No matter what our income or assets there’s a fundamental question we all must face: how will our wealth be passed on after our passing? On this latest edition of Connecting Faith, we welcome back Kirby Stoll from the Northwestern Foundation and Paul Stein from Advanced Retirement Resources to help us work through questions on wills, trusts, taxes, and passing along a legacy. They also share an update on pertinent law changes in this important and timely discussion of estate planning. Here’s where that conversation takes us:
So, first up, why do we need to have a plan? Our experts notes that intentional stewardship is one of our unique callings as Christians. Each of us have a story and a legacy to leave behind, and the way we invest our wealth when we’re gone is a key component of that legacy.
In spite of the difference it can make, often, estate planning is the last thing people are seeking to do. Is there often a sort of triggering event that causes us to start taking this planning seriously?
In an effort to assist in this important process, the Northwestern Foundation has built a new website filled with helpful resources and testimonies of those who’ve chosen to include charitable giving to University of Northwestern in their estate plan.
We dig into some common questions on planning our estate:
• How do we decide who to name as our beneficiaries?
• How can we be certain we are providing for our loved ones?
• What do we need to know to be certain we’re providing for our special needs children?
• What are some common mistakes that our guests have observed when it comes to estate planning?
• What do we need to know about tax laws as regards this issue?
