Meet the Expert: The Importance Of Estate Planning

As the Director of Development for Gift Planning, Kathryn Fernandez Lafrentz (SLA ’07) helps alumni and friends of the university create meaningful legacies that support Tulane. She graduated from Newcomb College at Tulane University and earned her JD from the University of California, Berkeley School of Law.

WHY SHOULD EVERYONE CONSIDER ESTATE PLANNING?
Estate planning offers an opportunity for people to create lasting legacies through tax-wise giving strategies. It allows donors to continue using their assets during their lifetime, only sharing them with a charity when the giver no longer needs them.

WHAT DO YOU WISH MORE PEOPLE UNDERSTOOD ABOUT ESTATE PLANNING?
Estate planning is broader than many people realize. It’s the process by which a person decides on a strategy and creates a will, trust, or legal agreement such as a charitable gift annuity, to provide for what happens to their assets upon their death.

It’s important to know that estate planning can be very flexible. When creating a will, donors can choose to leave a percentage of an estate, a set amount, or a residual amount. They can direct their gift to a specific aspect of the university or the area of greatest need, with the power to change their will at any time.

Estate planning gives donors the security of knowing that their assets remain available to them during their lifetime, while also allowing them to change their minds at any time.

WHAT’S ONE SIMPLE STEP EVERYONE SHOULD TAKE TODAY TO BEGIN PLANNING FOR THE FUTURE?
If you don’t have a will, please consider making one! Estate planning isn’t just about the future – it is a way to protect your loved ones while providing peace of mind for you and your family. It provides direction for your wishes and reduces confusion among heirs.

WHAT WOULD YOU SAY TO SOMEONE WHO LOVES TULANE BUT ISN’T SURE THEY’RE IN A POSITION TO MAKE A MEANINGFUL LEGACY GIFT?
Legacy gifts often have a greater impact because donors can access their lifetime savings, use tax advantages to maximize the gift, and make planned bequests that are far greater than what’s possible during life. However, what makes the gift meaningful is not only the amount, but the motivation behind it.

Bequests may honor a cause or loved one, support programs that held personal significance for the donor, or open doors for others who might not otherwise have access. They comprise a significant portion of the funds that keep Tulane healthy and ensure its long-term sustainability, and we are grateful for all of them!

WHAT IF READERS ALREADY HAVE TULANE IN THEIR ESTATE PLANS BUT ARE RELUCTANT TO SHARE THOSE PLANS WITH THE UNIVERSITY?
Donors are not required to share their estate plans with Tulane, and if they do, we know that those plans can be changed at any time; however, we appreciate when donors choose to share their intentions with us.

First, we love the ability to acknowledge and thank donors for their gifts in life. Second, we want to fully understand the donor's goals for their gift and make sure that they are conveyed in such a way that we can honor them; to this end, we can provide the donor or their attorney with sample bequest language. Finally, knowing about an intended gift helps the university by allowing us to strategically plan how best to use the funds to fulfill our long-term goals and mission.