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Gift Planning

Mr. William Dann: Loyal Donor

William DannSpend an afternoon at a local coffee shop in Lawrence, Kansas with William Dann and you will see a humble man who finds fulfillment in helping others—especially children. A smile comes across his face and his eyes light up as you talk about strides made in pediatric healthcare and Children's Mercy.

Mr. Dann's desire to support Children's Mercy is unquestionable. Since his first gift nearly four decades ago, he has been a loyal donor. Throughout the years, he has delighted in helping fund needed equipment for many departments. His biggest gift, however, will come to the hospital through his will. On a recent visit with him at his home, I asked him why he chose to include Children's Mercy in his will. "It is the best idea because it will benefit children in need," says Mr. Dann.

As a child, he had a minor case of Bulbar Polio. He was beginning the ninth grade when he was diagnosed and suffered temporary paralysis. He believes his experience with Bulbar Polio is what has made him more sensitive to the health problems children face. He also knows how fortunate he was to have access to good care and how important Children's Mercy is to the children in the region. "Children are our most important citizens and should not be treated as second class citizens." "They should come first," he says passionately.

Thinking back, he first became familiar with Children's Mercy from hanging around Kansas City and volunteering at the Crippled Children's Home. He smiles as he thinks about talking to "the little ones". His passion for children is evident as his face lights up when he sees a child pass by or tells you the story of a little one he knows. He is truly a passionate advocate for children.

"Children's Mercy is wonderful at what Mercy does," he says with a smile. "I know the hospital will know best how to use the money." And that is why he has not designated the bequest to be used for a particular purpose. He trusts it will be used wisely and that countless children will benefit.

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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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