Planned Giving Seminar Estate planning, reducing the voluntary tax, creating trusts and wills, investing, and sharing of wealth were among the topics discussed at a recent Planned Giving Seminar at Holy Rosary Church in Jersey City. The seminar is part of a series being offered throughout the Archdiocese by the Development Office and Merrill Lynch. The seminars help participants to plan their financial future and asks them to consider the Catholic Church in the process. Secretary of Development, Fr. James S. Choma, outlined the endowments that have been set up by the church. "As you plan for your future and your family's future, please remember your church," he said. Vice President and Regional Trust Manager, Kevin A. Lawler, led the Planned Giving Seminar at Holy Rosary. Lawler emphasized the importance of financial planning. "Some people think it's bad luck to make out a will," he said, "but the state will get to break up the estate and I guarantee it won't go the way you want." Lawler went on to explain some factors that people should consider when choosing an executor of their estate. "A parent's first inclination is to choose the oldest child," he said, however, other factors should be considered. He added that where the person lives, their lifestyle, their marital status, whether the person has children or a career, their experience with investing and other financial matters, and their relationship with their siblings are factors that should be considered. A parishioner of Holy Rosary Church and seminar participant, Tony Nicodemo, said that the seminar helped him to understand the ins and outs of financial planning. "The seminar was very informative," he said, "I learned about all the ramifications of not making out a will, especially in regard to taxes." Lawler explained the tax benefits of investing in the Pooled Income Fund of the Archdiocese or in making the Church a beneficiary of a will. "Once you make sure you have the money necessary to live comfortably," Lawler said, "then by all means the best way to save on taxes is to give to charity." The Archdiocese of Newark has set up several endowments to make it easier for people to donate to the Church. The Pooled Income Fund, a charitable trust established in the Archdiocese in 1969, is one way that people can give to the church and see a monetary return for themselves. The Pooled Fund allows individuals to contribute into a common charitable trust to gain tax and income advantages. Contributors see a return on their contribution quarterly. Other gifts to an Archdiocesan endowment fund provide for the continued care of several programs, including, Immaculate Conception Seminary and its students, priest care and retirement, parishes, Catholic Education, CYO / Youth Ministries, and social ministries. For more information about the Financial Planning seminars or how you can make a gift to the Archdiocese of Newark please contact: The Roman Catholic Archdiocese of Newark, Development Office, Planned Giving Program, 171 Clifton Avenue, Newark NJ 07104 or call (973) 497-4125.
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