Planning today for impact tomorrow

Mike Lamb

Fund development consultant 

Broadly defined, estate planning allows us to take control of what happens to what we own when we die. Some mistakenly believe that they won’t have an “estate”, assuming that this refers to those with a fancy mansion and luxury cars. Most of us will have estate assets in the form of a house, car, retirement account, land, bank account, personal property and/ or investments. By planning now, you can direct what you own to the people and programs you hold most dear. Without a plan, the courts decide what happens to your assets according to intestacy laws. Estate planning also provides for the care of minor children and important healthcare decisions, designation of those who can make decisions on our behalf (healthcare power of attorney and durable power of attorney) and designation of the person or entity who will settle our estate (executor or trustee). 

Implementing an estate plan is an important part of the stewardship of the assets we worked hard to accumulate over the course of our life, and something all adults should have in place. It does not have to be expensive or complicated. The services of an attorney are well worth the investment to create a will or trust. Other planning aspects may include retirement plans (IRA or 401 (k)) and life insurance. 

For some, a planned gift or legacy gift is an important part of the estate plan. By including the charitable entities they supported during their lifetime in their overall plan, these people realize great satisfaction. Nonprofit organizations, like Bluestem Communities, can be included as beneficiaries in a will, trust, life insurance policy or retirement plan. This type of legacy gift allows us to promote the values and mission of these programs with assets we will no longer need. 

For help getting started with an estate plan or information on how to create a legacy gift, contact Bluestem Communities Fund Advancement at 316-836-4826. 

J. Michael “Mike” Lamb lives in Hesston with his wife, Susan. Mike earned his bachelor’s degree from Wichita (Kan.) State University (WSU) and a master’s in business administration from Friends University (Wichita, Kan.). He also earned the Certified Fund-Raising Executive credential. For 25 years, Mike served as a vice president for the WSU Foundation, and is now semi-retired, assisting several area nonprofits in fund development. Mike is an active member of Hesston Mennonite Church.