Federal Deposit Insurance Corporation - FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Federal Deposit Insurance Corporation - FDIC-Insured - Backed by the full faith and credit of the U.S. Government
These employees have reached the following milestones this month, and we celebrate and appreciate their longevity with us. Congratulations! Destiny Flavin – 5 Years.
“Let’s see what happens.” “One day at a time.” “Let’s see what tomorrow brings.” Or, “Plan ahead.” “Get ready.” “Get organized.” These ways of living are not mutually exclusive according to the Bible. It teaches us that planning and living one day at a time are both to be part of our everyday living.
I prefer planning and organizing over going with the flow. As you and I have experienced, some days go as planned. Some days go off plan from the moment we wake up. How does God want us to live in light of that reality?
Here are some thoughts to share with you about planning and about dealing with the off-plan moments and days.
Set my priority, “Seek the Kingdom of God above all else, and live righteously, and He will give you everything you need.”, Matthew 6:33.
Do not worry, “…don’t worry about tomorrow…”, Matthew 6:34.
Plan, “Good planning and hard work lead to prosperity.” Proverbs 21:5
Plan, but let God lead, “We can make our plans, but the Lord determines our steps.” Provers 16:9
Do not think I know what’s coming, “Trust in the Lord with all your heart, do not depend on your own understanding. Seek His will in all you do, and He will direct your steps.” Proverbs 3:5-6.
Happy planning and letting God lead you.
Doug Johnson
President
Proverbs 11:25, “A generous person will prosper; whoever refreshes others will be refreshed,”
Last month we discussed Charitable Remainder Trusts, this month we will discuss it’s counterpart…Charitable Lead Trusts. Sometimes, the hardest thing I do in my work life is to translate “Legalese” into everyday English. I have a friend who speaks Russian, and he says Russian is easier to learn than “Legalese.” So please bear with me and feel free to call me with any questions you may have.
What Are Charitable Lead Trusts?
A CLT is a legal arrangement where a person (called the grantor) sets aside money or assets in a trust. This trust makes regular payments to one or more charities for a certain period of time. After this period ends, whatever is left in the trust goes to the grantor’s family or other beneficiaries.
How Do Charitable Lead Trusts Work?
There are two main types of charitable lead trusts:
Benefits of Charitable Lead Trusts
Things to Consider
Setting up a charitable lead trust can be complex. It’s important to work with legal and tax advisors who are familiar with these types of trusts to make sure the trust is set up correctly and meets the grantor’s goals.
Charitable lead trusts are a great way to support charities while also benefiting your family if you need to mitigate Federal estate taxes. They offer tax savings, help charities, and are a smart tool for estate planning. If you’re interested in setting up a CLT, be sure to contact your estate planning attorney for advice to make the most of this powerful financial tool.
As always, Guaranty stands ready to work with you and your legal, tax, and financial advisors to help you create an estate plan which meets your needs.
Shannon McDowell, JD, CTFA
Vice President & Trust Officer
Without counsel plans fail, but with many advisors they succeed. Proverbs 15:22
LifE
if something happened to you, could your family maintain their lifestyle?
if something happened to you, could your children afford to go to college?
if you fail to plan for you and your family’s financial future, who will?
Life is full of “ifs”
If you answered “no” to any of these questions, it’s probably time to review your life insurance needs.
If you are concerned about your family’s future in the event of your premature death, then let’s talk.
Your Bank (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for those referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Guaranty State Bank & Trust Co and GSB Financial Resource Center are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using GSB Financial Resource Center, and may also be employees of Guaranty State Bank & Trust Co. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, GSB Financial Resource Center or Guaranty State Bank & Trust Co. Securities and insurance offered through LPL or its affiliates are: Not Insured by FDIC or Any Other Government Agency, Not Bank Guaranteed, Not Bank Deposits or Obligations, May Lose Value.