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Gift Planning

A Legacy of Overcoming Adversity With Grace and Hard Work: Alice Weathermon Oliver

Alice Oliver

Alice Oliver

Life wasn't always easy for Alice Oliver. Living most of her 98 years on a farm near Guilford in northwest Missouri meant plenty of hard work. Losing her 8-year-old brother, Paul, to diphtheria and scarlet fever, and her only child, Harold Eugene, at birth, meant learning to cope with heartache.

Through it all, Alice faced adversity with grace and found contentment in life's simple pleasures. This included special relationships with her nieces and nephew. "Since she and Uncle Wesley didn't have children of their own, they both doted on us," says Rosalie Weathermon, one of Alice's nieces. "We loved it."

There are fond memories of Alice baking Santa Claus cookies with coconut beards and raisins for eyes every year for the holidays. The Olivers were also avid gardeners, and their popcorn and watermelons were well-known among all their neighbors.

The Olivers were people who knew the value of hard work. In fact, Wesley was still working at age 91 when he died as the result of a farm accident in 1997. After that, Alice moved to town and faced many health problems of her own before she passed away in January of last year. But through it all, Alice maintained an indomitable spirit and never got down or depressed. "She was an example of how to grow old gracefully," says Marilyn Jackson, another one of Alice's nieces. "She adapted to her circumstances, which were not always wonderful, and found ways to get along."

Carrying On Their Values Through Their Estate
Living simply and frugally allowed the Olivers to save for their golden years and then ultimately benefit organizations they cared about, including Children's Mercy. They developed a special fondness for the hospital through the care it provided to their great-niece Teresa Walters, who had muscular dystrophy. Now, their generous estate gift will help many other children facing similar challenges and families who cannot afford to pay for their care in these difficult economic times.

Because Alice was a very humble person and wasn't one to bring a lot of attention to herself, Rosalie and Marilyn agree that their aunt would be amazed to see what is being accomplished through the various charities they supported. "I think Aunt Alice would be very pleased to know the impact her estate is having," Rosalie says. "It's a wonderful legacy to sweeten the memories of our aunt and uncle."

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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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