In my work I find that a lot of people struggle to get started with an estate plan. It’s the thing they just keep putting off. Not that they aren’t planners — they plan vacations, events, retirement and so much more. Planning may even be part of their profession. Yet when formulating their will — or even thinking about their plan — something always comes up. When they put it off long enough, they might feel embarrassed to admit they haven’t done anything. If this describes you, you’re not alone; in fact, over half of Americans are in the same boat. But getting started doesn’t have to be hard.
Oct. 17-23 is National Estate Planning Awareness Week. This may be the perfect time to reflect on your own plans. It can also be a great opportunity to raise the subject with your ministry’s donors. The ELCA Foundation has the resources you need to start that conversation.
This month’s edition of “Insights” will equip you with the knowledge and resources you need to get started on your own estate plan, if you lack one, or to explore additional opportunities for charitable giving through a plan you already have in place. As your regional gift planner, I’m available to walk you through these resources and answer any questions you might have. I’m also happy to work with any of your ministry’s donors who are interested in making a plan. Don’t hesitate to reach out to me at any time.
P.S. Did I mention that we have a new website filled with content to help you get started? I encourage you to take a look around, explore what’s available and reach out to me with any questions. |
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| AVOID THE MOST COMMON ESTATE-PLANNING MISTAKE |
Studies conducted by the Gallup Organization from 1990 to 2021 show that the percentage of Americans with a will, describing how their assets should be handled after their death, hovers around 47%.
So what keeps half of American adults from not defining their legacy plan? The answer is surprisingly straightforward: procrastination.
The reason most commonly given for not making an estate plan is simply not getting around to it. Some feel they lack sufficient assets to merit an estate plan or will, and some consider the process too complicated or costly. Some may want to avoid the topic of death altogether.
As Lutherans, we are a resurrection people. The apostle Paul reminds us in 1 Corinthians 15:55-57, “‘Where, O death, is your victory? Where, O death, is your sting?’ The sting of death is sin, and the power of sin is the law. But thanks be to God, who gives us the victory through our Lord Jesus Christ.” Our faith invites and encourages us to make plans for our own resurrection and in so doing to make plans that reflect our faith, values and priorities.
Oct. 17-23 is National Estate Planning Awareness Week, a good opportunity to reflect on your own plans. Do you have a plan in place? As a Lutheran, how will you leave your legacy? Does your legacy plan simply divide your assets, or does it reflect your faith story?
We encourage you to take time this month to reflect on your plans. The ELCA Foundation has special resources to get you started:
- Join us for our upcoming webinar “Planning Your Legacy.”
- Learn more about estate planning concepts and tools by visiting foundation.elca.org and requesting a copy of the ELCA Foundation’s “Personal Estate Planning Lesson Book.”
- Contact your regional gift planner to learn how to make your legacy more than a division of assets. They can help you to draft a Christian preamble to your will, to explore opportunities for endowment and, with a few simple tools, to provide more support to your family and the ministries that matter most to you.
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| JOIN US FOR NEXT MONTH’S WEBINAR |
| The current economic landscape may influence your estate planning and charitable giving. Join us for our next webinar, “Planning Your Legacy,” which will highlight key details of the current economic climate, give you an overview of what you need for a solid estate plan, and teach you how to leave a legacy to support ELCA ministries while also saving on taxes. |
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| MINISTRY GROWTH FUND |
| Designed specifically for congregations, synods, seminaries and other affiliates of the ELCA, the Ministry Growth Fund is a long-term, stable and socially responsible endowment fund that provides distributions to grow ministry, now and well into the future. Individuals may participate in the fund by opening a named endowment or donor-advised fund. Learn more.
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