Taking full advantage: Estate planning provides peace of mind
When it comes to estate planning, people have different goals. Jeff and Sue Pinske’s were clear: They wanted to remember their family, their church, and the charities they love. They desired a plan that was simple to administer and that would minimize taxes.
Their wishes were accomplished with help from Pastor Curt Seefeldt, director of church relations at The Lutheran Home Association (TLHA).
“We knew we wanted to be able to provide gifts to all of our children,” explained Sue. “But we also wanted to provide gifts to our church.”
With that in mind, the couple worked with Pastor Seefeldt to take a big-picture look at their estate listing all of their assets. Together, they discussed who the ideal recipient for each gift would be to create a tax-focused estate plan.
“If you leave an IRA (individual retirement account) to your children, they will have to pay taxes on it. If you leave an IRA to a charity, it pays no taxes,” said Pastor Seefeldt. “Directing taxable assets to charity is better for everyone involved, both the family and charities.”
Listening is key when it comes to preparing an estate plan.
“After understanding what people hope to accomplish, I can present a variety of options. They can make choices and together, and we can develop a written plan to take to their attorney,” explained Pastor Seefeldt. “This process allows me to truly help people to accomplish their goals.”
“Learning how to pass on our assets was a big thing for us,” Jeff said. “We were not sure of the best ways to split things up. Pastor Curt helped a lot and made it easy for us to understand.”
Having a plan in place provides a peace of mind for the Pinskes and their loved ones. They know that their wishes will be carried out.
TLHA’s Mission Advancement team will be happy to work with you. We provide estate planning assistance to our residents, program participants, and donors, as well as their families.