Gift Planning Services Manager’s Minute

Please join us at the 2019 Gift Planning Council Conference!

In 2006, Philanthropies sponsored the inaugural Gift Planning Council Conference (GPCC). Estate, finance and tax planning professionals from throughout the country assembled in Salt Lake City to hear and learn from nationally recognized estate planning experts. Our keynote speaker that first year was James E. Hughes, Jr., the internationally known philosopher of the family and the author of Family Wealth: Keeping It in the Family.

Following conferences included presentations from such luminaries as:

• 2007 – Nationally acclaimed wealth advisors Paul Comstock and Alison Comstock Moss
• 2008 – Clinical psychologist and family wealth advisor Dr. Lee Hausner
• 2009 – Beloved BYU Law School Professor Stanley D. Neeleman
• 2010 – Stanford University Development Legal Counsel and Senior Philanthropic Advisor B. Howard Pearson
• 2011 – Steve Akers of Bessemer Trust
• 2012 – Dr. Paul Schervish from Boston College
• 2013 – C. Jean Stewart of the Denver Probate Court
• 2014 – Arthur C. Brooks
• 2015 – Elder M. Russell Ballard
• 2016 – Elder Ronald A. Rasband
• 2017 – Elder and Sister Dale G. Renlund

For these many years we have enjoyed coming together as a fellowship of professional advisors to learn from each other. In addition to receiving technical training from nationally recognized experts, representatives of the Church’s various educational and humanitarian institutions shared presentations on their worldwide work. Perhaps most importantly, every conference has provided encouragement and inspiration to those who assist individuals and families as they address the very sensitive and critical issues associated with estate, tax and gift planning. The GPCC has helped us to understand the “why” we participate in this effort, as well as the “how” we create and implement the technical instruments that bring good intentions to fruition.

Following the 2017 GPCC, we conducted a thorough review of the work and services and resources available to and through the Philanthropies Department. It was determined that the GPCC would be held in November every other year. Accordingly, after taking a sabbatical in 2018, we are enthusiastically look forward to the GPCC being held this year.

Accordingly, we cordially invite you to please join us in Salt Lake City! The 13th Gift Planning Council Conference will be held at the Church Office Building on November 14th and 15th. As in previous years, this year features a stellar lineup of speakers and presentations. Details will be forthcoming in an upcoming invitation which will be directed to your email inboxes. Registration will begin in late September. If you have colleagues or acquaintances who would like to receive our GPCC invitations, please contact David Smith at giftplanning@ChurchofJesusChrist.org.

Thank you,
David Bonner

Discover BYU-Hawaii's Fundraising Priorities

Located in Laie on the island of Oahu, Brigham Young University-Hawaii is a respected undergraduate institution currently with 2,700 students from more than 70 countries. The mission of BYU-Hawaii, operated by The Church of Jesus Christ of Latter-day Saints, is to integrate both spiritual and secular learning and to prepare students with character and integrity who can provide leadership in their families, communities, their chosen fields, and in building the kingdom of God.

The main fundraising priority on campus is IWORK. This program assists international students who need financial support to attend BYU-Hawaii. The mission of the IWORK program is the same as the mission of the school: to prepare learners, leaders, and builders who will bless families, communities, and the Church around the world. To learn more about IWORK and the other great things happening on campus, visit the BYU-Hawaii Page at philanthropies.churchofjesuschrist.org!

The SECURE Act

On May 23, 2019, the House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) and it is now in the Senate’s hands. The act would make various changes regarding retirement benefits including:

• Contributions can be made to traditional IRAs for as long as desired
• Penalty-free withdrawals are allowed for special circumstances
• More part-time workers will have the opportunity to participate in a 401(k) plan
• The minimum distribution age for retirement accounts shifts from 70 ½ to 72 years old
• A new requirement to withdraw from an inherited retirement account within 10 years.

Age cap on contributions repealed. The SECURE Act would eliminate the prohibition on contributions to an IRA after age 70 ½.

Additional penalty-free withdrawals from a traditional IRA or 401(k) plan. Currently, an individual must be 59 ½ years old to withdraw funds or pay a penalty of 10% on the amount withdrawn. However, the law permits exceptions to this rule including large medical bills, disability, first home purchase and higher education expenses. The SECURE act would add qualified birth and adoption expenses to that list of exceptions.

Increased Opportunities for participating in 401(k) plans. The act would allow multi-employer 401(k) plans, making it less costly for small employers to start and maintain retirement plans.

Increase the starting age for required minimum distributions (RMD). The House bill would increase the RMD age from 70 ½ to 72 years old, permitting an extra 18months of tax-deferred growth for individuals who don’t need to tap into their retirement accounts to cover expenses.

Mandating that distributions from IRAs and defined contributions plans be made within 10 years following death. The legislation would erase an heir’s ability to stretch out the RMDs from inherited retirement accounts over the non-spouse heir’s own life expectancy.

The House bill had bipartisan support, while the Senate is working on a similar bill, the Retirement Enhancement and Savings Act, known as RESA. The two bills will need to be reconciled before any legislation can be finalized. Proponents are still hopeful it will move forward this year, but it will be something to keep your eye on. 

Greg Barrick Spotlight

I am a “Double Y,” receiving both my undergraduate degree and law school degree from BYU.  But my roots at BYU are even deeper:  I was born in Provo, and attended Timpanogos Elementary, Rock Canyon Elementary, Farrer Junior High and Provo High, all within the shadow of Y Mountain.  My friends and I were members of the “Knot Hole Gang,” which is what they called the kids who sat on what was then a grassy slope and is now the north end zone of Lavell Edwards Stadium, when we watched football games back in elementary school.

After graduating from law school in 1982, I started my career in Los Angeles, with the law firm of Gibson Dunn & Crutcher.  While I don’t discuss my private clients, it is a matter of public record that in those early years I had the good fortune of working on many very interesting and complex matters, such as the Estate of Howard Hughes, the Estate of Conrad Hilton, planning for President Ronald Reagan, and late stage estate work for the Disney family and estate, among others.  I loved working with wealth creators and their families and continued honing my skills in that area when I returned to Utah to work at Van Cott, Bagley, Cornwall & McCarthy, and then in my current firm, Durham Jones & Pinegar.  I find great personal satisfaction in helping to solve problems and trying to provide useful counsel to others and believe that my enthusiasm and love for my practice is even stronger now than it was in those exciting early years. (Read more)

PG Calc Webinar Invitation

Philanthropies broadcasts monthly webinars from PG Calc. These webinars may qualify for continuing education credit. We extend the invitations for any interested GPC members to join us. We hold these at 11:00 a.m. and are often followed by a Q&A session with members of the Gift Planning Services team. We are located at 1450 N. University Avenue in Provo. Here are the upcoming webinars:

• Oct 24 - Bequest Administration and a Little Beyond
• Nov 21 - Planned Gift Calculations You Should Understand
• Dec 19 - Real World Lessons from Real World Planned Gifts

Gift Planning Council Conference is Back!

Please save the date for the return of the Gift Planning Council Conference in November. The dates are November 14th and 15th and the conference will once again be held at the Church Office Building in downtown Salt Lake City. Invitations will be sent out in September. Please plan to join us for an uplifting and educational time together!

Referrals!

If you have friends or colleagues that would benefit from receiving this newsletter or other Gift Planning Council correspondence, please contact David Smith at davidj_smith@ChurchofJesusChrist.org or 801-356-5251.