Sarah (not her real name) had been a member of the Association for some years, and she corresponded with us regularly.  A widow of modest means, she had a special love of our Lady and her Association.  She revealed this love in an exceptional way by remembering Mary’s Association in her will. Sarah never told us she had remembered our Lady’s Association in her will, and because of this, the surprise check from her attorney was bittersweet.  For you see, if I’d known Sarah had made a bequest to our Lady’s Association, I could have thanked her personally, instead of thanking her attorney after her estate had been settled. Sarah’s gift made me think about what I could do to encourage others who share her deep love of Mary to let me know when they remember our Lady’s Association in their will or trust.  I wanted a way to recognize their generosity and thank them properly.  And ultimately, Mary’s Legacy Society grew out of Sarah’s surprise gift to our Lady’s Association. A legacy is something of value handed down from one person to another.  Sarah’s love of Mary may have been a legacy handed down to her by her own mother, or perhaps her grandmother.  Your own love of Mary may be a legacy from one of your own family members, a valuable gift passed on from one generation to another.  And you create a different type of legacy when you write your will or set up a trust to leave gifts from your estate to your children, relatives, and organizations like our Lady’s Association. Bequests like Sarah’s are part of her legacy to our Lady’s Association.  And they are an important part of our future.  They are vital to our work of promoting devotion to our Lady of the Miraculous Medal and supporting the Vincentian priests and brothers in their many charitable works with the poor and abandoned members of our society.

If you remember our Lady’s Association in your will with a legacy gift, please let me know.  I’ll enroll you in Mary’s Legacy Society as soon as I get the news.  I will send you a certificate of membership (suitable for framing) and an exclusive memento proclaiming your membership in this very special group.  As an added sign of my gratitude for your generosity, every year I’ll offer a special Mass just for you and other members of the Legacy Society.

And when we receive your bequest from your estate, we will enroll you as a Perpetual Member of our Lady’s Association with all its related spiritual benefits, so you can remain part of our Lady’s Association forever.

Email our Planned Giving Coordinator and become part of Mary's Legacy Society.

Planned Giving Information
information offered as a public service

Why Do I Need a Will?

A will is an estate plan. Everyone needs an estate plan.

The future is challenging whether we are single, married, raising a family, or approaching retirement. We make decisions each day about managing our property in the short-term. However, we spend little time planning for our long-term financial needs. One of the simplest ways to plan our estate is a will.

A will is a legal document that sets out our estate plan. A will gives us control of our estate plan. Making an estate plan can be simple and it does not have to be expensive. Yet two-thirds of us die without a valid will. Without an estate plan, state law determines who receives our property. The court will appoint our personal representative, distribute our property, and even appoint a guardian for our minor children.

Writing a will is a good opportunity to get our affairs in order. If we have an old will, we should review it. Our priorities and financial needs change as we age. To meet personal and financial goals we need a long-range plan, an estate plan.

God calls us to be good stewards of what he has given us. After we provide for the needs of our loved ones, why not return a share to God.

Remembering our favorite charitable institutions in our will is an expression of our commitment to their work.

Since a will is so important, we should get professional advice. It is easy to overlook very important considerations such as estate taxes. (X043)

Life Insurance: The Convenient Gift

Use life insurance to remember your favorite charities.

Life insurance proceeds can offer new ways for you to make a charitable bequest. You may have a paid up or term life insurance policy that you no longer need to cover the mortgage or college expenses.

Your favorite charity can be the beneficiary of this policy. Or you may choose to add your charity as an additional beneficiary to share the proceeds of the policy.

Often the gift you can make through life insurance is larger than one you could afford from other assets.

You might consider the purchase of a new life insurance policy to make a charitable donation. The charitable beneficiaries named in your policy will receive the donation.

Also life insurance policies can be given to your charity before your death. The gift could be an existing policy or the purchase of a new policy for this purpose. This gift can result in an income tax savings in the year you make the gift.

The beneficiaries of your life insurance receive the proceeds immediately upon your death; without waiting for the close of the probate process.

Your insurance agent or accountant can advise you about your life insurance policies.

Paid Up Insurance - an insurance policy that no longer has an annual premium due.

Beneficiary - person/persons named in the insurance policy to receive proceeds from the life insurance policy. (X032)

Charitable Giving Made Easy: Retirement Plans

Individual Retirement Accounts, company profit sharing plans, and 401(k) or 403(b) accounts are often overlooked when making charitable bequests.

Some retirement plans are subject to both income tax and federal estate tax at your death. Consider making your charitable gifts from these funds and save taxes in the process.

Most retirement or pension plans require you to name a beneficiary. This is similar to your life insurance policies. It is a simple process to name your beneficiaries. You can easily add your favorite charities to the list of beneficiaries. The charity will receive their part without paying any tax.

Proceeds from your retirement plan are paid to the named beneficiaries without waiting for the close of the probate process.

Your pension plan advisor or accountant can advise you about the details of charitable giving through your pension plan.

Individual Retirement Account:
an IRA is set up by the employee--funds can be contributed to this account by the employee and employer subject to an annual dollar limitation.

401(k) 403(b) Account:
a retirement account set up by the employee through their place of employment--both employee and employer can contribute to the account subject to an annual dollar limitation.

Profit Sharing Plan:
an account set up for each employee by the company to divide a share of the profits from the business in addition to their regular wages or salaries. (X046)

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Charitable Giving Made Easy: Wills

A will is one of the simplest ways to divide your estate.
Did you know two-thirds of us die without a valid will? A will can be simple and inexpensive. Without a will the court takes over. The court appoints your personal representative, the guardian for any minor children, and determines the distribution of your estate. You make none of the decisions. A will gives you control of your estate.

Taking the time to plan your estate is being a responsible steward of God's gifts.
A good estate plan should provide for your needs, your family's needs, and reflect your stewardship of God's gifts. After first providing for your loved ones, consider a charitable gift to your favorite charitable institutions. You can specify a dollar amount or a percentage of the residue of your estate for charitable gifts.

If your current will has no provisions for your charities, you may add a CODICIL to your will. This addition to your will does not require you to rewrite your entire will.

You should get professional advice when preparing your will. It is easy to overlook important considerations such as estate taxes. (X045)

How to Write a Better Will

We Learn Every Day...
Sometimes we get the idea that there is only one kind of estate plan. Or, we might be told that "do-it-yourself" wills are sufficient and okay. Estate plans come in many shapes and sizes. They can be simple or they can be complicated. For most of us a simple plan is sufficient.

Further, "do-it-yourself" wills are legal in many states, but they often cause more problems than they solve. Laws associated with estate plans differ from state to state. Extra taxes and unnecessary legal fees can be avoided with a good will and a good estate plan. An attorney's fee is well worth the cost when you consider just what is at stake.

The will has been called the "cornerstone" of estate planning. But it can be much more than just a legal document. A will can provide for the needs of your loved ones. It can also serve as a testimony of your faith.

The Association of the Miraculous Medal has been blessed throughout the years with many gifts from estates. These gifts are extremely important to us. They help us bring the story of the Miraculous Medal to many people. (X024)

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Giving Through Living Trusts

Every day, we make decisions about how to spend our incomes and manage our property in its various forms.

But how much time do we spend putting into practice a well–thought–out plan for safeguarding our assets? Or for distributing them to others when we no longer need them?

If you have concentrated on earning and spending at the expense of safeguarding and planning for distribution, take a moment here to learn about a simple and convenient vehicle for long–range planning.

Your choice of plans for managing your assets over the coming years and distributing them when you no longer need them will, of course, be based on many factors, including what you own and for whom you wish to provide. A planning vehicle known as a revocable living trust is a helpful planning tool for many people.

In this booklet, we will examine this plan for property management and distribution, with a special look at its usefulness for people who want to make charitable gifts a part of their estate–distribution plans.
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The Association does not offer legal or tax advice. For legal or financial advice consult a professional advisor. These brochures offer general information only.

To receive information, brochures, or other forms of planned giving, send Email to our Planned Giving Coordinator.

Reinstated - Charitable IRA Rollover Provision

President Obama has now signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provides a two-year retroactive extension of the IRA Charitable Rollover. Specifically, the new law reinstates the Rollover for 2010 and allows any eligible gifts made by January 31, 2011 to be treated as a 2010 donation and be used to satisfy the taxpayer's minimum distribution requirement for 2010. The new expiration date for the Charitable Rollover is December 31, 2011.

The Pension Protection Act of 2006 includes the charitable IRA Rollover provision. The rollover provision provides an exclusion from gross income distributions made to a qualified charity from a traditional individual retirement account (IRA). To qualify, the charitable distribution must be made to a tax-exempt organization qualified to accept deductible contributions.

The owner of the IRA may distribute up to $100,000 per year to a qualified charity without including the distribution in his/her adjusted gross income. A donor must be at least 70 1/2 years of age on or before the date of the donation, and may not take a separate charitable deduction for the rollover amount. The annual mandatory distribution may be included in the $100,000 limit for each year.

Email our Planned Giving Coordinator for more information.