The recently-fallen-asleep Archbishop Anastasios of Albania was described as leaving behind an enduring legacy: a newly-vibrant Church, with hundreds of parishes, seminaries, schools, missions, charitable institutions, a new generation of clergy, etc. This servant of God managed to rally people around his dream of a restored Church in Albania, seemingly crushed by decades of communist oppression, but under his guidance rising from the ashes to new glory.
Each of us can create a legacy in our own corner of life, in the Church and the world, one which continues beyond our time on this earth. We can make decisions now that greatly impact the future, especially regarding how our financial resources, whether great or small, will be used to further God's Kingdom. We can do this via planned giving.
The simplest form of planned giving is to leave a bequest for the Church in our will, either a lump sum or a percentage of our estate. That bequest could be for our parish, a seminary, a charitable or mission organization such as FOCUS, OCMC, etc. It could be in the form of cash, stock, or even real estate.
Other ways are via specialized charitable trusts, such as a Charitable Remainder Trust, which provides for an immediate tax deduction and a continuing stream of income to you, until your passing or other specified timespan, at which point it goes over to the charity. Another trust, called a Charitable Lead Trust, also with certain tax benefits, does the reverse, giving the charity a continuing stream of income while you live, and then going over to your heirs when you pass. There are other options in addition, all of which could be designated as part of an endowment, which would last in perpetuity.
To leave such a legacy would be a "great work" as Jesus said: "Truly, truly, I tell you, whoever believes in me will do the works I have been doing, and they will do even greater works than these." (John 14:12) What would be required is to sit down, evaluate your present and future financial situation with your advisors, consider your heirs as well as the Church, and seek God's will in deciding what to do. There are many different options, and one of them will likely be right for you.
It is important for you to discuss all these possibilities with your financial advisor and estate attorney to better understand what would be the best course of action for you. Neither myself nor our parish can provide you with any financial, legal, or tax advice.
Whatever you do, your having left a sacrificial legacy to the Church places you among the "living stones" which St. Peter speaks about: "You, like living stones, are being built into a spiritual house to be a holy priesthood, offering spiritual sacrifices acceptable to God through Jesus Christ." (1Peter 2:5).
