The Mustard Seed

Leaving a Legacy

I had never had a priest at my home before, so with a 3-year-old and a newborn I was a bit panicked, especially trying to come up with a meal that seemed appropriate for a priest!

When Father Frank came to our door, we had no idea what to expect.  He had a jovial and engaging demeanor, and he quickly steered the conversation to his real intention.  His intention?  Had my husband and I prepared a will providing for our two young daughters?  The answer was "no."  We were in our late 20s and it wasn't an appealing topic.  He spoke convincingly about how important this seemingly simple act was, not only financially, but also in securing the "faith" of our children.

Leaving a legacy that accurately reflects your personal values and goals for the future is an essential element of your estate planning strategy.  Whether you are single, married, raising a family or planning for retirement years, your future and the future of those you care most about will be a reflection on the plans you make today.              

Bequests & Memorials
A Way Stand Out and Make A Difference

Charitable bequests typically enjoy unlimited deductions from federal and state inheritance taxes.  A properly planned bequest can even result in a larger estate passing to your non-charitable beneficiaries.  Memorials provide a tax deduction for the value of the gift, plus there is usually no capital gains tax on gifts of appreciated property.

Tax laws vary by state, however, so seek professional advice on the tax benefits of making a bequest or a memorial.  Regardless of the tax implications, this form of philanthropy lets you leave a lasting legacy and offers tremendous personal satisfaction.

Bequests

Bequests are gifts made through a will or living trust to provide support for your favorite charitable organization(s).  You can leave a specific asset, a percentage of your estate or the remainder of your estate after you have taken care of other beneficiaries.  You may leave your bequest unrestricted or designate it for a specific use.  Any bequest provision can be modified in your will or living trust during your lifetime to change the legacy you will be creating.

Let's assume you have decided to make a bequest and have chosen the charitable organization that will be your beneficiary.  There are several bequest options to consider.

Specific bequest.  You give a specific dollar amount or a specific asset from your estate, such as stocks, bonds, real estate, antiques, art, mutual fund shares, etc.

Residuary bequest.    This bequest directs that either all or a percentage of your estate's residue - what is left after the other terms of your will have been satisfied - be paid to the charitable organization.

Contingent bequest  This option designates that  a charitable organization receives all or some of your estate dependent upon a specific condition.  For example, you might state that a particular charitable organization will receive the residue of your estate only if a particular loved one (e.g. your spouse) doesn't survive you.

Restricted bequest  You may wish to restrict your bequest for a specific purpose or to support a specific program. 

Bequests provide you with a number of avenues for creating a legacy that defines your personality and commemorates your life.

A memorial honors and preserves the memory of a loved one through your contribution to a favorite organization.  Memorials often originate in wills, but they can be made at any time.

Think of all the special days - Mother's Day, Father's Day, Thanksgiving, religious holidays, anniversaries, weddings, graduations, birthdays and more - that are worthy of your memorial gift.

A parent, a child, a close friend or a mentor are among the special people that can be recognized in this manner.  And if you or your spouse work for a company that matches gifts, you may be able to double the impact of your memorial donation.  If the gift is used to establish an endowment, the interest will be generated indefinitely to honor your family name or the name of the person you are recognizing.

Contact us to learn more about how you can create a lasting memorial with our organization at 719 544-9861 ext. 131.

The Spirit of Philanthropy

What do fighting cancer, riding an elephant and setting up a scholarship have in common?

Kristi Thomas is a fictional person created for example purposes, but she is based on hundreds of real donors who wish to make a difference.  Her wish, like those of many others, began as a thought that then soared on to affect lives for the better.    Read on to learn more.

Kristi Thomas knew what she wanted.  The daughter of a general aviation pilot, Kristi was flying in airplanes before she was walking, and by age 30 she was a captain for a national airline.

While Kristi was extremely goal-oriented, there was one obstacle she could not overcome.  At age 31, Kristi - a nonsmoker with no family history of the disease - succumbed to lung cancer.

"There was never a day she didn't fight it," says Diane, Kristi's mother.  "She was determined to beat the odds."  Unfortunately, by the time of diagnosis, the cancer had progressed beyond recovery.

At Kristi's memorial service, a section from the journal she had dept during her cancer journey was read:  "I, Kristi Thomas, promise to do everything in my power to fulfill these life goals.  I owe it to myself and I am worth it."  The goals included ridding herself of cancer and riding an elephant.  Her last goal was to set up a scholarship fund at her favorite charitable organization.

While some of her wishes were now unattainable, her friends and family helped make her last goal a reality.  Memorial gifts were pooled together to create an endowment in Kristi's name. Although her life was cut much too short, Kristi's spirit will touch lives for years to come - thanks to the generosity of those who loved her.