Many people put off the practice of estate planning and gifting until they retire or even later. But many financial planners encourage starting much sooner. Two people who took that advice to heart are Wisconsin Lutheran College alumni Jim Bilitz '91, and his wife Carolanne (Laich) '93.
"When we set up our living will, we learned about ways to gift from our estate," says Jim, a production manager at Aldrich Chemical in Milwaukee. "We had also received information from WLC about the Ella Post Society and thought it would be great to give something back to the institution that has given us so much."
Both Jim and Carolanne believe it is important to support WLC financially, to ensure it continues far into the future.
"The cost of higher education has outpaced inflation and there's no indication to say that trend will not continue," says Jim. "Despite this, WLC thrived and become known as a high-quality college, yet it still remains cost competitive. It is nearly impossible to maintain that without strong financial backing."
Although they are only in their 30s, Jim and Carolanne made the time to plan for the future. They entered into estate planning mainly to make sure their children would be cared for, should anything happen, yet there were additional reasons says Jim. "We wanted to make sure our assets were used for things that are important to us—especially continuing the Lord's work, whether that be through the church directly or through the Lutheran schools we attended."
"It is an awesome feeling to know that we can continue to contribute to the Lord's work monetarily even after we are no longer living on this earth."
To find out more about planning for the future like Jim and Carolanne, contact Richard Mannisto '94 at 414.443.8788 or firstname.lastname@example.org">email him, a WELS planned giving counselor or your financial advisor.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.