1. SUMMER 2011
I
n 1963, Nat King Cole hit #6 on the charts In This Issue
while singing about the “lazy, hazy, crazy days
of summer.” Almost 50 years later, I can safely Letter From
say that I’ve seen the hazy and the crazy, but Father Scott ............................ 1
I’m still waiting for the lazy part of summer Probate:
to arrive. Just the Facts, Please .............. 2
But summer truly should be a time to step back
Make Your Will a
and celebrate life. Family get-togethers, strolls around the block,
sitting in a rocking chair on the front porch are all experiences Personal Statement ................ 2
that help us appreciate what’s really important. We need to make Decisions, Decisions, Decisions:
Dear Friends
time to allow those moments to happen. Living Trust or Will? ............... 3
And when we do have time to reflect on life and its meaning, Quick Tip ................................. 4
isn’t it true that our first thoughts often center on the people
we have loved? Who comes to mind for you? Is it a love lost? Archangel Corner ................... 4
A spouse who is now dearly missed? A cherished friend who Terms You Should Know........ 4
continues to grace your life?
When all is said and done, life truly is about love, how it is shared
and how it is treasured. And one of the most wonderful things
about love is that it stands the test of time – for love never dies.
Every once is a while I get an insight into whom the children of
Mercy Home remember when they reflect on the loves of their
lives. Those insights typically come from former residents.
Invariably, when these Mercy kids stop by (no matter how old,
they’ll always be “Mercy kids”), they share how grateful they are
for the time they spent in our Home. And they also share how
profoundly touched they were when they first understood that
the support they received came from people they will never
meet or know.
People like you.
You were the one who gave them a second chance. You were
the one who made it possible for them to hope and dream and
create a future they never thought was possible. How these kids
would love to say thanks to you!
In this issue of The Herald, we have included some very practical
pointers about a document that is really a type of love letter:
a will or living trust. I hope you will find the articles helpful.
Your love for the children of Mercy Home has stood the test of
time. May I humbly ask that you prayerfully consider including
our Mercy Home children in your will? It is a love they – and I –
will never forget.
Blessings,
Fr. Scott Donahue

4. 4
Terms You Should Know
Administrator: The person or
institution appointed by the probate
court as personal representative to
manage and distribute the property
Archangel Corner of someone who dies without a will,
or where an executor named in a will
is unable to serve.
F
Beneficiary: A person or organization
irst of all, I am named in a will, trust, life insurance or
a Chicagophile. other document to receive assets from
I like its history, an estate. Trust beneficiaries can receive
its people and its either trust income or trust principal
colorful politics. (when the trust terminates).
When I retired, Federal Gift Tax: A tax upon the donor
I felt I should of lifetime gifts to individuals in excess
do something to help out young of $13,000 per donee per year. Amounts
people, because they are our future. exceeding $13,000 are currently
sheltered by a $5 million exemption.
Howard Novak
After reading a John Kass column in
Parma, Ohio the Chicago Tribune suggesting good Gross Estate: For federal estate tax
charities, I slowly became involved with purposes, all the assets in which a
Mercy Home. deceased person owned an interest
at death, including life insurance,
After the death of real estate and personal property.
my sister in July 2004,
Marital Deduction: A deduction for
I learned that her estate
federal estate tax purposes for 100%
plans were in shambles.
Quick Tip:
of the value of all assets passing to a
I wanted something surviving spouse who is a U.S. citizen.
better planned for my
estate. That’s when I
Be sure to visit our newly contacted Mercy Home Meet Our Planned Giving Staff
revised Planned Giving Web with my estate plans
Site, mercyhome.org. Click on and other donations.
Giving, then click on Planned I know I made the right
Giving. We offer a wealth of decision after I saw the
information on many helpful work being done by the
Mercy Home for Boys
topics, such as: “Personal
and Girls.
Planning Ideas,” “Chart Your
Joe Voss Dan Pritchard
Path,” and “Creative Ways to
Support Mercy Home.” Joe Voss and Dan Pritchard
have decades of planned giving
experience helping Mercy Home’s
donors make a lasting impact
on the lives of our children.
Their hallmark is being able to
For more explain such topics as charitable
This publication is prepared exclusively for
information visit us at the information of our friends and donors.
gift annuities, wills and trusts,
www.mercyhome.org Its purpose is to point out current tax and estate planning in general
developments which may be helpful in your tax using plain English.
and financial planning. This material is based
1140 W. Jackson Blvd, on recent court decisions and current laws and Don’t hesitate to call them at
Chicago, IL 60607 regulations. You should, of course, consult your
1-800-378-8266. No question is
own legal, tax or financial planner as to the
1.800.378.8266 applicability of any item to your own situation. ever too small or unimportant.