Ora et Labora - Summer 2020

Summer 2020, Volume 27

Ora et Labora Pray & Work: The Motto of the Marmion Benedictines

An estate and financial planning publication of Marmion Abbey & Academy, Abbey Farms, and the Priory of San José, Guatemala for members of the Abbot Marmion Society, the Canterbury Society, alumni, parents and friends.

Guardian Angel Fund Does My Gift Matter?

by Fr. Charles Reichenbacher OSB ‘59, Director of Planned Giving

FUND

The Guardian Angel Fund seeks to match donors with anonymous students who qualify for financial assistance to attend Marmion Academy. With the current economic challenges for many families, student financial assistance is a MUST. Without it their son(s) cannot enter Marmion or stay at Marmion. Read these testimonials:

From Students: • Because of your donation, I have been able to afford the chance to go to such an amazing school.

It has changed my life for the better. I cannot even imagine going to any other school, nor would I have wanted to.

•

The best thing to ever happen to me is Marmion.

•

I thank you with every part of my being for lending me the hand I needed to put myself above the rest. It is because of you that I can call myself a CADET.

From a Parent: • Before coming to Marmion we were considering a public school for our son because of financial concerns. We have five children. Once our son visited Marmion we knew that this was where he was supposed to be. Your generosity and faith in Marmion has made this possible.

For more information on the Guardian Angel Fund, please contact Kathleen Hausmann, Executive Director of Advancement, at khausmann@marmion.org or 630-966-7672. If you would like to donate to this fund, please visit www.marmion.org/angel.

Did you know?

CARES Act Expands Tax Deductions in 2020 For Non-Itemizers If you do not itemize deductions, you may nonetheless take a one-time “above-the-line” deduction for up to $300 for cash gifts ($600 for married couple filing jointly).

Only cash gifts actually made in 2020 qualify. Any excess cash contributions carried over from prior years are not eligible for this deduction.

Unlimited Deductions for Cash Gifts If you as an individual itemize deductions, you can deduct up to the entire amount of your adjusted gross income (AGI) for cash gifts (there was a 60% limitation). Excess cash gifts can still be carried forward to 2021.

The limitation on deductions for cash gifts by Corporations has been temporarily increased from 10% of taxable income to 25%.

Relief from Minimum Distribution for IRAs If you are 70 ½ years old, there is a Minimum Distribution for IRAs. This has been waived for 2020. In the current volatile markets, this gives your retirement portfolio another year to recover without a Minimum Distribution.

Charitable IRA Rollover Rules are Unchanged The minimum age is still 70 ½ years old; the annual limit is still $100,000. Thus the qualified charitable distribution from your IRA is still available in 2020, even though the Minimum Distribution has been suspended.

Please Contact Your Financial Advisor The CARES Act is a 335-page bill. These are just some hints of advantages for making charitable gifts to Marmion in 2020. Please consult your Financial Advisor.

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Recent Benefactors +Thomas T. and +Janet Montiegel Tom Montiegel of Sleepy Hollow died on October 23, 2019, three years after his wife Jan’s death on March 8, 2016. They were married just a few months short of fifty years at the time of her death.

Tom was the Associate Director of Development at Marmion Abbey/Marmion Academy (1995-2010) for two successful capital campaigns, and a good friend of Father Charles Reichenbacher OSB ‘59. Tom was the Alumni Director at Marquette University; Jan was the director of special events at Marquette. Tom was also Vice President for Development at Dayton University and at Northern Illinois University, before coming to Marmion.

They established the Jan and Tom Montiegel Academic Scholarship Fund, with a special emphasis for Hispanic students, which is now funded at over $150,000. In their estate Trust Fund, they specified an unrestricted gift of almost $500,000 for Marmion Academy. With the current pandemic crisis, a generous portion of this gift was assigned to the Guardian Angel Fund for student financial aid.

+Robert E. Letherman ’89 Rob Letherman ’89 of Elkhart, IN passed away on October 17, 2018. The Letherman brothers, Joe ’87, Rob ’89 and Pete ’91, were resident students at Marmion and Rob and Pete are graduates of the University of Notre Dame. The Letherman boys love both the Cadets and the Irish. At Marmion, Rob was an all-area safety for the Cadets. His love for football led him to work with the Irish as a student athletic trainer in the 90’s under Coach Lou Holtz. Rob at the time of his unexpected death was vice president and managing director of real estate operations for Northland Corporation of Elkhart. His estate established the Robert E. Letherman ’89 Memorial Financial Aid Fund with an initial gift of $30,000.

+Mira Loran Mi Loran of Aurora died on September 8, 2019. She was the mother of three Marmion graduates: Tom III ’71, Mike ’72 and Joe ’77. She was a widow for many years, but she actively used her time and talents to help the disadvantaged. She was a member of the founding Board at Hesed House in Aurora, which serves the needs of the homeless.

She was a dear friend of the Marmion monks, and prayed often with them in their Abbey Church. She left $5,000 for the monks in her estate.

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Bequests Your “Other” Children Your estate plans will help your children and grandchildren—and you should better their lives with a final gift!

But what about YOUR OTHER CHILDREN? Your “Other Children” are the charities that you believed in and supported all your life. Would you like to help them with a final gift as well?

MARMION – a not for profit Illinois corporation, for the mission of Marmion Abbey, Marmion Academy, or the Priory of San José, Guatemala.

To learn more, please contact the Marmion Advancement Office or visit:

www.legacy.vg/marmion

Gift of Securities A “Tax Wise” gift is appreciated securities (held 12 months), plus a charitable tax deduction and avoidance of capital gains. For electronic transfer: The Northern Trust Company Attn: Lee Buress 50 S. LaSalle Street Chicago, IL 60603 312-557-3271 Delivery instructions: Participant #2669 (Northern Trust, Trust Dept.)

Account #26-24595 (Marmion Inc.) Confirm instructions in writing to broker/banker and send copies of instructions to: Marmion Advancement Office Attn: Kathleen Hausmann 1000 Butterfield Road Aurora, IL 60502 630-966-7672 khausmann@marmion.org

Leave a Lasting Legacy Please Send Me Information About: c The Abbot Marmion Society

c I am interested in supporting a current

c I am interested in giving a gift from

student in need of additional tuition assistance. my IRA.

c The Canterbury Society

c I have already remembered Marmion in

c I would like more information about

c I have Marmion as the beneficiary of an

my estate plans.

how to include Marmion in my estate plans.

IRA/Insurance Policy.

c Establishing a Named Fund Name: _____________________________________ Address: ___________________________________ ___________________________________________ City: ______________________________________ State: __________ Zip: _______________________ Phone: _____________________________________ Email: _____________________________________ Please contact me by:

c

Phone

c

Mail

c

Email

Comments: ________________________________ ___________________________________________ Thank you for your interest in leaving a lasting legacy at Marmion. Please detach this card and return to: Marmion Advancement Office 1000 Butterfield Road Aurora, IL 60502 If you would prefer to speak with someone directly, please contact Kathleen Hausmann, Executive Director of Advancement at 630-966-7672 or Fr. Charles Reichenbacher OSB ’59, Director of Planned Giving, at 630-319-2243.

Marmion Advancement Office Attn: Kathleen Hausmann Phone: 630-966-7672 Email: khausmann@marmion.org

• Recent Bequests +Tom and +Jan Montiegel +Rob Letherman ’89 +Mira Loran

• CARES Act Expands Tax Deductions

• Guardian Angel Fund Does my gift matter?

In This Issue

Websites: www.marmion.org and www.legacy.vg/marmion

For More Information: Marmion Abbey and Academy 1000 Butterfield Road Aurora, IL 60502

Marmion Legal Name: For bequests and other legal documents, the legal name for Marmion Abbey, Marmion Academy, and the Priory of San José, Guatemala is: MARMION (a notfor-profit Illinois corporation). Federal Tax Identification Number (TIN) 27-0141032

Ora et Labora is a publication of the Advancement Office of Marmion Abbey and Academy and is intended as a general guide to charitable giving. When considering a charitable gift in your financial or estate planning, please consult qualified legal and tax counsel. Your inquiry is invited.

Ora et Labora Summer 2020, Volume 27 1000 Butterfield Road Aurora, Illinois 60502