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Gift Planning

A Legacy of Healing: Dr. Tom and Kathryn Holder

HoldersAs a small boy growing up in Mississippi, Tom Holder never imagined the crucial role he would play in shaping the future of pediatric medicine. His story began the same way as it had for many men of his generation: a youth during the Depression; a soldier who fought in World War II; and a recipient of the G.I. Bill. After the war, Tom attended Ole Miss, where he sailed through two years of pre-med courses. He did so well in fact that the university granted his request to apply for medical school without having earned an undergraduate degree. It was the fall of 1948, and he was off to Wake Forest to study medicine.

"It during my time in North Carolina that I made the two best decisions of my life," says Dr. Holder with a smile. "One was to pursue surgery, and the second was to pursue Kathryn Robinson." Dr. Holder met Kathryn in the small town of Reedsville, North Carolina where she was a teacher and he was interning at the local hospital. They were married in 1953 and for the next 7 years they spent time in Philadelphia and Boston where Dr. Holder was selected to train under the pioneers in pediatric surgery, Dr. John Gibbon and Dr. Robert Gross. He had found his niche in this exciting new frontier and even spent a year as a member of the Harvard faculty. Mrs. Holder continued to teach school until the birth of their first child in 1958.

In 1960, Kansas City came calling. The University of Kansas Medical Center and it's affiliate at the time, Children's Mercy, needed a Chief of Surgery. Dr. Holder was one of the few people in the nation to have a formal residency, a fellowship, and teaching experience in the newly established specialty of pediatric surgery. He took the position and the Holders moved to Kansas City. Mrs. Holder quickly settled into the new community, raising their three children and volunteering in the Kansas City Public School District, namely at Troost Elementary.

Dr. Holder went on to become a world-renown pediatric surgeon, along with his colleague Dr. Keith Ashcraft. The Holders made Kansas City their permanent home, yet their legacy to the area will not just be measured in surgical skill or community leadership. They will also leave a legacy to the children of this region through a planned gift to Children's Mercy through their IRA.

"Since this account is funded with pre-tax dollars, our children would have to pay tax on this inheritance," explained Mrs. Holder. "It makes good sense to give a gift through this vehicle because as a charity, Children's Mercy will get the money in full."

"Best yet," says Dr. Holder, "there was nothing to it. We contacted the institution who holds the IRA and asked for a form to change our beneficiary. When we received the form, we listed Children's Mercy as a beneficiary and mailed it back. It was very simple."

Children's Mercy will always feel fortunate that the Holders agreed to make Kansas City their home. Together they continue to make a lasting difference in the health of our children.

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A charitable bequest is one or two sentences in your will or living trust that leave to Children's Mercy a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Children's Mercy, a nonprofit corporation currently located at Kansas City, MO, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Children's Mercy or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Children's Mercy as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Children's Mercy as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Children's Mercy where you agree to make a gift to Children's Mercy and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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