July 31, 2024 // Diocese

Experts Offer Advice on Navigating End-of-Life Planning

Bethany Beebe

According to the old cliché, only the two certain things in life are death and taxes. A program offered at the University of Saint Francis on Thursday, July 25, armed attendees with information to make the inevitable go more smoothly, with the goal of saving money and acknowledging personal wishes at the forefront in this process.

Justin Tockey, Director of Gift Planning for the University of Saint Francis, who is a Certified Financial Planner, guided attendees through the maze of estate and legacy planning with the help of three local experts. Janell Sprinkle represented Beers Mallers Law Firm in Fort Wayne to handle legal questions. Mackenzie Ritchie, CEO of the Catholic Community Foundation of Northeast Indiana, offered her perspective on legacy giving and endowments, and Nate Hoeffel of Divine Mercy Funeral Home discussed funeral and memorial planning.

Tockey said two main reasons people shy away from advanced planning are the complexity of the legal requirements and not wanting to think about our own deaths, citing that more than half of Americans have neglected to plan for their own passing.

“When we pass away,” he said, “all of our responsibilities have to pass on to other people and, in most cases, there are financial and legal obligations that must be satisfied to accommodate that transition. Our estate plan, either a will or a trust, grants the proper authority and guidance to those who we’ve chosen to assume stewardship over the gifts we leave in their care.”

Literature from Beers Mallers puts some urgency to planning. Current estate tax laws expire in 2026. Estate tax laws, according to officials at the law firm, have changed more than 20 times since 1986, underscoring the need for professional planning assistance in advance, which can save time, money, and hassle in the long run. Sprinkle said that correcting the mistakes of “someone who has done their own will is where I make all my money.”

A well-prepared will can prevent myriad problems. Without the legal protection, property can become the property of the state; with a will, however, the legal recognition of a person’s death is made, and property is smoothly transferred to the new, rightful party.

Planning for the future is not limited to a will. Tockey also encouraged a plan for incapacity. Documents such as a medical power of attorney, advanced medical directives, and durable financial power of attorney assure the individual’s desires are met regarding life-saving methods, one’s personal boundaries for medical treatment, and who takes care of finances in case one is unable to make decisions on his or her own.

Experts can also help someone set up a trust that can address an individual’s needs while he or she is still alive and then share those assets after passing – assets that can go to an individual or charity. Ritchie said that working with a charitable organization can offer the authority and guidance to assure your funds are used exactly as you wish. The experts at the USF event suggested that it is especially important for those with minors or dependents to consider a will.

The challenging parts of looking to the future come with a silver lining – namely, deciding how to generously give to philanthropies or causes we appreciate.

“As a financial counselor, I enjoy helping people learn how to be better stewards of the gifts God gives us,” Tockey said. “As a gift planner, I have the honor and privilege to help those who have been faithful stewards during their lives to find meaning and purpose for the resources their stewardship has produced. Each time someone is able to achieve one of their philanthropic dreams, I feel truly blessed to be a part of their journey.”

Planning for the future also means making difficult decisions for your last wishes now and giving your loved ones peace of mind as they mourn. Depending on what you wish, your memorial service can be an enormous party or simple affair, and individual advanced planning supports your wishes – from songs played to prayers said. Hoeffel encouraged attendees to not only pre-plan for their funeral services but also to pre-pay, locking in the costs at today’s rates. Hoeffel said that, on average, people spend 30 percent less when planning their own funerals as compared to waiting until the time of death where emotional spending can happen.

Beyond the functional, the experts at the Saint Francis event pointed to another way to leave a legacy. Leaving letters or surprises for those you love can help them in their time of grief and give you a chance to acknowledge how much they meant to you, making your well-organized documents a little easier on the hearts of those still here.

The program will be offered again on Thursday, October 24, from 5:30 to 7 p.m. at the University of Saint Francis. Contact Justin Tockey at [email protected] or 260-399-8036 for more information.