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The word estate
has a number of meanings depending upon the context in which it is used. For federal tax purposes, it
refers to all of the deceased person's assets that are included in that person's estate that are taxable.
It is also used to refer to those items of property that are subject to administration in the probate
court. For example, life insurance owned by the decedent and payable to a named beneficiary such as a
surviving spouse is not part of the deceased person's estate that is subject to administration in the
probate court, but it is included in the deceased person's estate for federal estate tax purposes.
Estate planning is the process by which a person decides how his or her finances and other possessions
will be handled after death. Many people include the Church in their estate planning, either by donating
their entire estate or by willing certain components of their possessions.
Perhaps you might consider partnering with the
Church through including your local parish or the Diocese in your
estate plan. For more information you can contact the Stewardship and Development Office,
your partner in giving. |
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