n 1963, Nat King Cole hit #6 on the charts while singing about the “lazy, hazy, crazy days of summer.” Almost 50 years later, I can safely say that I’ve seen the hazy and the crazy, but I’m still waiting for the lazy part of summer to arrive.

But summer truly should be a time to step back and celebrate life. Family get-togethers, strolls around the block, sitting in a rocking chair on the front porch are all experiences that help us appreciate what’s really important. We need to make time to allow those moments to happen.

And when we do have time to reflect on life and its meaning, 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? A spouse who is now dearly missed? A cherished friend who 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

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I In This Issue

Letter From Father Scott ............................ 1

Probate: Just the Facts, Please .............. 2

Make Your Will a Personal Statement ................ 2

Decisions, Decisions, Decisions: Living Trust or Will? ............... 3

Quick Tip ................................. 4

Archangel Corner ................... 4

Terms You Should Know ........ 4

SUMMER 2011

4

F irst of all, I am a Chicagophile. I like its history, its people and its colorful politics.

When I retired, I felt I should

do something to help out young people, because they are our future. After reading a John Kass column in the Chicago Tribune suggesting good charities, I slowly became involved with Mercy Home.

After the death of my sister in July 2004, I learned that her estate plans were in shambles. I wanted something better planned for my estate. That’s when I contacted Mercy Home with my estate plans and other donations.

I know I made the right decision after I saw the work being done by the Mercy Home for Boys and Girls.

Howard NovakParma, Ohio

Archangel Corner

Terms You Should KnowAdministrator: The person or institution appointed by the probate court as personal representative to manage and distribute the property of someone who dies without a will, or where an executor named in a will is unable to serve.

Beneficiary: A person or organization named in a will, trust, life insurance or other document to receive assets from an estate. Trust beneficiaries can receive either trust income or trust principal (when the trust terminates).

Federal Gift Tax: A tax upon the donor of lifetime gifts to individuals in excess of $13,000 per donee per year. Amounts exceeding $13,000 are currently sheltered by a $5 million exemption.

Gross Estate: For federal estate tax purposes, all the assets in which a deceased person owned an interest at death, including life insurance, real estate and personal property.

Marital Deduction: A deduction for federal estate tax purposes for 100% of the value of all assets passing to a surviving spouse who is a U.S. citizen. Quick Tip:

Be sure to visit our newly revised Planned Giving Web Site, mercyhome.org. Click on Giving, then click on Planned Giving. We offer a wealth of information on many helpful topics, such as: “Personal Planning Ideas,” “Chart Your Path,” and “Creative Ways to Support Mercy Home.”

This publication is prepared exclusively for the information of our friends and donors. Its purpose is to point out current tax developments which may be helpful in your tax and financial planning. This material is based on recent court decisions and current laws and regulations. You should, of course, consult your own legal, tax or financial planner as to the applicability of any item to your own situation.

For more information visit us at www.mercyhome.org

1140 W. Jackson Blvd, Chicago, IL 606071.800.378.8266

Meet Our Planned Giving Staff

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 explain such topics as charitable gift annuities, wills and trusts, and estate planning in general using plain English.

Don’t hesitate to call them at 1-800-378-8266. No question is ever too small or unimportant.

Dan PritchardJoe Voss