Provide hope and healing

Legacy gifts build a strong base for incredible care across Ascension Wisconsin. Your planned gift will not only make incredible things possible for tens of thousands of patients, but it will remove any burdens your family may face after you pass.

Congress has provided several incentives to encourage your contributions. By taking advantage of these opportunities, you and your advisor can craft a contribution that fits your needs all while supporting Ascension Wisconsin. A well-planned gift makes it possible for you, your loved ones and patients across Ascension Wisconsin to all benefit.

Estate planning overview

A good estate plan goes much farther than creating a will. When thinking of estate planning, consider the following:

Estate planning is the process of caring for yourself and your assets while you are living, and planning for the orderly transfer of assets to other persons and organizations — both during your life and after.

Your planned gift will likely be accompanied by substantial tax and financial advantages, including an income tax deduction, reduced capital gains taxes, reduced probate costs and estate taxes and income for life.

Elements of estate planning

Related to your final wishes

Will. A valid will is generally type written, dated and signed by you as well as two legally competent witnesses. States differ as to the exact requirements for a valid will and whether a handwritten will, with or without witnesses, is valid. The probate court oversees administration of a valid will at death to carry out your instructions. The court charges probate fees to administer an estate and the documents and proceedings are public record.

Revocable living trust. This replaces the will as the main document disposing of your property. You might hear it referred to as a 'living trust' or 'RLT.' The trust is created while you are living, and the power to change and even revoke it can be retained. Most often people serve as the trustee for their own revocable living trust. A living trust requires that you transfer your property into it for it to be effective. A living trust allows assets to pass to heirs outside of the probate process, potentially saving probate fees, and keeps your affairs private.

Beneficiary designations. Your will or living trust does not control distribution of assets such as your IRA, commercial annuities and some other assets at death. Your IRA or annuity administrator will distribute these types of assets according to a beneficiary designation form on file with their office. These are the forms you fill out when you establish IRAs or other types of retirement plans, or purchase a commercial annuity or life insurance policy. This form directs the administrator as to who will receive whatever remains upon your passing. You can also request a beneficiary designation for a bank or investment account. Since your will and living trust do not apply to these important assets, these beneficiary designations can have a profound impact on how your overall estate is distributed and should be part of any coordinated plan.

Providing for physical or mental incapacity

Power of Attorney (POA) for financial matters. This document grants to someone you trust the ability to act on your behalf for a variety of potential transactions and responsibilities. You decide when the POA will become effective and the extent of the authority granted. A POA is only effective during your lifetime and automatically terminates at your death.

Health Care Power of Attorney (HCPOA) for health care decisions. This document appoints someone to make decisions for you regarding medical treatment if you are not able to make these decisions for yourself. It allows you to specify who is in charge of making critical treatment decisions and, perhaps more importantly, who does not have that authority.

Physician's Order for Life Sustaining Treatment (POLST). This document describes what health care treatment you want in case of an emergency. You work with your doctor to document your wishes regarding resuscitation and other life sustaining procedures.