.... And they lay me too rest.

[Eamonn]

While I don't have any plans to kick the bucket in the very near future. I have, under the wagging finger of HWMBO!! Been informed that the time has come to update my will.

The last update was many moons ago. OJ, was a little fellow and our main concern was who would take care of him, if anything happened to us.

Both of our wills (Mine and HWMBO) were fairly simple. In part because we didn't have very much!!In fact I know that there were times when if I had gone to meet the Great Scoutmaster, that there would have been nothing, after everyone and everything had been paid off.

While I don't consider myself to be wealthy, and I do at times worry that I might outlive my savings and money I have put by for my retirement. Depending on when I go! There should hopefully be a fair amount.

We only have OJ. He is OK. Having money in trust left to him by his Grandparents. Of course we both intend to make sure he is well looked after. Other than him and of course the tax-man we don't have any other dependents.

As part of this estate planning process, my lawyer said I should meet with a financial consultant who specializes in estate planning.

We met and he gave me a long list of the information that he needs to start working, which I'm working on.

I asked him about leaving money to charity, maybe setting up a small foundation? Or trust? He thought the idea was good and spent some time explaining the tax benefits. Then he hit me with the $64,000 question; "What do you want your money to be used for?" He went on to say that I needed to give this a lot of thought and have a very clear picture of what my intentions were.

I have been thinking!!

It's kinda sad that someone my age is not involved in more organizations or activities!

My only true great loves are my church. But much as I like and use our local parish church. The last Bishop we had was a real money hungry take it and run sort of fellow, who I had a hard time liking and just didn't trust.

I love dogs.But I don't know enough about organizations who really take care of dogs. I'm looking into Canines for Disabled Kids. Right now I don't know very much about the organization.

Then of course there is Scouting.

I really have no idea what the National Organization does with all the money they collect? I can't help feeling that National has more than enough cash.

I know that our local Council does need money, but I have seen how SE's pull the wool over the eyes of Executive Board Members and the mismanagement of funds.

I'm also unsure how much longer a small Council will be able to last?

I'd really like to do something that would really help the average, everyday kid. Not the brightest and the best!! Just the kid that joins to have fun and hopefully gets bitten by the bug.

Strange as this might sound, this is really driving me nuts!! What to do? What to do?

Eamonn.

 

[local1400]

You could set up a camp scholarship type program for underprivileged Scouts who otherwise couldn't afford a week at Scout camp.

[ScoutDadof5]

Something different ...

 

We had a scouter in our council establish a scholarship trust for an annual scholarship award for scouts in the council. The thing I found most interesting was that they did not just focus on Eagle Scouts, but left it open so that Girl Scouts, Venturers, Sea Scouts, Explorers, and Boy Scouts were eligible and could apply.

 

Personally, I know that I need to do the same thing. My last update is a bit old.

[hot_foot_eagle]

It's your money, Eamonn. If you think the Council needs it, tell them EXACTLY how you want it spent and you don't have to worry about it being squandered.

 

 

[Beavah]

Here's another option for yeh, depending on where you live.

 

A lot of communities have a local Community Foundation. A community foundation allows yeh to give money to establish a fund or trust for a purpose you specify. Might be for Scouting, or any other charitable purpose. The advantage is that the Community Foundation handles the administration and investment of da funds, so it's impossible for a deceitful diocese or council or whatnot to abscond with things. In turn the beneficiary church or scout program has an incentive to keep the Foundation honest. Built in oversight!

 

I'm a big fan these days of encouragin' people to set up or give to separately incorporated foundations or trusts, especially for estates and such. Not just to keep a charity from redirectin' the money itself (like a council selling a camp, eh?), but also because of da risk of tort litigation taking your money from the charity. The scariest example these days are the Catholic diocesan bankruptcies and payouts. That's a lot of charitable dollars no longer going to the charity in the way intended by the donor. If yeh give to a separate foundation or trust, that can't happen, eh?

 

The added bonus is that the community foundation will usually have excellent advisors to help you get the most "bang" out of your estate charitable giving. Things like insurance contracts or charitable annuities that avoid tax or estate issues and such. Your planner can help there, too, but should work with organizations you're interested in.

 

Beavah

 

[John-in-KC]

B,

 

At the time of some bad things in my life, I rearranged my estate planning: I've got a living trust and an irrevocable death trust; as part of settling affairs, the death trust will pay out a one-time tithe to one church's evangelical body, and another one-time tithe to the Council endowment.

 

EagleSon has accepted his admission to a particular university, and I'm probably a year out from re-visiting the estate plan again.

 

I see the logic of what you are discussing, and it makes a lot of sense. Is there a website which discusses community foundations in more detail, and might have links to same?

 

TIA/YIS, John

[BrentAllen]

Eamonn,

12 - 15 years ago, one of our former Council Presidents gave a $1.2 million endowment to the Council to help Scouts from low-income families with camperships, uniforms, etc. The account has grown to over $3 million. The Council doesn't pay out all the interest every year, so the endowment keeps growing. Might be something you want to think about - setting up an endowment from which only the interest will be used, and only for purposes you specify.

 

Not totally unrelated, but I read a story about someone who set up something similar at his favorite tavern. After he died, every year on the same date, at the same time (I think the date was his birthday), the bar would buy everyone in the house a drink and raise a toast in his memory. An interesting stab at immortality. :-)

[Ohio_Scouter]

Hi Eamonn,

 

We returned from our Philmont high adventure treks this summer, and I must say that this trip was the highlight of my son's and his fellow scouts' scouting careers. As lead crew advisor, I also know that several scouts couldn't attend because of the high cost of the trip. It cost each crew member from out Troop over $1,000.00 to attend.

 

I had previously tried to get our Scout Council to distribute some financial assistance or camperships funds from the Waite Phillips Philmont assistance fund to help those scouts who couldn't afford the trip, but our Council never responded to my requests.

 

If there was a Philmont campership program available in our Troop, several boys who couldn't otherwise attend the high adventure trip surely would have experienced the trip of a lifetime! So, if you are looking for a good scouting investment, I can't think of a better one than this to invest your dollars.

[Beavah]

Yah, KC...

 

Yeh can try the locator at the Council on Foundations:

 

http://www.cof.org/Locator/

 

It's mostly an association to help foundation leaders, rather than a resource for donors, though. But it will direct yeh to a community foundation near you if there is one. Their website or contacts in turn can assist yeh; CF's vary a lot dependin' on size and local stuff.

 

Don't hesitate to call them either and go in to chat. That's what they're there for, eh?

 

Beavah

 

[nldscout]

E,

 

You could name me as the executor of the funds. I promise to spend it wisely, after I get my fee from it, and my new SUV to get around in while I manage the funds.

[SSScout]

I have a favorite organization that I name in my will. I stipulate that $1000. is to go to renovate a particular house they use and $200. is to be spent on a pizza and beer party for the Board of Directors.

And my daughter gets my vinyl collection and turntable. Son gets the Lionel set.

I like the tavern idea. Time to call the attorney...

[bucabaker]

Purely my personal thoughts.

 

I would leave it to the troop and ask that they use it for Troop camping equipment or summer camp for kids who need help. Troops seems to be more in synch with who needs help.

[scoutldr]

For some reason, I have always assumed I would go first. Partly because of risk factors (not all my fault!), and partly because of genetics. SWMBO ("she"...not "her") will be several million dollars richer when I kick the bucket. Rather than give the money away, I am providing for her future, not knowing if she'll need it for her own care or not. I also have two sons...they'll get what's left when she joins me. No grandkids yet (or even thought about!)

 

Give the money to charity? Perhaps some small amounts just to show appreciation, but not enough to name a Camp after me...like someone said...some SE will just sell it one day to fund his salary. It's already been threatened.

 

Besides, if Hillary gets elected, the Government will provide everything for everybody, so my donations will not be needed.

[John-in-KC]

B,

 

THANKS!! Will check it out!

 

John

[scoutingagain]

scoutldr,

 

If Hillary gets elected you won't have to worry about where your estate will end up either.

 

SA