Bookmarks Winter 2013

Bookmarks WINTER 2013

THE LEGACY GIVING NEWSLETTER OF BOSTON COLLEGE

In Good Faith

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eter Negri ’68 recalls how assured his late father, Frank, was by BC’s Jesuit, Catholic roots. “He never graduated from high school,” says Negri, himself a parent of three BC graduates. “But he knew the importance of education and the values that it instills, especially at Boston College.” Upon his father’s death, Negri discovered that his dad had left a bequest to establish an undergraduate scholarship so those in need could attend the University. “I had no idea he created a legacy commitment,” says Negri. “But it made perfect sense. My father loved BC and what it represents—and with his legacy gift he can forever share that with others.” Many like Frank Negri have been similarly inspired to give knowing that the Ignatian spirit is alive and well at BC. Undergraduates routinely clamor for seats in courses like Perspectives, which combines theology and philosophy studies, and

gary wayne gilbert

Creating Legacy Gifts That Touch the BC Mission The University’s Jesuit, Catholic heritage remains both visible and tangible at the Heights.

PULSE, which pairs social justice classwork with service learning placements. The growth of the Church in the 21st Century Center and the Lonergan Institute, which focuses on Jesuit scholarship, also heralds BC’s steadfast commitment to educate “men and women for others.” The University’s legacy giving donors have embraced this spirit since Joseph Coolidge Shaw, S.J., helped found BC with his bequest of books and the proceeds of his life insurance policy. Today’s Shaw Society members advance the BC mission through legacy gifts of all sizes. AN INSPIRED CHOICE Michelle ’79 and Ken Mostello ’79, MS’93, P’11, are among those who see value in legacy commitments that support the institution’s Jesuit, Catholic identity.

“My father loved BC and what it represents—and with his legacy gift he can forever share that with others.” —Peter Negri ’68, P’96, ’00, ’03 The couple felt compelled to bolster the School of Theology and Ministry, which was formed in 2008. “We wished to join the growing giving tradition at the new school,” says Ken Mostello. “We wanted to help establish a beneficial precedent.”

WWW.BC.EDU/LEGACYGIVING

The Mostellos created a financial aid fund that will help attract talented graduate students preparing for ordination or for lay ecclesiastical ministries. Legacy donors can also choose to underwrite student programming, including the academic journal Lumen et Vita, international immersion trips, and weekly prayer services. Meanwhile, across the University, legacy gifts have more broadly supported the Department of Theology and have funded volunteer service initiatives and spiritual retreats. “I think Fr. Monan expressed it well when he once said that by making a legacy gift, you accept that there is something more enduring than yourself,” says Michelle Mostello. “We all wish to stand for something meaningful. We can when we make a legacy gift.” n

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Planning for Peace of Mind Focus on these essentials to create a sound estate plan.

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seek an experienced estate lawyer.

You’ve worked hard to build your family’s security. When considering the long-term future of your nest egg, your team of advisors (see Q&A on Page 4) should include a lawyer with specific expertise in estate planning. Only someone with this skill set will be able to accurately spot the relevant issues, understand your objectives, and advise you on how best to meet them in light of the complex laws that surround this field.

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invest in a comprehensive approach.

An estate plan is more than just a will. Everyone should have a health care proxy and a durable power of attorney. These two documents allow you to designate someone to make your health care and financial decisions, respectively, in the event you are unable to do so yourself. Look for a legal advisor who is attuned to these and other key details.

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sign your documents.

A beautifully drafted estate plan prepared by your lawyer does no good if you never sign it. Far too often people delay (for months or even years!) signing the very documents they paid to have created. Unsigned documents are not worth the paper on which they are written.

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make regular updates to your plan.

Because your finances, the law, and your own circumstances are dynamic, the best practice is to regularly amend your plan. For your own peace of mind, take time to review and, if necessary, revise your documents every three to five years. In addition, you’ll want to continually update your durable power of attorney since some banks won’t accept documents that are more than a year old.

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BOOKMARKS | WINTER 2013

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communicate with your family and beneficiaries.

Disputes can arise when heirs are surprised by the contents of an estate plan. The good news is that it is easy to minimize the likelihood of conflict. How? Have a conversation with your heirs and beneficiaries to let them know the basic provisions of your plan, as well as whom you have selected to perform the various jobs involved (e.g., executor, power of attorney, health care proxy) and why. That way they will not be confronted with a reality that differs from their perception.

You’re Invited

Join us at the Heights this winter for an array of exciting events. Please mark your calendars and go online for further information.

Jan. 31 Thursday | 7 p.m.

Donor-Advised Funds Reach New Heights at Boston College

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FOR TODAY… AND TOMORROW Contributing to organizations like Boston College through your donor-advised fund is an easy and effective way to make your annual gifts. Your BC commitment will address the University’s most urgent needs, such as financial aid, undergraduate research, and service-learning programming. You may also leave the remainder of your donor-

177,357 Donor-advised

Did You

under management

?

Know

$7.7B $37.4B Total assets

Feb. 16–June 2

Donor-advised fund gifts directly enhance the BC student experience inside and outside the classroom.

the Light the World campaign through this attractive giving tool—with gifts ranging from $500 to $5 million.

hile first pioneered in 1931, donor-advised funds have become an increasingly popular charitable giving vehicle in the last decade—especially among alumni, parents, and friends of Boston College. More than 850 University benefactors have taken advantage of the flexibility and tax benefits of these funds, which enable organizations, families, or individuals to recommend annual donations to the causes that matter most to them. So far, donors have contributed more than $30 million to

funds in the U.S.

gary wayne gilbert

Well Advised

CANDLEMAS LECTURE “Revelations: Visions, Prophecy, and Politics in the Book of Revelation” with noted author and Princeton professor Elaine Pagels Devlin 101, Middle Campus www.bc.edu/lowell

Annual grants provided to charity

advised fund to Boston College as a legacy gift, thus ensuring that tomorrow’s students continue to benefit from your philanthropy. You simply need to name BC as a full or partial beneficiary of your fund to ensure your long-lasting impact. Designation changes can be made through your fund’s administrator; most funds are managed by the charitable divisions of financial services firms or local community foundations. While the minimum contribution to create a fund varies, the charitable income tax deduction is identical across providers.

Donor-Advised Funds

PORTUGAL, JESUITS, AND JAPAN: SPIRITUAL BELIEFS AND EARTHLY GOODS McMullen Museum of Art, Middle Campus www.bc.edu/mcmullenmuseum

“A donor-advised fund is a perfect fit for my family,” says University Trustee David P. O’Connor ’86, P’16. “Through our annual gifts, we’re able to assist today’s Eagles, but we can also help secure the BC experience for future generations. It is a gift that gives you the power to make a difference.” n

SAVE the DATE: MAY 9 SHAW SOCIETY MUSEUM TOUR

March 10 Sunday | 9:30 a.m. LAETARE SUNDAY MASS AND BRUNCH Conte Forum, Lower Campus www.bc.edu/laetare

To learn more, contact Gift Planning Director Sue Warren Ramsey ’91 at 877-304-SHAW or legacygiving@bc.edu.

March 12 Tuesday | 6 p.m. FINANCIALLY FIT SERIES: MAKING RETIREMENT WORK Cadigan Alumni Center, Brighton Campus www.bc.edu/shawevents

851 Alumni,

parents, and friends who currently support Boston College with donor-advised fund gifts

March 23 Saturday | 2 p.m. SESQUICENTENNIAL STUDENT CONCERT Boston Symphony Hall www.bc.edu/150

$30.4M Fund contributions to date toward the Light the World campaign

Note: Domestic statistics from the National Philanthropic Trust’s 2012 Donor-Advised Fund Report

WWW.BC.EDU/LEGACYGIVING

View more campus happenings at www.bc.edu/events. 3

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Q A

DONOR SPOTLIGHT

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Eva Marie Carey ’78, P’14

F I N A N C I A L S E RV I C E S D E M YS T I F I E D F R A N K S E N N O T T ’ 77, M B A’ 8 1 , P ’ 1 6

When does it make sense to hire a financial professional? It’s time to seek advice when you’re not sure how to prioritize or achieve your financial goals, or you’re clear about your goals but are unsure of how to invest your savings. You may also wish to hire a financial professional as you approach retirement or when a life event, such as having a child or changing jobs, has altered your financial outlook.

Q A

How do I find the best fit for my needs?

If you require goal-setting assistance, then you’ll want a financial planner who will get to know you and your objectives—and develop a personalized roadmap to help you achieve them. If you have clear goals, but do not understand investments or do not have time to manage them, then you’ll require a financial advisor. You may need one or both professionals as part of your financial team. (You’ll also want a lawyer; see Top 5 on Page 2.)

Q A

What are some realistic expectations?

course. And in a volatile market, a financial professional can minimize your downside risk. Make sure you understand the precise services these professionals provide, how they approach their work, and how they are compensated. “Feeonly” financial planners charge a flat fee or hourly rate for their services. “Fee-only” advisors charge a percentage of assets and do not work on commission or benefit from referrals. However, “commissionbased” advisors may bill a percentage of assets, but they can also collect money from commissions and referrals. It is important to understand compensation since it can affect the independence of the advice you receive. n

gretchen ertl

Q A

Eva Marie Carey with her husband, Ron Dailey, and their daughter, Rebecca

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oston College set Eva Marie Carey ’78, P’14, on a path that would take her to the Alaskan wilderness but would ultimately bring her back to the Heights. “BC instilled in me a desire to help those in need that has never left me,” she says. As a physician specializing in emergency medicine, Carey has served her Anchorage community for 30 years. Now, through a recent bequest to the University, she and her husband, Ron Dailey, have

▶ Do you have an estate planning question? Please contact the Office of Gift Planning at 877-304-SHAW or legacygiving@bc.edu for assistance.

Frank Sennott is a financial planner at the law firm of Ropes & Gray.

found a way to assist BC students in perpetuity. ON HER ENDURING CONNECTION… If you grow up in a Boston College family, as I did in Westport, Conn., you always hear the glowing stories. My father and brother graduated from BC and my sister from Newton College. Several other relatives are alumni as well. So attending BC was an easy choice, and now our daughter, Rebecca, is a sophomore carrying that tradition forward.

ON THE BC CAMPUS… The Heights is more beautiful now than ever, especially with the building of Stokes Hall and the new green space at O’Neill Library. You can see how much today’s students appreciate being here. Every time I return is a homecoming—connecting me to both my own undergraduate days and to my family’s BC legacy. ON CREATING A BEQUEST… Reviewing our estate plan provided a great oppor-

tunity to think through what Boston College means to us—and how we can help future students benefit from one of the most distinctive liberal arts educations in the country. We decided to establish the Carey Family Endowed Scholarship Fund, which will provide financial aid to deserving students—and will hopefully bring more Alaskans to BC. For us, it’s the perfect way to honor our family history and live the University’s mission of service to others. n

Build Your Own Legacy Mark 150 years of BC history with a legacy gift that secures the University’s bright future.

There is no magic wand, but a good professional can help you set achievable goals and chart your investment

Learn more at www.bc.edu/legacygiving. Or contact us at 877-304-SHAW or legacygiving@bc.edu. Cover photo: Campus statue of St. Ignatius made possible through the generosity of Sally Engelhard Pingree and the Engelhard Foundation

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