Estate Planning

Including Resurrection Parish in your estate planning is a great way to leave a lasting legacy that will ensure our parish’s future.

Simple Ways to Give

One of the simplest ways to leave a gift to Resurrection of Our Lord Parish is to use the beneficiary designation on savings and retirement accounts, as well as life insurance policies. These can be done with no cost, and typically only require you to sign a new beneficiary designation form.

Retirement assets and similar accounts are called Income in Respect of a Decedent (IRD) assets. This is taxable income that’s earned during life but not received before death, so it is never included in an income tax return. This may be assets in IRA or 403(b) plans, accrued interest on CDs and savings bonds, non-qualified stock options, deferred payments of capital gains, or other income that is earned but not acquired.

Life insurance that is no longer needed also can be an excellent gift, too. Naming the church as a primary or contingent beneficiary of an existing or new life insurance policy will result in a federal estate tax deduction for the full amount of the proceeds payable to the church regardless of policy size.

Retirement Assets can be a Tax Burden

A retirement account, such as an IRA, 401(k), or 403(b), often comprises a large portion of a person’s wealth. Yet did you know they are the most heavily taxed–and a perfect instrument for making a charitable gift at death?

The way in which you distribute the assets in your retirement accounts can reflect your faith and values. By naming Resurrection of Our Lord Parish as beneficiary of your retirement account, you can pass on assets you no longer can use, and spare your estate the tax burden affiliated with these plans.

Simply ask the manager of your account to send you a beneficiary designation form, and complete it with the proper legal name of Resurrection of Our Lord Parish. Doing so allows the funds to pass tax-free. Remember to consult your financial advisors on the ramifications of this decision since individual circumstances vary.

Naming the church as the beneficiary of these gives the estate and heirs the best tax benefits, since it avoids both income and estate taxes. Questions? Want more information? Contact us here at the Parish Office at anytime and our parish business manager can walk you through the process.

Some Thoughts on Planning

Who will write your will? The State of Pennsylvania will (unless you do) and the state won’t include a bequest for Resurrection of Our Lord Parish.
Is God’s will in your will?
Everyone knows of someone who died and whose estate to years to settle. Your will can help your family and your church, and save unnecessary expenses at death.
Who needs a will? Every adult who owns anything and cares what happens to it. Also anyone who wants to leave a bequest for Resurrection of Our Lord Parish.
Did you name a final beneficiary in your will, in case all others predecease you?Resurrection of Our Lord Parish will always be here.
When you need a will it will be too late to write one. Don’t wait.
You can’t take it with you, so why not leave it where you know it will do some good.
Are you leaving a legacy of “red tape” for your heirs? A legal will can cut confusion.
What will become of your property at death? If it is not needed by heirs, consider leaving it to Resurrection of Our Lord Parish.
Your will speaks for you after your death. Have you included a bequest to further your faith?
Already have a will and want to add Resurrection of Our Lord Parish? You don’t have to start over; ask your attorney about adding a codicil to include the parish. It’s so simple.
Be a WILLing Christian; include a bequest in your will.
By remembering Resurrection of Our Lord Parish in your will, you help us continue to offer our ministries for future generations.
Seven out of ten of us do not have a will! What are we thinking? Do we not care what happens to the assets, however few, we will leave behind? Wills are not just for the wealthy.