Sister Lea Cozzini, SNDdeN, and associate Lisa Brackmann gave a demonstration to students at St. Francis de Sales Catholic School as part of the Clean Water for Life project.
We are living in an age of unprecedented change. As technology, culture, legislation and the political/ geopolitical climate change faster than ever before, our ability to predict the future becomes less reliable. In 1789, Ben Franklin wrote, “In this world nothing can be said to be certain, except death and taxes.” This wisdom continues to ring true.
- Encourages thoughtful deliberation about your resources and what they mean to you and to your family.
- Brings into focus your personal and financial priorities and reveals the kind of legacy you wish to leave in the world.
- Allows you to ensure that your assets will go to the people and charities you select, in your desired amount and timing.
- Helps provide a meaningful gift with lasting impact to organizations such as the Sisters of Notre Dame de Namur that work to serve our society.
Talking about death, telling relatives what they are going to inherit or wading into estate planning jargon can feel challenging. However, if you have not outlined the ultimate distribution of your assets, you forfeit the opportunity to decide what happens them when you die — and your family or the law will need to make hard decisions without your guidance.
This is why estate planning is so important, no matter the size of your portfolio. Planning assures you that your loved ones can celebrate your life without being simultaneously burdened with unnecessary red tape, delays, extra expenses and confusion.
Tax considerations
Two keys to good planning for reduction of taxes in an estate are the marital deduction and the charitable deduction. Married couples tend to have more tax-saving options than single people; however, regardless of marital status, if saving taxes is important to you, please consider that any bequest to a charitable organization is estate tax–free.
SIMPLE BEQUEST LANGUAGE FOR YOUR WILL
I give and devise to Sisters of Notre Dame de Namur Ohio Province, located in Cincinnati, OH, the sum of $________ to be used for its general support.
Where to begin Your will or living trust is the foundation of your estate plan. Begin by developing an inventory of your current assets and your objectives. Your attorney can then help you prepare a will, revocable trust or a more comprehensive estate plan if needed. Effective estate plans are designed around specific, well thought out objectives that are carefully delineated in writing. These should be reviewed at least every three years to make certain they still meet your needs and expectations. Consider objectives such as: · Conservation and growth of assets · Preservation or growth of current income · Protection against inflation and legal liabilities · Preparation for financial emergency · Security during retirement · Passing on assets to family members, charitable organizations and other beneficiaries · Competent management of property · Minimizing taxes during lifetime and at death
Recommendations 1. Keep Your Estate Plan Current — Changes in your personal and financial circumstances are excellent reasons to review your plans and ensure beneficiaries are updated. Other external factors, such as changes in property values, the stock market, rate of inflation and federal tax laws are also cause to re-examine your plans. 2. Consider Advanced Directives — As part of your planning process, prepare advanced medical directives, medical and financial powers of attorney and other important documents. 3. Communicate with Loved Ones — Consider storing your estate planning documents in a safe deposit box or fireproof home safe, and tell your loved ones where to find and how to access these important documents. Include login information for bank accounts, investment accounts, social media accounts, photos, bills, credit cards etc.
In conclusion Taking the time to create an estate plan is the best way to ensure that your personal and financial goals are achieved for the benefit of your family and those charitable causes that are important to you. The complexity and changing nature of tax laws require the assistance and expert counsel of an attorney and, in some cases, other tax advisors. The development office staff at the Sisters of Notre Dame de Namur appreciate your interest and your commitment to our mission. We stand ready to explore how a charitable gift in your estate plan can be beneficial to you and help secure the future of the Sisters. Please contact Kevin Manley, director of development, to discuss your wish to remember the Sisters of Notre Dame de Namur in your estate plans.