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Home > Support Ministries > Stewardship > Financial Manual

VIII. Estate Planning Services, Covenant Trust Company

A. Services Available | B. Estate Planning Services | C. Bequests | D. Life Income Agreement

INDEX

A. Services Available

Information helpful for everyone--individuals wishing assistance with estate planning and/or financial management; those wishing to include Covenant ministries in their estate plan; pastors and or/church officers looking for help with financial management of church funds

INTRODUCTION
The Office of Estate Planning Services (EPS) and Covenant Trust Company (CTC) are separate but related entities, which provide a ministry of service for members and friends of Covenant ministries nationwide through information and assistance regarding estate and financial planning.

PRESENTATION
Mission Statement: The Office of Estate Planning Services and Covenant Trust Company provide resources and services to friends and members of the Evangelical Covenant Church and its ministries, by walking alongside and assisting our clients as they seek to clarify and to fulfill their personal financial goals and charitable dreams.

Comments on the Mission Statement
  • Covenant ministries include local Covenant churches and affiliated ministries; regional Covenant Conferences and affiliated ministries; and the Evangelical Covenant Church and all its affiliated ministries.
  • In Scripture, the Holy Spirit is often referred to as Counselor. The word translated as counselor comes from the Greek word paracletes, and means one who comes alongside to exhort or encourage. The Holy Spirit goes with us into the presence of God. Also Jesus, in his incarnation, came alongside us to identify with our humanity.
  • St. Paul applies this same picture to our relationships with each other when he speaks of bearing one another's burdens. The image is of one who comes alongside and picks up part of the burden, offering encouragement and support. The two then walk side by side, sharing the load together.
  • Since each person's charitable dream is different, there is no one estate plan that is right for everyone. We visualize our task-indeed, our mission--as walking alongside, encouraging and enabling our clients as they describe and develop their personal estate plan.
OFFICE OF ESTATE PLANNING SERVICES
The Office of Estate Planning Services works with friends and members of Covenant ministries by providing resources, information and assistance for estate and financial planning. A Covenant Estate Planning Officer works with each individual or couple to find the plan that best suits their situation. A large part of our work is helping people to clarify their goals and objectives, and enabling them to realize their charitable dreams.

The Office of Estate Planning Services
  • Assists in information gathering and analysis of personal situation
  • Sharpens client's focus on financial goals and charitable visions
  • Informs about various charitable options
  • Suggests options based on actual situation and stated goals
  • Expedites putting the plan into action
  • Provides service at no cost or obligation
COVENANT TRUST COMPANY
It is at the point of putting the plan into action that Covenant Trust Company may become involved. Covenant Trust Company is a non-depository trust company chartered and regulated by the Illinois Office of Banks and Real Estate, Bureau of Banks and Trust Companies. Through its office in Chicago, Covenant Trust Company provides trustee and investment management services to individuals and Covenant ministries nationwide.

Covenant Trust Company provides trustee and management services for revocable living trusts and various types of irrevocable trusts as arranged by the Office of Estate Planning Services. CTC also serves as managing agent for various denominational funds (such as the Covenant and North Park Annuity Funds and the Covenant Endowment Trust); and works through Investment Agency Agreements with individuals, local churches, conferences, camps, etc. to provide management and investment services as needed. Covenant Trust Company serves as trustee or agent for over 1,200 accounts and currently manages more than $290,000,000 of trust and/or agency assets.

Covenant Trust Company
  • Serves as trustee for agreements as arranged by EPS
  • Invests and manages assets of trusts for which it is trustee
  • Invests and manages assets of accounts for which it is the agent
  • Makes payments to income beneficiaries
  • Provides tax information for trust beneficiaries where it is trustee
  • Sends proceeds to designated beneficiaries when a trust is distributed
For further information contact your regional Covenant Estate Planning Officer (see Seminars for listing), or the central office at 800-483-2177.

(All material is presented for educational purposes only, and represents our current understanding based on information received from our tax and legal advisors. It is meant to provide information about the various personal, tax and economic benefits which may result from different estate planning and planned giving ideas. Because situations differ, it is important for you to have an estate plan specifically designed to fulfill your objectives. Nothing in this material is intended as legal, tax or investment advice. Laws and procedures are constantly changing, are subject to differing interpretations and may vary from state to state. If you require legal, tax or investment advice, you should consult a competent attorney, tax or investment advisor.)


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