Recommendation
By Mark Clark
Special to the Herald
As a young girl, Mary was baptized in her neighborhood Catholic church and went on to attend the parish school, sing in the choir, and marry her sweetheart at the altar in the presence of her beloved church family. Mary also raised her children faithfully in this parish community, and for over 60 years contributed every week to the church offertory and its special causes. As a widow, she continued to be a very grateful and giving person. Earlier this year, Mary died and left $1 million in her will to a worthy nonprofit organization down the street.
Why them, one might ask? The explanation is simple. She was asked somewhere, sometime, somehow, by somebody to consider including them in her estate plan. In turn, she came to understand the need and responded in kind to the request.
This Mary’s story is fictional, but at the same time, all too familiar.
Here’s a word of advice to our pastoral leaders, this is not complicated. In fact, it’s scriptural: “Ask and you shall receive.” (Luke 9:11)
This story is also about doing something when we are asked. So, consider yourself asked — that is, to think about including your Catholic parish, school or service organization the next time you update your will or living trust. If your estate plan is still on the drawing board, here are some important steps to help you plan wisely:
- Understand your assets, tax liabilities and opportunities
- Discuss your financial priorities and goals with loved ones
- Seek out valued professional and spiritual advisors
- Prepare your Catholic advance healthcare directive
- And, don’t put off what you can do now
Speaking of which, you may want to check out the IRA charitable rollover provision that allows donors age 70½ or older to donate up to $100,000 per year as a qualified charitable deduction. This type of donation is a real win-win because it counts toward the required minimum distribution from your IRA. And since it is a direct transfer to the designated charity there is no taxable income to report.
When it comes to charitable giving, a simple bequest in one’s will is often the largest donation a church, or nonprofit, will ever receive. Just remember Mary.
On behalf of all Catholic entities, mahalo nui loa for your generous stewardship of time, talent and treasure. For more information on these and other charitable giving opportunities, please contact the diocesan office of Stewardship and Development at 203-6723, or email mclark@rcchawaii.org.
Clark is the diocesan director of the diocesan Office of Stewardship and Development.