”He’s making a list, he’s checking it twice…he’s gonna find out who’s naughty or nice…”

We all know the tune to the classic Christmas carol. We sing it over and over again until it’s just embedded into our brains.

Well folks, I hope that’s how you will start feeling about me and my message about estate planning. It’s much more important than finding out who is naughty or nice; it’s about finding out who has made plans and provisions for their families, farms and causes dear to them.

My favorite thing is sharing the good news of Kentucky FFA, and to be sure, there is a lot of good news to share. Things like a record number of Kentucky FFA members (20,000+), growing programs, students engaging in entrepreneurship, and more! It’s inspiring work and you can follow our social media to see all of it.

As much as I love to that good news, I have a sobering message to share, too.  Did you know only 33 percent of Americans have estate plans in place? That means that 67 percent of people haven’t made plans and provisions for their families, their land, their business, end of life care, and so much more. That’s staggering to me.

I do understand why folks are hesitant to make the plans. No one likes to think about the end of their life or make hard decisions about what will happen. It’s hard and it’s sad, but it’s one of the most loving and responsible things you can do for your family.

My job is helping people make planned gifts to ensure the long-term health of the Kentucky FFA Foundation. It’s an honor to help people give back to the cause they love. In doing this work, I have become passionate about encouraging folks to make estate plans, regardless of whether or not you include Kentucky FFA.

To help get you started, the Kentucky FFA Foundation is proud to offer a planning resource on our website. It’s free to look around and glean information, there is no obligation. Visit kyffa.planmygift.org and let 2023 be the year you make estate plans.

While we are “making lists and checking it twice,” I wanted to provide our annual

YEAR END GIVING CHECKLIST.

• The CARES Act allows a $300 deduction for those who take the standard deduction rather than itemize. You can do that at kyffa.org/donate
• Giving Through an IRA: If you are 59½ or older you can take a distribution from your IRA and then make a gift to the Foundation without penalty. If you are 70½ or older you can give any amount up to $100,000 from your IRA directly to the Kentucky FFA Foundation. You will not pay income taxes on the transfer. If you are 72 or older you can use this transfer to satisfy your required minimum distribution
• Gifting Securities: Gifting securities when prices are down can be advantageous for estate planning purposes as it shifts future appreciation out of your estate and onto beneficiaries who may be in a lower tax rate.
• Donor Advised Funds: Contribute to a donor advised fund and enjoy a tax savings on that amount when you itemize.

Check these off your to-do list to end the year on an organized note.

• Update your will or living trust. Ensure that your designations are still appropriate, and your charitable intentions are noted.
• Review your retirement plan beneficiaries. Assess your named beneficiaries to ensure you’ve considered your loved ones and favorite causes.
• Review your life insurance policy. If you have a policy that is no longer a significant piece of your estate plan, consider making a gift by assigning ownership to the Kentucky FFA Foundation or making us the beneficiary.

If I can ever be a resource to you as you make plans or you want to discuss a gift to Kentucky FFA, please feel free to contact me, Sheldon McKinney at (606) 782-4620 or sheldon.mckinney@kyffa.org.