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Gift Planning

'You Can't Put a Value on Helping Others': The 'Barber of Children's Mercy' and his wife, John & Roxanne LeGrotte make a gift to the Foundation

The LeGrottes

The LeGrottes

John LeGrotte started volunteering at Children's Mercy five years ago. He wasn't sure if his offer to provide free haircuts would be accepted, but he's been "The Barber of Children's Mercy" ever since.

"When you hand a mirror to a child and see that smile, it's priceless," John says. "I'm proud to be a volunteer and help the children in some small way."

As he walks the halls of the hospitals, John marvels at the compassion and professionalism of the staff. He finds it touching that no child in need of care is ever turned away, regardless of their family's financial situation.

"The Foundation makes that generosity possible, and my wife Roxanne and I wanted to help."

Initially, the LeGrottes were going to make a gift from John's IRA to the general endowment of Children's Mercy upon their deaths. After further consideration, they decided to make a planned gift now rather than wait.

"We feel so uplifted and joyful to be able to do this, and the need is great with the economy still so shaky. Roxanne and I have been blessed by God with a good life, and we believe we should share our good fortune with others."

Roxanne, a 27-year cancer survivor, believes in paying it forward.

"I was fortunate enough to be able to pay for my treatment, but I met many people who couldn't. The generosity of others helped them get the care they needed. John and I are happy to support the good work of Children's Mercy."

John will continue in his role as "The Barber of Children's Mercy," and says sometimes he even gives the children's parents haircuts.

"They're spending so much time at the hospital they can't make time for a haircut, so I'll offer to do it," he explains. "These children and families are so brave. They're heroes in my eyes.

"When you lay your head on the pillow at night, it feels good to know you've helped out."

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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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