A joint effort of Conception Abbey & St. Benedict’s Abbey a newsletter on planned giving

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Spring 2019

Inside this Issue

Advantages and Disadvantages of Jointly Held Property

Seminarian Spotlight: Mr. Ryan Bax

Careful Planning in a Time of Loss

Making Gifts Through Life Insurance

Five Tips for Choosing an Attorney

Advantages and Disadvantages of Jointly Held Property It’s fairly common for individuals, especially married couples, to own many of their assets in “joint names”–homes, cars, bank accounts, brokerage accounts, etc. Joint ownership arrangements usually provide for “right of survivorship,” meaning the person who lives longer automatically becomes the sole owner of the entire property, without going through probate.

Joint ownership can present disadvantages, however. What would happen to the assets if both joint owners died within a short time of each other–and neither had made a will? Each joint owner should have a will that avoids having these assets pass under inflexible state laws for those who die without a will.

Older parents sometimes name a son or daughter as joint owner of checking or savings accounts, with the thought that he or she will receive the account at death. But a bankruptcy proceeding against the son or daughter could freeze the account and deny access to the parent or child for a period of time. A safer plan might be to leave the account by will, living trust or pay-on-death (POD) designation, which would protect the funds while the parent is alive.

Joint ownership also may present tax disadvantages. When appreciated stocks, real estate or other assets are left to someone through a will, beneficiary designation or living trust, any capital gains tax liability disappears at death and the beneficiary receives a new basis in the assets–“stepped up” to the date of death value. With jointly owned property, however, the co-owner typically receives a stepped-up basis in only half of the property. Too much jointly owned property can also make it harder for attorneys to set up trusts in estate plans to reduce or avoid state or federal estate taxes.

Joint ownership of assets certainly has a place in estate and financial planning, but should not be entered into without a good deal of thought–and some guidance from professional advisors.

Five Tips for Choosing an AttorneyEstate planning begins, naturally, with a visit to a lawyer. If you don’t already have an attorney, how do you select the right one for you? Here are five suggestions:

1. Ask friends, family members, fellow church members or co-workers for references. Who was the lawyer who wrote their wills or served as estate attorney when there was a death in the family? Were they satisfied with that person’s performance?

2. Call the local bar association for the names of attorneys active in estate planning and probate work. Many areas of the country have estate planning councils you can contact for the names of lawyers specializing in estate work.

3. Ask prospective attorneys how much of their practice is devoted to estate planning and probate work. Is the attorney familiar with various techniques for including charities such as Conception Abbey in your plans?

4. Ask for a copy of the questionnaire that the attorney uses to record

personal information. How thorough are the questions and do they cover the circumstances particular to your estate planning needs?

5. Will the attorney retain a copy of your will or living trust in the event they are needed in the future? Ask how often the attorney recommends that you review your plans and whether he or she will meet with you periodically to determine whether changes in your personal situation or in state and federal tax laws necessitate amendments to your plans.

In the Fall we will share with you five tips on how to select an executor, the next step in this important planning process.

Joint ownership should be carefully planned.

Seminarians serve food at a local soup kitchen

Br. Joseph O’Neill, OSB is a monk of Conception Abbey. He grew up on a farm near Alda, Nebraska and attended Conception Seminary College. He first discerned monastic life in 1970 and more recently he has returned to

religious life at Conception Abbey and professed vows on May 20, 2017. Bro. Joseph is manager of the gift shop at Conception and leads the effort in stewardship for the members of the planned giving society, The Abbot’s Circle.

Daniel Chinn is a 2012 graduate of Conception Seminary College and a 2014 graduate of Northwest Missouri State University where he studied English education. He grew up on a farm in north central Missouri where he learned the value of hard work and patience.

Before helping the friends of the Benedictines with charitable estate planning, he worked in Conception’s Communications Office and taught high school English in the Kansas City area.

Meet Our Planned Giving Staff

Br. Joseph and Daniel can be reached in the Planned Giving Office at (660) 944-2825 or plannedgiving@conception.edu.

Our Legal Titles:Conception Abbey, Inc. 37174 State Hwy V V Conception, MO 64433 Tax ID: 44-0547816

or for Benet Lake:

St. Benedict’s Abbey 12605 224th Ave Benet Lake, WI 53102 Tax ID: 39-0890515

Choosing the right attorney is an important step in the planning process.

Abbot Benedict leads the monks and seminarians in praying the Stations of the Cross

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A rigorous academic program is part of our seminary’s core

Careful Planning in A Time of Loss

Every wife and husband realizes the inevitability that one of them will outlive the other and perhaps spend many years as a widow or widower.

Conception Abbey and St. Benedict’s Abbey have a new booklet, Careful Planning

in A Time of Loss, an important and thoughtful presentation that can help a surviving spouse through a difficult time. Our booklet emphasizes the need for husbands and wives to plan for the future.

Most importantly, our new publication enables spouses to organize information that will be needed at death: listings of people to contact, vital documents and important telephone numbers.

We hope you will request our booklet and believe you will find the information contained is extremely practical and full of down-to-earth suggestions that will help you and your spouse. We look forward to hearing from you and hope that you will consider including Conception Abbey and St. Benedict’s Abbey in your estate plans.

To request your free copy today, call Br. Joseph or Daniel Chinn at (660) 944-2825 or mail us the enclosed reply card!

1

The booklet Directions has a

three-fold purpose:

■ To assist you and your advisors in

establishing the best possible estate plan

for you and your family;

■ To aid your executor in the effective

administration of your estate; and

■ To provide vital information to your

family in the event of emergency or your

incapacity.

We urge you to complete this valuable

record without delay, to review and update

it periodically (at least once a year), and to

inform the appropriate people that you

have established this important record –

and where it is kept!

At the same time, we hope you will

consider, in the course of your planning,

making a bequest in your will to benefit and

perpetuate our programs.

Personal Vital Statistics . . . . . . . . . . . . . . .

. . 3

Marital Information. . . . . . . . . . . . . . .

. . . . . 3

Family Records. . . . . . . . . . . . . . .

. . . . . . . . . 3

Employment and Business Interests. . . . . . 4

Financial Information . . . . . . . . . . . . . . .

. . . . 5

Personal Advisors . . . . . . . . . . . . . . .

. . . . . 15

Funeral and Burial Directions . . . . . . . . . . 16

Last Will and Testament . . . . . . . . . . . . . . .

16

Notes and Suggestions

to Executor or Beneficiaries . . . . . . . . . . . . 17Inside This Guide Book

Seminarian Spotlight: Mr. Ryan BaxRecently, we had a chance to sit down with Ryan Bax, a seminarian from the Diocese of Jefferson City, and asked him about his journey to seminary and his experiences at Conception Seminary College. We wanted to share with you some highlights of our chat so that you can know more about our seminarians and the work our monks are involved with their formation.

Q. What were you doing before you came to Conception Seminary College?

Ryan: Right before seminary, I was working in marketing at a factory in Jefferson City, Mo. Before that, I went to Benedictine College in Atchison, Ks., where I studied math and mechanical engineering. Even during that time I felt a nudge to consider the priesthood. I remember my first night at college as a freshman where my roommate and I were getting to know each other. Before we went to bed, I asked him if he had ever considered the priesthood. He said, “Yeah, Ryan,” kind of disgruntled. He is now a priest in the Diocese of Wichita.

Q. So what made you decide to come to seminary?

Ryan: A desire for peace. The idea of priesthood persisted and I knew I wouldn’t be at peace until I gave seminary a chance. The process of coming to seminary was full of smooth transitions, which were the consolations I needed to know I was making the right decision.

Q. How has the environment at Conception and the monks helped you in your discernment?

Ryan: The daily life around here, the balance of prayer and study has been the most helpful in my discernment. Prayer has become a priority and I have learned the importance of having it a part of

my daily life. God has worked through my prayer and my spiritual director. God knows what I need to discern his will well, and he gives me those graces at the proper times.

Q. What has surprised you about your time in seminary?

Ryan: Something that has been really important to me during my time in seminary has been the opportunities to grow in fraternity. This happens both on seminary sports teams and in general. The fraternity that is grown among those teams, and even the with rest of the guys in seminary, has been a true blessing. It’s wonderful to be around other guys my age who are discerning and willing to give their whole lives to God in service to His people.

Q. What advice would you give to young men discerning and to those who could encourage them?

Ryan: More guys should come to seminary. Regardless of what vocation God is ultimately calling you to, it’s a great place to grow into as a person of faith and to learn more about yourself. Parents and parishioners both should encourage men towards the seminary, as well as women to consider religious life. It’s a wonderful life - more people just need to discover it!

A balance of prayer, study, and recreation is part of our formation

Making Gifts Through Life InsuranceFor many, life insurance policies that were created years ago are no longer needed to provide for one’s financial security, thus enabling you to direct the future proceeds to support our work in forming future priests and providing for our aging monks.

The following are some excellent examples of why gifts of life insurance are so popular:

♦♦ You can name Conception Abbey or St. Benedict’s Abbey as beneficiary or co-beneficiary of a policy – while keeping the right to change the beneficiary designation at any time.

♦♦ The full proceeds are payable to Conception Abbey or St. Benedict’s Abbey when the insured dies, free of state or federal taxes.

♦♦ A gift of life insurance is simple; just request a change of beneficiary form from your insurance company.

♦♦ Transferring full ownership of a paid-up policy to the Benedictine monks today can also create significant tax benefits.

♦♦ If you own a policy on which you are still paying premiums, by making the monks the owner and beneficiary of the policy, future premium payments can provide you with a regular tax deduction (call us for details about this arrangement).

When you make a gift of life insurance to the Benedictine monks, you will be enrolled in our Abbot’s Circle, with perpetual spiritual benefits. Call our office at (660) 944-2825 if you are considering such a gift. It would be our honor to enroll you today.

Abbot Benedict celebrates Mass in the infirmary

Left: The campus at St. Benedict’s Abbey, Benet Lake, Wis., where Fr. Patrick serves as Prior, and an extensive retreat ministry is operated