In this episode of the Generosity Podcast, Todd McMichen is joined by Mike Prior, president of Financial Planning Ministry. During their conversation they discuss legacy giving and turning non cash items into dollars that fuel ministries.
“There is an opportunity for our believers to be generous through that other 90% pocket – those assets that only become available typically at our passing.”
“An Estate Plan can be designed to bless not only the heirs of a family, but also the ministries that they care about.”
“Sixty percent of us leave this world never getting a will or trust together.”
“Estate plan giving is a long-term proposition and a long-term relationship and we are very interested in the church giving thought to starting a program like this.”
“Among the 4-5,000 estates that we assist with every year, nearly a hundred of those are for special needs trusts.”
“The first thing that a church wants to do is decide that this is something that they value long term, it is not a current year fundraiser.”
“People typically in their estate plan are going to leave some percentage of the estate to charities that they care about, ministries that they want to move forward, we find that the average in dollar amount is $50-60,000 per family.”
“There is a tremendous amount of wealth that will move to the next generation and if you don’t do some planning the court will decide where the assets are going to go.”
Michael Prior is the President of Financial Planning Ministry (FPM), a national non-profit Christian stewardship organization located in Irvine, CA. FPM promotes biblical estate planning and generosity through the creation of Wills and Trusts and has assisted 30,000 families in establishing their Trust or Wills with gift designations to Christian ministries.
Michael earned a B.S. in Business from University of Phoenix and a J.D. in Law from the American College of Law. He previously served as the Executive Administrator for Central Christian Church, Arizona from 1985 to 1994 and makes his home in Anaheim, CA.
FPMs unique approach provides education through live seminars and on-line webinars and document completion at no out of pocket cost to the donor. Successful estate planning requires periodic updating which FPM provides. They have grown to a partnership of 100 ministries serving more than 30,000 member donors with gift designations exceeding $1.5 billion.