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Gift Planning

The Birth of a Legacy: Paul and Virginia Stewart

Paul and Virginia Stewart

Paul and Virginia Stewart

Paul and Virginia Stewart's legacy of giving to Children's Mercy began when they experienced the quality treatment provided by the hospital to their granddaughter, Jessie.

In 1978, Jessie was born with a nasofrontal encephalocele, a protrusion of brain tissue through a congenital fissure in the skull. North Kansas City Hospital pediatrician Joachim Brill told Jessie's parents that he would find someone who could correct the deformity. After several hours, Dr. Brill returned and said that Children's Mercy was waiting for Jessie.

With Jessie in her father's arms, Dr. Brill helped them into his car and personally drove them over to Children's Mercy. Dr. Brill stayed with Jessie until she was checked in and arrangements were made for neurosurgeon Dr. Fred Fowler to perform the corrective procedure. After a 10-day stay at Children's Mercy, Jessie was able to go home. Today she is a healthy 25-year-old working in Kearney, Missouri.

The generosity afforded Jessie and her parents inspired Paul and Virginia to become financial supporters of Children's Mercy to help other children in need. Paul explained, "We grew up in the Depression, so we knew what it meant to be poor and in need. Once we had the means, we knew it was important to give back." The Stewarts have been giving back to Children's Mercy for over 20 years. They are members of the Children's Mercy Legacy Honor Roll and charter members of the Leadership Circle of Care.

Long time supporter Virginia passed away last year but Paul continues to support Children's Mercy through contributions and gift annuities. Paul said "I can think of no better way to honor Virginia's memory, and to show my appreciation for the work done by Children's Mercy than to continue our legacy of giving."

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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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