Help Understanding Latin on Antique Watercolor

I have a watercolor that also includes paper and fabric cutouts to make up the image of a woman and also what might be a tombstone with an inscription. Can anyone help me understand not only what the inscription says and is referring to but maybe what this type of thing was for. It seems like someone told me one time that this kind of art was done to either give to someone at a certain point in life or maybe it was at death...???

I was hoping to post images but can't see how to just yet.
any help?