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Gift Planning

Surprise Support Comes to Children’s Mercy: Four Family Legacies

Legacy Donors Help Serve Generations of Children

Four family legacies—each bequeathing approximately $1 million—will make a substantial footprint on Children's Mercy. Serendipitously timed together, the gifts will have a broad reach.

"Philanthropy has a long and rich history in advancing the Children's Mercy mission," says Jenea Oliver, vice president of philanthropy. "These generous donations, which are not designated to a particular area of the hospital, allow us to continue to enhance pediatric health and deliver optimal patient outcomes because they go right to the heart of the institution…and from there to the areas where the need is most immediate, and sometimes urgent. The gifts make a difference in the quality of our day-to-day operations and also provide a margin of excellence that helps distinguish Children's Mercy from other children's hospitals."

A few hospital priorities that the gifts might fund include a new Echo machine for the NICU, upgrades to our Central Monitoring System and funds for pilot research studies that will eventually grow into projects attracting major federal grants.

Children's Mercy held a luncheon on Oct. 6 for the four trusts' professional advisors, who ensure the funds are handled properly. The funds are currently being distributed because all living beneficiaries have now passed away.

Here is a closer look at the four donors:

Frances Caldwell Ervin
Before Frances' death at the age of 99, she was a regular Children's Mercy donor—giving more than $10,000 to the hospital. Children's Mercy received approximately 20 percent of her trust. Other beneficiaries include The Salvation Army and City Union Mission among others. Frances was a resident of Liberty, Missouri. Frances and her husband, Guy L. Caldwell, were the founders of Guy's Potato Chips.

Jack and Mildred Young
The Youngs were farmers just south of Gallatin, Missouri. Mildred died in 1991 and Jack passed away in 1999; they had no children. All the terms of their trusts have recently been fulfilled and the estates are now ready to be settled. The bulk of the Youngs' estate is in farmland, which totals more than 600 acres, and a recent appraisal shows its worth to be approximately $3.4 million. The farmland will soon sell at public auction with Children's Mercy splitting the proceeds with the North Central Missouri College Foundation and the United Methodist Foundation.

Henry Basler
A resident of Overland Park, Kansas, Henry passed away last year at age 97. With the exception of a $50 donation to the Cancer Center in 2002, he doesn't appear to have any other connection with Children's Mercy. Yet Henry named Children's Mercy as beneficiary to half his trust. The other half will go to City Union Mission.

Solomon DeLappe
The DeLappe family—Solomon, his wife, Isadore, and their daughter, Betty Jo—of Pittsburg, Kansas, have all passed away. Children's Mercy is the sole residuary beneficiary under this trust. Like the other three trusts, the donation represents an unrestricted gift to the hospital.

"At Children's Mercy, we have the best minds and talent in pediatric medicine," Jenea says. "And, we rely on community support to provide ever more advanced, innovative treatment options for our patients. We are thankful for the generous hearts of the Ervin, Basler, Young and DeLappe families and their foresight. We so wish we would have known of their planned generosity during their lifetimes so that we could have said thank you and learned about their connections to our hospital. I can imagine they each had a heartwarming story of why they chose to leave their legacy with the children of Children's Mercy."

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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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