may also qualify for the Offer in Compromise Program. An IRS agent may review your financial circumstance and set up a scheduled payment plan that covers less than your total taxes owed. The irs.gov site includes an Offer in Compromise Pre-Qualifier Program. This may be helpful to you if you think you could qualify for a reduced tax payment plan.
FINANCESS
tocks - Dave & Buster's Issues Cautious Guidance
Dave & Buster's Entertainment, Inc. (PLAY), operator of restaurant and entertainment establishments, announced its fourth quarter results on April 7. Despite generating great results during the quarter, the company issued cautious guidance for 2015.
Dave & Buster's reported that fourth quarter revenue increased 21% to $207.1 million. This topped analyst estimates calling for revenue of $201.4 million.
"2014 was a fantastic year for Dave & Buster's. We generated record-setting revenues, Adjusted EBITDA, and Adjusted EBITDA margins and ended on a high note with an exceptional fourth quarter performance," said CEO Steve King. "The synergistic combination of dining, entertainment, and sports viewing in one destination, makes us the first choice for frequent fun."
Net income during the quarter was $14.7 million or $0.34 per share. This was higher than net income of $4.9 million earned during the comparable period last year.
Dave and Buster's launched its initial public offering last October 21. The company's initial price was $16 per share, but since the IPO Dave and Buster's share price has doubled. A further sign of the company's strength came in the form of a 10.5% same-store sales increase during the quarter. However, despite the successful quarter, Dave & Buster's provided cautious guidance for the rest of the year with same-store growth projected to be in the range of 3% to 4%.
Dave & Buster's Entertainment, Inc. (PLAY) shares ended the week at $33.01, up 9.6% for the week.
Bed Bath & Beyond Reports Earnings
Bed Bath & Beyond, Inc. (BBBY) reported its fourth quarter results on April 8. The company reported sales and earnings that missed expectations.
The company reported that net sales during the quarter increased 4.2% to $3.337 billion. Net sales came in below estimates calling for net sales of $3.366 billion.
"[F]or fiscal 2014, we were able to deliver solid financial results, including growth in both net sales and net earnings per diluted share," said CEO Steven Temares on a conference call. "We continued to enhance shareholder value by returning more than $2.2 billion to our shareholders through share repurchase, while also making strategic investments to improve our omnichannel capabilities."
Net earnings during the quarter were $1.80 per share. This was higher than the $1.60 per share during the comparable period last year.
Bed Bath and Beyond's fourth quarter sales and earnings improved compared to the same period last year, but those improvements were not in line with expectations. Comparable store sales during the quarter increased 3.7%, but that was below a forecast of 4% to 5%. For fiscal year 2015 the company is projecting comparable store sales growth of 2% to 3%.
Bed Bath & Beyond, Inc. (BBBY) shares ended the week at $73.43, down 3.7% for the week.
WD-40 Company's Earnings Beat Estimates
WD-40 Company (WDFC) announced its second quarter results on April 8. The company's results exceeded pre-release estimates.
Net sales during the quarter increased 3% to $97.3 million. This was slightly ahead of expectations that net sales would be $97 million for the quarter.
"We are pleased with the solid performance of our underlying business this quarter and are more confident than ever that our strategic initiatives are well positioned to carry us into the future," said President and CEO Garry Ridge. "Our hard working tribe will remain focused and we expect to deliver a strong finish to fiscal year 2015."
WD-40 Company reported that net income during the quarter increased 10% to $11.3 million or $0.76 per share. Analysts had expected earnings per share to be lower at $0.72.
WD-40 Company, which is headquartered in San Diego, expects full-year earnings to be $3.07 to $3.13 per share. Full-year sales are expected to be $387 million to $400 million. Over the past twelve months the company has seen its share price rise close to 12%.
WD-40 Company (WDFC) shares ended the week at $83.72, down 4.9% for the week.
The Dow started the week of 4/6 at 17,756 and closed at 18,058 on 4/10. The S&P 500 started the week at 2,065 and closed at 2,102. The NASDAQ started the week at 4,856 and closed at 4,996.
Bonds - Treasuries End Week on Higher Note
Dave & Buster's reported that fourth quarter revenue increased 21% to $207.1 million. This topped analyst estimates calling for revenue of $201.4 million.
"2014 was a fantastic year for Dave & Buster's. We generated record-setting revenues, Adjusted EBITDA, and Adjusted EBITDA margins and ended on a high note with an exceptional fourth quarter performance," said CEO Steve King. "The synergistic combination of dining, entertainment, and sports viewing in one destination, makes us the first choice for frequent fun."
Net income during the quarter was $14.7 million or $0.34 per share. This was higher than net income of $4.9 million earned during the comparable period last year.
Dave and Buster's launched its initial public offering last October 21. The company's initial price was $16 per share, but since the IPO Dave and Buster's share price has doubled. A further sign of the company's strength came in the form of a 10.5% same-store sales increase during the quarter. However, despite the successful quarter, Dave & Buster's provided cautious guidance for the rest of the year with same-store growth projected to be in the range of 3% to 4%.
Dave & Buster's Entertainment, Inc. (PLAY) shares ended the week at $33.01, up 9.6% for the week.
Bed Bath & Beyond Reports Earnings
Bed Bath & Beyond, Inc. (BBBY) reported its fourth quarter results on April 8. The company reported sales and earnings that missed expectations.
The company reported that net sales during the quarter increased 4.2% to $3.337 billion. Net sales came in below estimates calling for net sales of $3.366 billion.
"[F]or fiscal 2014, we were able to deliver solid financial results, including growth in both net sales and net earnings per diluted share," said CEO Steven Temares on a conference call. "We continued to enhance shareholder value by returning more than $2.2 billion to our shareholders through share repurchase, while also making strategic investments to improve our omnichannel capabilities."
Net earnings during the quarter were $1.80 per share. This was higher than the $1.60 per share during the comparable period last year.
Bed Bath and Beyond's fourth quarter sales and earnings improved compared to the same period last year, but those improvements were not in line with expectations. Comparable store sales during the quarter increased 3.7%, but that was below a forecast of 4% to 5%. For fiscal year 2015 the company is projecting comparable store sales growth of 2% to 3%.
Bed Bath & Beyond, Inc. (BBBY) shares ended the week at $73.43, down 3.7% for the week.
WD-40 Company's Earnings Beat Estimates
WD-40 Company (WDFC) announced its second quarter results on April 8. The company's results exceeded pre-release estimates.
Net sales during the quarter increased 3% to $97.3 million. This was slightly ahead of expectations that net sales would be $97 million for the quarter.
"We are pleased with the solid performance of our underlying business this quarter and are more confident than ever that our strategic initiatives are well positioned to carry us into the future," said President and CEO Garry Ridge. "Our hard working tribe will remain focused and we expect to deliver a strong finish to fiscal year 2015."
WD-40 Company reported that net income during the quarter increased 10% to $11.3 million or $0.76 per share. Analysts had expected earnings per share to be lower at $0.72.
WD-40 Company, which is headquartered in San Diego, expects full-year earnings to be $3.07 to $3.13 per share. Full-year sales are expected to be $387 million to $400 million. Over the past twelve months the company has seen its share price rise close to 12%.
WD-40 Company (WDFC) shares ended the week at $83.72, down 4.9% for the week.
The Dow started the week of 4/6 at 17,756 and closed at 18,058 on 4/10. The S&P 500 started the week at 2,065 and closed at 2,102. The NASDAQ started the week at 4,856 and closed at 4,996.
Bonds - Treasuries End Week on Higher Note
Treasury yields rose during early Friday trading on April 10. Following last week's low closing yield of 1.84%, 10-year Treasury yields inched up this week as investors recovered from the disappointing March jobs report.
This week the benchmark 10-year Treasury note yield rose close to 0.1%, causing prices to fall. Bond yields move inversely to prices, so as yields rise, prices fall. On Thursday the 10-year yield closed at 1.957%. During early Friday trading on April 10 the 10-year yield had fallen to 1.928%.
Along with weak economic growth in the U.S., economic uncertainty in Europe is also driving U.S. bond yields. The 10-year yield in Germany is 0.149%, in Japan 0.334% and in the United Kingdom 1.571%. Because the 10-year Treasury note is producing higher yields compared to its peers, it is attracting more foreign investors.
More investors interested in bonds are causing Treasury yields to fall and prices to rise. "There is significant relative value in Treasury bonds, which will continue to attract inflows from abroad," said Jeff Klingelhofer, Co-Portfolio Manager of Global Fixed Income Portfolios at Thornburg Investment Management.
While Treasury yields remain low so far in 2015, they haven't risen or fallen too far in any direction. Analysts suspect uncertainty surrounding the Federal Reserve's decision to raise interest rates is holding investors back from whether to commit to bond investments or not.
This week New York Federal Reserve President William Dudley said weak U.S. economic data has cast doubt on the prospects of a June interest rate hike. However, he indicated that a rate hike at some point this year still seems "reasonable."
The 10-year Treasury note yield finished the week of 4/6 at 1.95% while the 30-year Treasury note yield finished the week at 2.58%.
CDs and Mortgages - Interest Rates Fall on Jobs Report
This week the benchmark 10-year Treasury note yield rose close to 0.1%, causing prices to fall. Bond yields move inversely to prices, so as yields rise, prices fall. On Thursday the 10-year yield closed at 1.957%. During early Friday trading on April 10 the 10-year yield had fallen to 1.928%.
Along with weak economic growth in the U.S., economic uncertainty in Europe is also driving U.S. bond yields. The 10-year yield in Germany is 0.149%, in Japan 0.334% and in the United Kingdom 1.571%. Because the 10-year Treasury note is producing higher yields compared to its peers, it is attracting more foreign investors.
More investors interested in bonds are causing Treasury yields to fall and prices to rise. "There is significant relative value in Treasury bonds, which will continue to attract inflows from abroad," said Jeff Klingelhofer, Co-Portfolio Manager of Global Fixed Income Portfolios at Thornburg Investment Management.
While Treasury yields remain low so far in 2015, they haven't risen or fallen too far in any direction. Analysts suspect uncertainty surrounding the Federal Reserve's decision to raise interest rates is holding investors back from whether to commit to bond investments or not.
This week New York Federal Reserve President William Dudley said weak U.S. economic data has cast doubt on the prospects of a June interest rate hike. However, he indicated that a rate hike at some point this year still seems "reasonable."
The 10-year Treasury note yield finished the week of 4/6 at 1.95% while the 30-year Treasury note yield finished the week at 2.58%.
CDs and Mortgages - Interest Rates Fall on Jobs Report
Freddie Mac released the results of its latest Primary Mortgage Market Survey (PMMS) on Thursday, April 9. The results show mortgage rates trending lower this week after a disappointing jobs report for March.
The 30-year fixed rate mortgage averaged 3.66% this week. This was down from last week when it averaged 3.70%.
This week, the 15-year fixed rate mortgage averaged 2.93%. This number was down from last week when it averaged 2.98%.
"Mortgage rates fell across the board following last week's disappointing employment report," said Len Kiefer, Deputy Chief Economist at Freddie Mac. "The US economy added 126,000 new jobs in March, well below market expectations of 247,000 jobs. We did see some uptick in wages, as average hourly earnings increased 7 cents for the month, and are up 2.1% over the year. Meanwhile, jobless claims fell sharply to 268,000 this week, much lower than market expectations of 285,000."
The money market fund finished the week of 4/6 at 0.4%. The 1-year CD finished at 0.7%.
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Are you a Nazarene Legacy Partner (NLP)? The answer is “YES” if you have designated any gift to a Nazarene ministry in your will, bequest, or estate plan. This could be a tithe on your estate, an insurance beneficiary designation to your local church, college, global mission, or any other Nazarene ministry you support.
Send us your name and contact information by reply email and indicate “I am a Nazarene Legacy Partner” and we will add your name to our NLP honor roll. To model generosity inspires others to do the same. Thank you for your interest in gift planning. To access any of this updated financial and gift planning information, please select our website.
Global Church of the Nazarene Foundation
The 30-year fixed rate mortgage averaged 3.66% this week. This was down from last week when it averaged 3.70%.
This week, the 15-year fixed rate mortgage averaged 2.93%. This number was down from last week when it averaged 2.98%.
"Mortgage rates fell across the board following last week's disappointing employment report," said Len Kiefer, Deputy Chief Economist at Freddie Mac. "The US economy added 126,000 new jobs in March, well below market expectations of 247,000 jobs. We did see some uptick in wages, as average hourly earnings increased 7 cents for the month, and are up 2.1% over the year. Meanwhile, jobless claims fell sharply to 268,000 this week, much lower than market expectations of 285,000."
The money market fund finished the week of 4/6 at 0.4%. The 1-year CD finished at 0.7%.
____________________________
Are you a Nazarene Legacy Partner (NLP)? The answer is “YES” if you have designated any gift to a Nazarene ministry in your will, bequest, or estate plan. This could be a tithe on your estate, an insurance beneficiary designation to your local church, college, global mission, or any other Nazarene ministry you support.
Send us your name and contact information by reply email and indicate “I am a Nazarene Legacy Partner” and we will add your name to our NLP honor roll. To model generosity inspires others to do the same. Thank you for your interest in gift planning. To access any of this updated financial and gift planning information, please select our website.
Global Church of the Nazarene Foundation
17001 Prairie Star Parkway, Suite 200
Lenexa, Kansas 66220 United States
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