Winter 2010
THE PORCH READER Financial and Gift Planning Ideas for Donors and Friends of Portsmouth Abbey School
12 Months to a Well-Planned Estate If you’ve put off writing your will or
jointly or, in certain states,
making plans for how your estate
as community property).
will be distributed after you’re gone, you’re not alone. Estate planning is a chore. But it’s a task that, once completed, feels great.
2. List all obligations and other liabilities. 3. A list of life insurance policies indicating the insured, the owner, and the beneficiary of each policy.
Getting started is often the hardest part,
INSIDE
Having an effective estate plan ensures that the people and causes you care about benefit after you’re gone.
• Do You Want to Help Continue Our Work, But Can’t Right Now? • Creating Your Will: Costs And Considerations
4. Details about deferred
so we’ve put together a simple plan to
compensation, such as from a
help you begin right now. Every few
401(k), including the beneficiaries.
months, tackle the next step in the plan.
5. The names of those parties or
If you keep at it, by year’s end, you will
agencies who you would like
have the peace of mind that comes from
to benefit from your estate.
having a solid plan for protecting yourself and your loved ones.
MONTH 1: Tally your assets.
6. The location of your will, securities and other valuable papers.
The first step in creating your estate
MONTH 4: Make decisions about your will.
plan is the preparation of an inventory
An up-to-date will serves as the bedrock
of personal data. You should include
of your estate plan by expressing your
the following:
current intentions and creating tax-
1. A list of your assets that
saving opportunities. If you do not
shows current value as well
have a will, state law will divide your
as title (whether held in your
estate according to a rigid formula
name, your spouse’s name,
Continued on Page 2
Continued from Page 1
• Agent for health care power of
that’s unlikely to reflect your wishes. To
attorney. This person makes health
ensure that your personal and family
care decisions on your behalf if you
needs are met, take these three steps:
are unable to make them.
1. Decide which people and charities you’d like to benefit through your will. 2. Determine what (and how) to leave
• Estate planning attorney. This person ensures that your wishes are accurately and clearly
your belongings to your heirs. The
documented in your will and legal
gifts in your will can take various
documents.
forms. They can be cash or specific be shares of the residue of your estate.
MONTH 10: Meet with your estate planning attorney.
They can be held outright or in trust.
Review all the decisions and lists you’ve
personal and real property. They can
3. List each person and each charity’s
made so far. Bring them with you when
name, the gift you’d like each to
you meet with your attorney. These
receive, and other information about
lists will help your attorney evaluate
how you’d like the gifts completed.
your unique circumstances and suggest ways to avoid paying unnecessary
MONTH 7: Pick your team.
taxes during your lifetime and at death.
Think about and list whom you’d like
If you’re considering remembering
to fill these roles.
Portsmouth Abbey School in your will,
• Executor. This is the person you
we’d be happy to meet with you and your
name to carry out the terms of your
attorney to help answer any questions
will. Choose someone who will be
you may have, with no obligation.
comfortable dealing with your finances
The
Hall Manor Society If you have made a provision for Portsmouth Abbey School through your estate plan, we would like to thank you and recognize you as a member of The Hall Manor Society. If you would like more information on becoming a member of The Hall Manor Society, please contact us at 401.643.1269.
and investments, taxes, and record
MONTH 12: Finalize your plans.
keeping. Consider their availability,
Follow through with any additional
general health and diplomacy as well.
steps resulting from your meeting with
• Guardian. If you have minor children,
your attorney.
you should name a guardian for each child and their property, in case your spouse doesn’t qualify or doesn’t survive you. Otherwise, the court will appoint someone who you may not approve of. • Agent for durable power of attorney. Choose someone to act on your behalf in financial matters should you become unable to manage your own affairs.
Congratulations! You have taken the time to ensure that your family and favorite causes are cared for after you’re gone. Continually review your estate plans every three years, or whenever major life changes or tax law changes occur, to make sure it’s still the best plan for you and your family.
Do You Want to Help Continue Our Work, But Can’t Right Now? Consider including a gift to Portsmouth
amount of money, make the gift
Abbey School in your will or living trust.
contingent on certain events, or leave
Called a charitable bequest, this type
a percentage of your estate to us.
of gift works well for people who want to make a significant gift but can’t do that today. Plus, it has these benefits:
Why Leaving a Percentage Makes Sense When planning a future gift, it’s
• Simplicity. Just a few sentences in
sometimes difficult to determine
your will or trust are all that is needed.
what size donation will make sense.
Here is sample language you can share
Emergencies happen, and you need to
with your attorney when remembering
make sure your family is financially
Portsmouth in your will: I give to
taken care of first. Including a bequest
Portsmouth Abbey School, Portsmouth,
of a percentage of your estate or a
R.I., (the sum of $_____ or _____
percentage of your residual estate
percent of the rest, residue and
ensures that your gift will remain
remainder of my estate) for its
proportionate to your estate size, no
general purposes.
matter how it fluctuates over the years.
Your Will Uniquely You
• Flexibility. You can change your mind at any time because you are not actually making a gift until after your lifetime. • Versatility. You can structure the bequest to leave a specific item or
Contact us at 401.643.1269 or ajones@portsmouthabbey.org today to learn more about remembering us in your will.
To learn more about gift planning quickly and easily from the comfort of your own home, visit us online at www.portsmouthabbey.org/plannedgiving.
© Portsmouth Abbey School and The Stelter Company
recycled paper
The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Individual state taxes, estate taxes and/or state law may impact your results.
Does Your Will Cover Your Particular Situation? Our FREE guide, Your Will: Uniquely You, shows you how to address your specific needs and goals, whether you: • Are single. • Are remarried. • Have grandchildren. • Have a child with a disability. • Intend to make charitable gifts. Return the enclosed reply card to receive your complimentary copy today!
Creating Your Will: Costs And Considerations The benefits of creating a will far outweigh the emotional pain and financial disarray that can result from not having made the effort.
The process of creating a will doesn’t need to be overly time-consuming or expensive. The peace of mind you’ll feel once you’ve clearly and legally articulated your final wishes, is priceless.
Timetable Your personal circumstances will dictate
several times that amount. Whatever the
the amount of time it takes to draft your
going rate in your area, resist the urge to
will. A simple will might require little
look for a “deal”—or use do-it-yourself
more than an hour-long discussion with
forms. Enlist the services of a qualified
an attorney, plus a return visit to sign
estate planning attorney, whose
the finished paperwork. Obviously,
knowledge and experience will ultimately
more complicated estates will require
save your estate money and eliminate
increasingly careful planning and execution.
heartache in the long run.
Cost
Learn more about creating an effective will and how to remember the School in your plans by visiting us on the Web at www.portsmouthabbey.org/ plannedgiving.
The cost of drafting a simple will depends largely in part on where you live. People in some parts of the country have created simple wills for a few hundred dollars. For the same services elsewhere, you might pay
Action List What You Can Do Today Patrick J. Burke ’86 Assistant Headmaster for Development 285 Cor y’s Lane Portsmouth, RI 02871 401.643.1269 Fax 401.643.1377 pburke@portsmouthabbey.org www.portsmouthabbey.org
1 2 3
Return the reply card to receive our
FREE guide, Your Will: Uniquely You.
Discover other charitable giving options by requesting a free eBrochure from our Web site, www.portsmouthabbey.org/plannedgiving. Complete your estate planning checklist. If you’re interested in giving within this calendar year, make sure you know what date it has to be completed and how to properly document it to receive your earned benefits. Thank you for your support! Your gift, large or small, helps us carry out our mission.