Arkansas Agriculture Edition 26 : Page 13
with Heifer International Foundation (HIF) about their current situation and their future needs. HIF was able to assess their needs and suggest selling their farm (including the rice crop already in storage) and establishing a charitable trust for the Belk’s with the proceeds from the sale. After reading a magazine article about charitable trusts, Charles contacted his CPA to ask if this was right for them. Charles and Mary were still in great health and wanted to have dependable income to enable them to pursue their love of traveling cross-country by train. Joe needed income for their medical costs, but also worried he would not be leaving anything for their children. HIF proposed a charitable remainder trust for both, with a term of 20 years for Joe’s children. After a charitable trust is established, each received a one-time charitable tax deduction. They receive regular payments for the rest of each couple’s lives, which supply them with a dependable income. After Charles and Mary’s lifetime, the remainder of the trust will go into the HIF endowment. And Joe and Judith’s children were written into the trust to receive regular income from the trust for a 20-year period. At the end of the 20 years, the remainder of the trust will also go into the HIF endowment. Once the funds are placed in the endowment, families around the world will reap the benefits of their charitable gift for many generations. Lives will be spared and enriched with the gift of life-sustaining and income-producing animals that will help people become self-reliant. In Heifer International founder Dan West’s philosophy, circles are important – even sacred. In the case of the Belk brothers, what began with one cow almost 100 years ago will come full circle with one cow for someone needing help getting a start. Free Catalog Smart Chevrolet Cadillac Buick GMC 515 W 5th, Pine Bluff 870-534-8122 www.smartdrive.com Grower Direct Grow half-dollar size Muscadines and Blackberries. We also offer over 200 varieties of Fruit and Nut Trees plus Vine a and Berry Plants. Since 1934 Ison’s Nursery PO Box 190 Brooks, GA 30205 1-800-733-0324 s isons.com One thing will always be true about farming: Conditions change. From weather, to soil, to technology, you have a lot to keep up with. Thankfully, you’ve got real insurance that keeps up with you. If there’s anything you need to know, just call us. You’ll always have questions. Your Farm Bureau agent always has answers. Farm Bureau Mutual Insurance Company of Arkansas, Inc. Southern Farm Bureau Casualty Insurance Company Southern Farm Bureau Life Insurance Company, Jackson MS ARMLPR41120 ARKANSAS-GROWN INSURANCE FOR ARKANSAS GROWERS Arkansas Arkansas Agriculture Agriculture 13 13
