Information contained is current as of
and planned giving
A christian steward is one who acknowledges that God is the creator of all he or she is and all he or she has. The christian steward is grateful to God for His gifts, manages these gifts responsibly and shares them in justice and love. Financial gifts are just one aspect of stewardship. Planned giving as part of our gifts of financial blessings is just beginning to take root in the Catholic Church. It involves much more than giving money to charity. Planned giving also entails providing for our children and even ourselves. Planned giving is the logical method to employ if we intend to manage our gifts in a responsible manner.
While most people equate planned giving with remembering the Church with a bequest in their will, bequests are only one aspect of planned giving.
Planned giving, as the phrase implies, is not primarily about giving, but about planning. Likewise, planning constitutes the heart of stewardship. Stewardship does not mean a haphazard giving away of our time, talent and treasure, but implies the prudent management of our time, talent and treasure. Stewardship means giving the right amount to the right cause at the right time. And this can't be accomplished without planning. Furthermore, stewardship means planning for our own future as well as the Church's. For example, it's an unfortunate fact that 50% to 70% of Americans die without having a properly executed will. When a person dies "intestate," the State of Louisiana imposes its state-made will on the deceased. This state-made will does not take into consideration any of the personal circumstances within one's family. The state determines guardianship of the children and distribution of the assets. Planning for our future means taking responsibility for our family - that is, stewardship for our family.
Planned giving entails three basic concepts- planning, giving and receiving.
Planned giving obviously entails giving, but a very specific kind of giving. When we hear the word stewardship, we normally think of giving to the Church out of our monthly income. Planned gifts, however, are generally gifts from our assets. As an investment in the future of the Church, planned giving is a way for the donor to integrate his or her financial planning with the financial planning of the Church - that is, stewardship for our church. It is our way of giving back to the Church that has done so much for us during our lifetime. We want to leave behind a legacy of security and well being for our children and we want the very same security for our mother - the Church.
And finally, planned giving actually includes receiving. Planned giving has often been referred to as a way of getting from this world to the next without going through the IRS. One of the major advantages of planned giving is the reduction of taxes. Reaping tax benefits from charitable gifts are not at the top of the priority list of reasons why people give to charity. Reasons people give are more likely to be the worthiness of the cause, wanting to help the less fortunate or loyalty and a sense of closeness to an organization or institution. But the tax savings should not be overlooked. Tax benefits are not the only thing donors receive.
Several types of planned gifts called ³life income plans@ provide the donor with an annual income. Typically, in a life income plan, the donor transfers an asset to charity and receives the income from that asset for life. The charity receives the principal at the donor's death.
While planned giving has been derided as ³social work among the rich,@ this is not always the case. Many life income plans, for example, charitable gift annuities, are designed for people of modest means. Life income plans involve planning for our own future income needs - that is, stewardship for ourselves. Stewardship for our family. Stewardship for our Church. Planning, giving and receiving @ these are the three pillars of stewardship and of planned giving.
This booklet is presented to help you thoughtfully establish the goals and objectives for yourself, your family and dependents, and for Christ and the Church. Remembering your parish in your estate planning is an example of Christian stewardship and an investment in the future of the Catholic Church in the Diocese of Lafayette.
Name: __________________________________________ Date of Birth:______________________
Social Security Number:____________________________________________ U.S. Citizen? YES NO
Spouse: ____________________________________________ Date of Birth:____________________
Social Security Number:_____________________________________________ U.S. Citizen? YES NO
Legal Residence Address: ______________________________________________________________
City: _______________________________ State:__________________ Zip: ____________________
CURRENT MARITAL STATUS
[_____]Single [_______]Married [______]Widowed [______]Divorced [______]Separated
Maiden Name (if any): ________________________________________________________________
Do you have a Pre-Nuptial Agreement? YES NO
Your Employer: ______________________________ Date Employed: __________________________
Position or Title: _____________________________________________________________________
Work Address: ______________________________________________________________________
Home Phone: _____________________________ Work Phone: _______________________________
Date of Retirement:___________________________________________________________________
Spouse's Employer : ______________________________________ Date Employed: _______________
Position or Title: _____________________________________________________________________
Work Address:______________________________________________________________________
Date of Retirement: ___________________________________________________________________
1. Child's Full Name: _________________________________ Married to:_______________________
Address: __________________________________________________________________________
_________________________________________________________________________________
Date of Birth: ____________________________ Social Security Number:_______________________
2. Child's Full Name: _________________________________ Married to:_______________________
Address: __________________________________________________________________________
_________________________________________________________________________________
Date of Birth: ____________________________ Social Security Number:_______________________
3. Child's Full Name: _________________________________ Married to:_______________________
Address: __________________________________________________________________________
_________________________________________________________________________________
Date of Birth: ____________________________ Social Security Number:_______________________
4. Child's Full Name: _________________________________ Married to:_______________________
Address: __________________________________________________________________________
_________________________________________________________________________________
Date of Birth: ____________________________ Social Security Number:_______________________
5. Child's Full Name: _________________________________ Married to:_______________________
Address: __________________________________________________________________________
_________________________________________________________________________________
Date of Birth: ____________________________ Social Security Number:_______________________
PARENTS
Your Father: _________________________________________________ Age: _________________
Your Mother: ________________________________________________ Age: __________________
Spouse's Father: _______________________________________________ Age: _________________
Spouse's Mother: ______________________________________________ Age: __________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Name: _____________________________________________ Date of Birth: ____________________
Address: __________________________________________________________________________
Protect your children by appointing a legal tutor.
If you have minor children, you need to name a tutor for them in your will. The person in charge of the finances for the children's benefit would normally be a trustee named in your will. The trustee may or may not be the same individual as the tutor.
Name of Tutor(s): __________________________________ Address: _________________________
__________________________________ __________________________
Alternate Tutor(s): __________________________________ Address: _________________________
__________________________________ __________________________
you wish to include in your Will.
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
Name: ________________________________________ Relationship:_________________________
Address: _________________________________________________________________________
(exclude spouse, descendants and trusts; but include charitable, religious or educational organizations)
Legal Name : _____________________________________________________________________
Address: _______________________________ City: _______________ State: ______ Zip: _______
Legal Name : _____________________________________________________________________
Address: _______________________________ City: _______________ State: ______ Zip: _______
Legal Name : _____________________________________________________________________
Address: _______________________________ City: _______________ State: ______ Zip: _______
Legal Name : _____________________________________________________________________
Address: _______________________________ City: _______________ State: ______ Zip: _______
Personal Comments: _______________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
Attorney: ___________________________________________ Phone: ______________________
Address: ________________________________________________________________________
Trust Officer: ___________________________________________ Phone: ____________________
Address: ________________________________________________________________________
Accountant: ___________________________________________ Phone: _____________________
Address: ________________________________________________________________________
Investment Broker: ____________________________________ Phone: _______________________
Address: ________________________________________________________________________
Insurance Agent:_____________________________________ Phone: _______________________
Address: ________________________________________________________________________
Tax Consultant: ______________________________________ Phone: _______________________
Address: ________________________________________________________________________
Other: _____________________________________________ Phone: _______________________
Address: ________________________________________________________________________
Other: _____________________________________________ Phone: _______________________
Address: ________________________________________________________________________
Location : ______________________________________________________________________
Description: ____________________________________________________________________
Original Cost $____________ Approximate Value $_____________ Mortgage $_______________
Name of Mortgagor: _____________________________________________________________
Is Ownership: Separate Property __________________ Community Property__________________
Location of Deed and Other Documents: ______________________________________________
Location : ______________________________________________________________________
Description: ____________________________________________________________________
Original Cost $____________ Approximate Value $_____________ Mortgage $_______________
Name of Mortgagor: _____________________________________________________________
Is Ownership: Separate Property __________________ Community Property__________________
Location of Deed and Other Documents: ______________________________________________
Description and Location of Farm :__________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
How is the Farm Owned? _________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
| Current Fair Market Value of: |
Land and Buildings $ ____________________ Farm Machinery and Tools: _______________ Livestock: ____________________________ Crops: _______________________________ TOTAL VALUE $: _____________________ |
Do you maintain a list of your valuable possessions?________ If yes, where is it located?________
___________________________________________________________________________
(It would be advisable to create a list of valuables if one does not currently exist).
Describe and state the current value of the following:
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Automobiles: |
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Personal Articles: (jewelry, stamp or coin collections, antiques, etc.) |
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Household Items: (furniture, etc./total of all) |
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Other Tangible Property: |
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Total Estimated Value $ |
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Are you the beneficiary of a trust?______________ If yes, description of trust:_________________
____________________________________________________________________________
Do you own or possess a right to any intangibles such as patents, copyrights, trademarks or royalties?
_____ If yes, description of properties and their approximate values: ________________________
____________________________________________________________________________
____________________________________________________________________________
Approximate Value
Nature of Expectancy (such as an inheritance): _________________________________________
____________________________________________________________________________
____________________________________________________________________________
Location of Relevant Papers: ______________________________________________________
L1. Banks, Savings & Loans, Credit Unions, Etc.
| Description | Type of Account* | Account No. | Current Balance |
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
*Joint Checking; Individual Checking; Joint Savings; Individual Savings
L2. Certificates of Deposit
| Institution | Amount | Maturity Date | Owner(s) |
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
L3. Safety Deposit Boxes
| Box Location | Box Number | Key Location |
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
L4. Securities, Bonds, Mutual Funds
| Asset | Date Acquired | Cost or Basis | Current Value |
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
Investment company where securities are held: _________________________________________
Other location of documents: ______________________________________________________
L5. Life Insurance Policies
| Company | Type of Policy | Face Amount | Name of Insured | Beneficiaries | Cash Value |
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
Location of policies: ____________________________________________________________
L6. Trusts (created by you)
Do you have a Trust(s)?__________ If yes, date of Trust(s)______________________________
Indicate the names and addresses of trustees _________________________________________
___________________________________________________________________________
Beneficiaries: ________________________________________________________________
Approximate value of Trust(s)____________________________________________________
Assets in the Trust(s) __________________________________________________________
Name and address of attorney who prepared Trust Agreement ___________________________
___________________________________________________________________________
L7. Retirement, Pension and Compensation Plans
Type________ Owner_________________ Value of Death Benefits $_____________________
Beneficiaries: 1st_________________________ 2nd___________________________________
IRA[_] Keogh[_] Amount Invested $________________ Type of Investment_________________
Beneficiaries: 1st_________________________ 2nd___________________________________
L8. Tax Records
Location of copies of your income tax and (if any) gift tax returns___________________________
____________________________________________________________________________
Tax Advisors__________________________________________________________________
L9. Business Interests
Name of Business________________________________ Owner_________________________
Type: Sole Proprietorship [_] Partnership [_] Corporation [_]
Value of Interest $______________________________________________________________
ASSETS
| Your's | Spouse's | Jointly | Total | |
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Cash (checking & savings) (from page 11) |
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CDs & Money Markets (from page 11) |
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Business Interests (from page 12) |
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Securities, Bonds Mutual Funds (from page 11) |
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Retirement Benefits (from page 12) |
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Life Insurance (from page 12) |
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Real Estate (from page 9) |
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Farming Interests (from page 9) |
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Moveable Property |
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Trusts Assets (from page 10) |
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Other (Mortgages held/ Notes receivable) |
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TOTAL ASSETS/ESTATE (enter also on page 14) |
LIABILITIES
| Your's | Spouse's | Jointly | Total | |
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Mortgages (see page 9) |
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Loans: Auto |
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Personal |
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Insurance |
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Bills: Credit Cards |
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Dept. Stores |
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Other |
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Taxes Owed: Federal |
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State |
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Property |
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TOTAL LIABILITIES |
ESTIMATED NET WORTH
Total Assets _____________ ____________ ____________ _____________
(see page 13)
Total Liabilities _____________ ____________ ____________ _____________
(minus)(from above)
ESTIMATED
NET WORTH _____________ ____________ ____________ _____________
SPECIFIC REQUESTS
If there is some specific item or piece of property that you wish to go to a certain individual, please list below. Also, if you wish to bequeath a specific sum of money to a person, the Church and/or another organization, please list that information below.
Person or Organization Address Item, Property or Sum of Money
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
RESIDUE
The simplest way to divide the residue (the remainder of your estate after any specific bequests) is by percentages. After listing the person(s) or organizations(s) you wish to remember, then state what percentage of the total remaining amount of your estate each is to receive.
Person or Organization Address Percentage %
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
EXECUTOR/TRIX
An executor/trix is your personal representative, appointed by you to carry out your wishes. To allow for unforeseen circumstances, it would be well to name an alternate executor/trix or personal representative.
___________________________________ __________________________________
Name of Executor/trix Alternate
Executor/trix
___________________________________ __________________________________
Address Address
MAKING A WILL
The First Step In Creating An Estate Plan
This Personal Will Planning Inventory is designed to assist you in putting together the needed information to present to your attorney in order to have your will drafted or revised. By completing this booklet in advance of visiting with your attorney you will save yourself time and money, as well has have your objectives clearly identified. This booklet is not intended to be, nor should it be construed as tax and/or legal advice. Such advice should be secured from your own attorney and/or CPA.
After completing the information asked for in this booklet, you will be prepared to meet with your attorney to have your will drafted. Even if you already have a will, this booklet will serve as an excellent means for updating your will. An annual review of this booklet is encouraged and recommended.
Having a will allows you to exercise your own wishes in such matters as the disposition of your estate, distribution of your possessions, management of a family farm or business, care of minor children and the practice of Christian Stewardship.
To practice good stewardship as a conscientious Catholic, who wishes to manage his/her gifts responsibly and share them in justice and love, you must clearly define your estate plan objectives for: a. yourself as long as you live; b. your family and dependents; c. others for whom you wish to repay a favor or show gratitude; d. Christ and his Church through a bequest to your parish.
The same skill and care that you have put into accumulating your estate should be put into the disposition of your estate at the end of your life.
When you discuss including the Church in your will, you should ask your attorney to include the following wording in the will so that your parish can be remembered in the proper way:
"I give, devise and bequeath to the Roman Catholic Bishop of Lafayette, a corporation sole with principal offices at 1408 Carmel Avenue, Lafayette, LA 70501, (specific dollar amount, article, stock, etc.) OR (a fraction or percentage of the residue of my estate) for the use and benefit of (name of parish or the diocese)."
*If you need assistance
in completing your Personal Will Planning Inventory,
please call the Office of Development at 337-261-5641.
There are a variety of other ways to live out your stewardship both during your lifetime and beyond. You will find that these plans help maximize the benefits of the gift both to you and to the Church.
OUTRIGHT GIFTS
Outright gifts are among the simplest and most immediate ways to exercise stewardship. Though most outright gifts are made in cash it may be better for the management of your assets to use a different type of property to make a gift, such as: 1. Securities 2. Real Estate 3. Personal Property 4. Closely-held Stock 5. Paid-up Insurance.
CHARITABLE GIFT ANNUITY
Through a Charitable Gift Annuity you can make a gift to your parish and receive income for life. With the transfer of cash or marketable securities, you then enjoy guaranteed regular payments for the rest of your life; and, with a two-life arrangement, for the life of the second beneficiary. Upon the death of the last beneficiary, the corpus of your annuity would go to your parish, your favorite Catholic agency or the Diocese. See example on next page.
CHARITABLE REMAINDER TRUSTS
A Charitable Remainder Trust allows you to make a generous gift to your parish while retaining a life income from the Trust for one or more beneficiaries. At the death of the last beneficiary, the named parish receives the ³remainder@ of the trust. Besides relieving you of the management of the assets, this Trust also provides income tax, capital gains tax, and estate tax benefits.
LIFE ESTATE CONTRACTS
A personal residence or farm can be deeded to your parish while you retain a life estate; that is, the right to live on the property as long as you and/or your spouse lives. With this agreement, the donor receives an immediate income tax deduction for the gift and avoids estate settlement expenses.
LIFE INSURANCE
Life insurance is an ideal means for a charitable gift. By designating your parish as owner and beneficiary of a new or existing life insurance policy, you will be able to make a meaningful gift without depriving your family or depleting your estate. You also will receive significant tax advantages. A gift through life insurance is a wonderful opportunity for you to provide a living memorial for yourself, your family or someone you love.
GIVING WHILE RECEIVING
GIFT ANNUITY
A gift annuity is a simple concept:
A donor makes a gift of cash or securities to his or her parish
and, in turn, receives a guaranteed income for life.
FOR EXAMPLE
If Ms. Smith, age 75, donates $10,000 in cash to her parish for an annuity, she receives (rates vary according to age and market conditions):
A fixed annual payment for life
of 7.7%, or $770. Of this payment, $370 is received free of tax.
A "net effective" yield of 10.8% because of the tax
advantages.
An immediate income tax deduction of $5,500.
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*The information contained in this booklet is not intended as legal advice; for this, please consult with an attorney.