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" And Mary said: My soul proclaims the greatness of the Lord and my spirit rejoices in God my Saviour; because he has looked upon the humiliation of his servant. Yes, from now onwards all generations will call me blessed, for the Almighty has done great things for me. Holy is his name, and his faithful love extends age after age to those who fear him. He has used the power of his arm, he has routed the arrogant of heart. He has pulled down princes from their thrones and raised high the lowly. He has filled the starving with good things, sent the rich away empty. He has come to the help of Israel his servant, mindful of his faithful love -according to the promise he made to our ancestors -- of his mercy to Abraham and to his descendants for ever."
Luke 1:46-55 (from Gospel, Assumption of Mary, Year B)
Celebrated every year on August 15*, the Solemnity of the Assumption of the Blessed Virgin Mary commemorates the death of Mary and her bodily assumption into Heaven, before her body could begin to decay--a foretaste of our own bodily resurrection at the end of time. Because it signifies the Blessed Virgin's passing into eternal life, it is the most important of all Marian feasts and a Holy Day of Obligation.(1)
This feast has a double object: (1) the happy departure of Mary from this life; (2) the assumption of her body into heaven.(2)
Reference: (1) About Religion, The Assumption of the Blessed Virgin Mary: http://catholicism.about.com/od/holydaysandholidays/p/Assumption.htm ; (2) New Advent, Feast of the Assumption: http://www.newadvent.org/cathen/02006b.htm .