Docstoc

Heritage Fall 2013 - Rush Heritage Society Newsletter

Document Sample
Heritage Fall 2013 - Rush Heritage Society Newsletter Powered By Docstoc
					                                      Ideas on financial, estate and gift planning for friends of Rush University Medical Center




                                                Heritage
A Gift From the Heart                                                                                                Fall 2013


Proops Honors Respected Surgeon and Strengthens Heart Care
                                                                                        In 2010 Jay Proops was
                                                                                        fly-fishing with friends
                                                                                        in Montana when he first felt a
                                                                                        distinct heaviness in his chest.

                                                                                        “My friends wanted to take me
                                                                                        to the hospital right away,” he
                                                                                        said, but Proops shrugged it off.

                                                                                        But when he went to see
                                                                                        cardiovascular surgeon Marshall
                                                                                        D. Goldin, MD, and cardiologist
                                                                                        Clifford Kavinsky, MD, PhD, at
                                                                                        Rush a couple months later, he
                                                                                        realized the fleeting heaviness
                                                                                        signified something far more
                                                                                        serious. “I had six blockages,
Jay Proops (left) and wife, Kay, with Marshall D. Goldin, MD (right),                   and my aortic valve was leaking
and wife, Joan                                                                          70 percent.”

Goldin performed Proops’ open heart surgery in November 2010.

“I wasn’t apprehensive about it at all,” said Proops, even though it was major surgery. “I just felt so comfortable
with both Dr. Goldin and Dr. Kavinsky.” And, remarkably, he said, “I never had any pain whatsoever.”

Now back to the active lifestyle he had before his surgery, Proops and his wife, Kay, chose to honor Goldin with a
bequest commitment to name an operating room in Rush’s new Tower for him.

“What better way to do something for Rush than to honor one of their finest?” asks Proops, now a member of
the Rush Heritage Society, Rush’s planned giving recognition society.

He also wanted to show his gratitude for the quality of care he received at Rush, from his doctors, as well as his
nurses and other Rush staff.

“You can really help others have a great life with the care that’s provided at Rush,” said Proops about the gift in
his estate.


 Inside This Issue •	 Make	the	Most	of	Your	Gift                             •	 Welcoming	the	New	Chair
                       •	 Make	a	Tax-Free	Gift	From	Your	IRA                 •	 Can’t	Help	Right	Now?
                       •	 Be	Aware	of	Gift	Dates                             •		 3	Actions	You	Can	Take
                       LOOK INSIDE for smart ways to support Rush this year and in the future.
Make the Most of Your Gift
Smart Strategies for Supporting Rush This Year
When you make a gift to Rush, you provide                     Take a capital loss. By selling your securities that are
much-needed support for Rush’s people and                     worth less now than when you purchased them, you
programs. To ensure you get the most from your                can take a capital loss on your tax return to the extent
generosity, here are some helpful tips on different           allowed by law and then contribute the proceeds. If you
donation options, their tax benefits and gift dates:          donate your securities directly to Rush, you will not be
                                                              entitled to take the capital loss.
Write a check. This is perhaps the simplest way to support
our immediate needs. To make it even simpler for you,         Give real estate. To receive the greatest tax benefit,
we have included an envelope you can use to make this         donate property that would result in the greatest capital
type of gift.                                                 gain if you were to sell the asset instead.

Charge your credit card. A fast and easy way to               Donate an insurance policy. You can put a
make a gift this year is simply by calling Rush’s             no-longer-needed policy to good use. To qualify
Office of Philanthropy at (312) 942-6830 or visiting          as a deductible gift, Rush must become the policy
www.rush.edu/giving.                                          owner.	For	most	types	
                                                              of insurance policies,
Contribute securities you have owned for more than one        your tax deduction
year. If they are worth more than what you originally         is usually the
paid for them, you can claim deductions for their full fair   cost basis or the
market values and eliminate any tax on the appreciation.      fair market value
                                                              of the policy —
Fund a life income gift. This type of donation provides       whichever is less.
you with payments for your lifetime and a gift to Rush
thereafter. If you use appreciated securities that you have
owned for more than a year to fund the gift, you will
eliminate up-front capital gains taxes and be entitled to
an income tax deduction based on the charitable portion
of the securities’ full value.




    SPECIAL OPPORTUNITY
    Make a Tax-Free Gift
    From Your IRA
    Are you 70½ or older? Your chance to make a
    tax-free gift from your IRA today ends Dec. 31.
    You can transfer up to $100,000 directly from
    your IRA to a qualified charity such as Rush. The
    transfer generates neither taxable income nor
    a tax deduction, so you don’t have to itemize
    to take advantage of this opportunity.
BE AWARE OF GIFT DATES
By timing your charitable gifts on or before Dec. 31, you will see a tax break for
the year when you itemize deductions on your tax return. The gift date, or the
date used for tax purposes, is the day you transfer control of the asset.

 • Checks — The mailing date is the date of the gift.

 • Credit cards — The day the charge is authorized is considered the gift date.

 • Securities — If the securities are electronically transferred to us, the gift date is the day
   the	securities	enter	our	account.	For	hand-delivered	securities,	the	day	they	are	received	by	
   Rush	or	our	broker	is	the	date	of	the	gift.	For	securities	that	are	mailed,	the	mailing	date	is	
   the gift date.

 • Life income gifts — These types of gifts are considered in place once you return the signed
   contract to Rush University Medical Center along with your donation.

 • Real estate — The day you deliver the signed deed to Rush is the date of the gift. If your
   state law requires recording of the deed to fulfill the title, though, then the date of
   recording is the gift date.

 • Life insurance — These gifts are considered complete on the date you sign the paperwork
   transferring ownership to Rush, assuming you properly forward the form on to the
   insurance company.

 • IRA charitable rollover — Your gift is considered complete once the IRA funds have been
   directly transferred to our account. Note: You must complete your transfer by the end of
   this calendar year to receive the tax benefits this special donation opportunity offers.


               If you have any questions about making the most of your gift this year, please contact John
               Lowenberg, vice president of philanthropy, at john_lowenberg@rush.edu or (312) 942-2275.




                            Welcoming the New Chair
                            Joan M. Hall, life trustee and longtime donor and friend of Rush, is
                            the new chair of the Rush Heritage Society. She will help lead Rush’s
                            efforts to honor and recognize Rush Heritage Society members for
                            their commitment to excellence in health care.

                            In this role, Hall succeeds former co-chairs Robert F. Finke and Fred A.
   Joan Hall
                            Krehbiel, whose long-term leadership strengthened and grew the
                            society to its current membership of more than 250 donors and helped
                            guide Rush through its successful capital campaign. Membership in the
                            Rush Heritage Society is open to all those who notify Rush in writing
                            that they have made provisions to include Rush in their estate plans.
Can’t Help Right Now?
Consider a Gift in Your Will or Trust
If you believe in Rush’s people and programs but
you’re not ready to make a gift today, a gift in your
will or living trust may be the donation option
you’ve been looking for. It has these benefits:
   • Simplicity. Remembering Rush in your will
     or trust is one of the most straightforward
     ways to make a difference. Contact us to
     receive wording you can share with your
     attorney to complete your gift.
   • Flexibility. Because you are not
     actually making a gift until after your
     lifetime, you can change your mind at
     any time.
   • Versatility. You can structure the gift
     to leave a specific item or amount of
     money, make it contingent on certain events, or leave a percentage of your estate to Rush.
   • Tax relief. When you make a gift to Rush — a qualified charitable organization — in your will or
     trust, your estate is entitled to an estate tax charitable deduction for the gift’s full value.

Why Leaving a Percentage Makes Sense
When planning a future gift, it’s sometimes difficult to determine what size donation will make sense.
Emergencies happen, and you need to make sure your family is financially taken care of first. Including a
gift of a percentage of your estate or a percentage of your residual estate ensures that your donation will
remain proportionate to your estate size, no matter how it fluctuates over the years.

Let Us Know
If you have already included a gift to Rush in your will or trust, please notify us by returning the enclosed
survey; that way we can ensure that your gift will be used exactly as you intend. Plus, it would be our
honor to thank you for your gift and welcome you as a member of the Rush Heritage Society.


3 Quick Actions You Can Take

1 ) Return the enclosed survey to request our                                                                             John Lowenberg
    free must-have planning guides.                                                                                       Vice President
                                                                                                                          Office of Philanthropy
2 ) Visit www.rush.edu/giving to learn more about                                                                         Rush University Medical Center
    our inspiring mission and how you can help.                                                                           1700 W. Van Buren St., Suite 250
                                                                                                                          Chicago, IL 60612-3244
3 ) Contact us for more information on your many
                                                                                                                          Phone: (312) 942-2275
    opportunities for making a difference.
                                                                                                                          Email: john_lowenberg@rush.edu
If you wish to be removed from our fundraising mailing list, please contact Rush’s Office of Philanthropy by email at giving@rush.edu, by phone at
(312) 942-6830 or by mail at Office of Philanthropy, 1700 W. Van Buren St., Suite 250, Chicago, IL 60612.

© The Stelter Company | The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in
examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/
estate taxes or state law may impact your results.

Rush is a not-for-profit health care, education and research enterprise comprising Rush University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health.
                              Place
                              Stamp
                               Here




RUMC OFFICE OF PHILANTHROPY
1700 W VAN BUREN ST STE 250
CHICAGO IL 60612-3228
          30-SECOND SURVEY                                                   Please complete and return in the enclosed envelope today. Thank you!
                                                                                        Not at
              I would like the free guides:                                  Yes       this time
                The Best Present for Anyone on Your List                      □		          □
                                                                                                   Name (please print)
                A Personal Record: Estate Planning You Can                    □		          □
                Do at Home
                                                                                                   Telephone
I would like more information on the Rush                                     □		          □
Heritage Society.
                                                                                                   Email
I have included a gift to Rush in my estate plan.                             □		          □

I would like to learn more about making a tax-free gift                       □		          □
                                                                                                   Address
from my IRA.

I want to make a difference today and have enclosed a                         □		          □
                                                                                                   City, State                                         ZIP
donation of $ ___________.
If you wish to be removed from our fundraising mailing list, please contact Rush’s Office of       We respect your privacy. Information collected here will be kept strictly confidential.
Philanthropy by email at giving@rush.edu, by phone at (312) 942-6830 or by mail at Office          It will not be sold, rented, loaned or otherwise disclosed, and it will not be used in
of Philanthropy, 1700 W. Van Buren St., Suite 250, Chicago, IL 60612.                              ways to which you have not consented.
Dear friend,

The end of the year is a natural time to turn our thoughts toward reviewing our financial
situations and organizing plans for next year’s needs.

Your long-range support of Rush will allow our clinicians, researchers and students to remain
focused on the health of their patients and community, and to continue advancing the field of
health care. Your planned gift will help in so many ways:

   • Honor a clinician at Rush and bolster his or her work to provide the best possible patient care
   • Give a researcher the resources to conduct a life-changing study
   • Allow a student to pursue the highest-quality health care education

As you set aside time to assess your own financial plans, we want to provide you with tips for
simplifying this process. This issue of Heritage details different giving options and ways you can
include Rush in your estate plans.

You will also find out why Jay Proops, a patient of heart surgeon Marshall D. Goldin, MD,
has chosen to support Rush as a member of the Rush Heritage Society, Rush’s planned giving
recognition society.

Let me know if you have any questions about making a gift or would like more information. And,
as always, thank you for your support. Without you, the lifesaving work done by Rush’s people and
programs would not be possible.

Happy holidays,                                                  Free Guides
                                                                 Find out how you can make a lasting gift in honor
                                                                 of a loved one this holiday season by requesting
                                                                 The Best Present for Anyone on Your List
                                                                 using the enclosed survey. And for help with
                                                                 estate planning, request A Personal Record:
John Lowenberg                                                   Estate Planning You Can Do at Home.
Vice President of Philanthropy

P.S. To receive a tax deduction for this year, the effective date of your gift must also be within this year.
Contact me for more details about making sure your generosity results in tax savings.

If you wish to be removed from our fundraising mailing list, please contact Rush’s Office of Philanthropy by email at
giving@rush.edu, by phone at (312) 942-6830 or by mail at Office of Philanthropy, 1700 W. Van Buren St., Suite 250,
Chicago, IL 60612.
 Rush University Medical Center
 Office of Philanthropy
 1700 W. Van Buren Street, Suite 250
 Chicago, IL 60612-3224




     Ideas on financial, estate and gift planning




Heritage
     for friends of Rush University Medical Center
Rush is a not-for-profit health care, education and research enterprise comprising Rush
University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health.
5 Ways to Make Your Gift
You can establish an endowment now with an outright       Fund Your Endowment in the Future
gift and add to it each year, or you can arrange future   3 Retirement plan assets. Because retirement plan
funding with a bequest or life income plan.               assets may be taxed heavily after your death, consider
                                                          naming us as the beneficiary of the plan. Note: The tax
Fund Your Endowment Now                                   rules regarding retirement plans can be complex, so
1 Cash. The simplest way to make your gift is to          consult your tax adviser before making this type of gift.
write a check. By doing this you may be entitled
to an income tax deduction.                               4 Life income gifts. Some gift arrangements, such as
                                                          a charitable gift annuity and a charitable remainder trust,
                                                                                                                                                                                           CONTACT US
2 Appreciated assets. If you make an outright             will pay income to you and/or another beneficiary typically
gift of an appreciated asset that you’ve owned longer     for life. Thereafter, the assets can be distributed to your                                                        Rush University Medical Center
                                                                                                                                                                            1700 W. Van Buren St., Suite 250
than one year, you may be entitled to an income
tax deduction for the full fair market value of the
                                                          endowed fund.
                                                                                                                                                                                Chicago, IL 60612-3244                                              THE BEST PRESENT FOR
asset, while eliminating the capital gains tax on the     5 Bequests. You may decide that the best way to
                                                                                                                                                                                    (312) 942-2275                                                  ANYONE ON YOUR LIST
asset’s appreciation.                                     make a lasting difference is to remember us in your
                                                          will or living trust. Your bequest can be a specific amount
                                                          or a percentage of your residuary estate.


                                                          Getting Started
                                                          We will be pleased to help you create an endowment
                                                          and achieve timeless recognition for yourself or a loved
                                                          one. Just contact John Lowenberg, vice president                                                                                www.rush.edu
                                                          of philanthropy, at john_lowenberg@rush.edu or
                                                          (312) 942-2275 to learn more or to set up a meeting.

                                                          E printed on recycled paper
                                                          The information in this publication is not intended as legal advice. For legal advice, please
                                                          consult an attorney. Figures cited in examples are for hypothetical purposes only and are
                                                          subject to change. References to estate and income taxes include federal taxes only. State
                                                          income/estate taxes or state law may impact your results.

                                                          If you wish to be removed from our fundraising mailing list, please contact Rush’s Office of
                                                          Philanthropy by email at giving@rush.edu, by phone at (312) 942-6830 or by mail at Office
                                                          of Philanthropy, 1700 W. Van Buren St., Suite 250, Chicago, IL 60612.


                                                                                                         7                                                Rush is a not-for-profit health care, education and research enterprise comprising Rush
                                                                                                                                                          University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health.
INB25-F
Endowments
A Meaningful Gift for the Person Who Has Everything
When you want a gift to reflect the admiration and respect you have for the recipient, material objects just
don’t measure up. Creating a named endowment for your loved one is the perfect way to honor the person
far into the future.



Many of us are lucky to have a role model we                  From our standpoint, an unrestricted gift is often the                                                                        Turn Your Annual Gift Into
admire — a parent who has supported you through            most beneficial because we can apply the funds to our                                                                            Lasting Support
life’s ups and downs, a clinician who has restored         most urgent needs.                                                                                                               How can you make your annual gift to us last
your health or delivered lifesaving care to your              However, we also realize that you might want to use                                                                           forever? Multiply the amount of your annual
loved ones, or maybe even children who inspire             your gift for a particular activity, like advancing your                                                                         gift by 25. Assume it earns 4 percent each
you and challenge you to look to the future.               clinician’s research or supporting the students of Rush        You Don’t Have to Be                                              year, and we spend that amount yearly. By
   During life’s important moments — birthdays,            University. If your expressed purpose is feasible and the      Andrew Carnegie or                                                making an endowment gift of this size from
anniversaries, graduations — special people                fund is adequate, we can fulfill your intent. We urge you      Henry Ford                                                        your estate, you will ensure that your support
deserve equally special gifts. Endowments and              to consult us in advance to discuss your specific goals.                                                                         continues long after you’re gone.
tributes are unique gifts that last a lifetime and            Along those same lines, upon request, we can identify       It’s a common myth that you have to be extremely
far beyond.                                                some of our most critical needs for your consideration.        wealthy to leave a generous gift.
                                                           We are happy to work with you to determine the ideal                                                                        ■ The husband of a former cancer patient at Rush
Endowment Fund Basics                                      goal and identify the resources needed to reach that goal.     The truth is that many of us may be able to make a lasting     established an endowed fund in his late wife’s
You can fund an endowment using cash, securities                                                                          impact through an endowment.                                   memory to help nursing clinician-researchers advance
or other assets in the amount of $50,000 or more.          Where the Name Appears                                                                                                        the care of cancer patients.
You establish and fund the endowment, and each             Your gift can be recognized in several ways. For instance,     For example:                                                 ■ Established through a bequest, a late patient
year a small portion of that fund is used. The             your name or the name of the person you’re honoring could      ■ A grateful patient established an endowed scholarship        endowed a fund for Rush University students and
balance is invested for the future, and the fund is        be applied to an endowment fund of $50,000 or more. Your         in recognition of the lifesaving work provided by his        junior faculty who are learning new techniques or
intended to last in perpetuity.                            name may also appear in an annual honor roll of donors.          cardiac surgeon.                                             researching new ideas for epilepsy.
                                                           Sizable gifts may be recognized publicly on signage, plaques   ■ A trustee and his wife, a Woman’s Board member,
Specifying Your Gift’s Purpose                             or donor walls. We will work with you to determine the           reaffirmed their commitment to Rush by funding             Please contact us to discuss ways that you can honor
When you establish an endowment, the gift can be           appropriate form of recognition based on your wishes, our        a presidential professorship through their estate.         someone special through a gift to Rush.
used for a specific purpose or to meet general needs.      circumstances and the purpose of the gift.


                                2                                                       3                                                             4                                                           5
INB25-F © The Stelter Company
■ Marital  status. If you’re married, you can give the                                          Disposition of Estate
  bulk of your money to your spouse, either outright                                            1. To spouse
  or in a trust, and also make plans in the event your                                          Descriptions of assets
  spouse does not survive you.                                                                  _____________________________________________
     If you have children, you can give your money                                              _____________________________________________
  to them in equal or unequal shares, or you can                                                _____________________________________________
  create a trust for their benefit.                                                             _____________________________________________
     If you’re single, you may have children
  or grandchildren to think about or nieces or                                                  2. To other beneficiaries (besides spouse)
  nephews you would like to remember. You may                                                   Descriptions of assets/names and relationships of beneficiaries
  also want part of your estate to go to parents,                                               _____________________________________________
  brothers or sisters.                                                                          _____________________________________________
■ Charitable bequests. A gift to Rush can take many                                             _____________________________________________
  forms, including a specific amount of money, a
                                                                                                                                                                                                     CONTACT US
  particular asset or a percentage of your estate.                                              3. To a contingent beneficiary if the above beneficiaries
■ Special assets. Do you have jewelry, art objects                                              do not survive you                                                                    Rush University Medical Center
                                                                                                                                                                                     1700 W. Van Buren St., Suite 250
  or other prized possessions you would like to give
  to someone who would enjoy having them? Then
                                                                                                Description of asset/name and relationship of beneficiary
                                                                                                _____________________________________________                                            Chicago, IL 60612-3244                                             A PERSONAL RECORD:
  say so in your will.                                                                          _____________________________________________
                                                                                                                                                                                             (312) 942-2275                                                 ESTATE PLANNING YOU
■ Power of appointment. If your late spouse or                                                  _____________________________________________                                                                                                               CAN DO AT HOME
  parent created any trusts for your lifetime benefit,
  you may have the right to dispose of part or all of                                           4. To charitable organizations
  the remainder, provided you refer specifically to                                             Descriptions of assets or dollar amounts/names and
  this power in your own will.                                                                  addresses of charitable organizations
                                                                                                _____________________________________________
      Meet With an Estate Planning Attorney.                                                    _____________________________________________
  3   Once you have completed the inside chart                                                  _____________________________________________                                                     www.rush.edu
and the disposition list at right, you are ready to
meet with your attorney for important counsel and                                               5. Residue of estate
the drafting of necessary documents.                                                            Names and addresses of charitable organizations and other
E printed on recycled paper                                                                     beneficiaries; percentages allocated
The information in this publication is not intended as legal advice. For legal advice, please
consult an attorney. Figures cited in examples are for hypothetical purposes only and are       _____________________________________________
subject to change. References to estate and income taxes include federal taxes only. State
income/estate taxes or state law may impact your results.
                                                                                                _____________________________________________
If you wish to be removed from our fundraising mailing list, please contact Rush’s Office of
Philanthropy by email at giving@rush.edu, by phone at (312) 942-6830 or by mail at Office of
Philanthropy, 1700 W. Van Buren St., Suite 250, Chicago, IL 60612.
                                                                                                _____________________________________________


                                             6                                                                                7                                   Rush is a not-for-profit health care, education and research enterprise comprising Rush
                                                                                                                                                                  University Medical Center, Rush University, Rush Oak Park Hospital and Rush Health.
INB27-F
                                     Organizing Your Estate Plans

                                    An Easy 3-Step Guide
                                    When estate planning is mentioned, most people think of a will. A will ensures that your wishes are carried out
                                    after your lifetime. But a good estate plan can include various instruments that benefit you and the people and
                                    causes you care about most, today as well as after your lifetime.



                                    Take Stock of Your Estate                                                                                Owned by    Owned by      Owned jointly
                                    Fortunately, most people find they have much more in                                                     you alone   your spouse   (or in community)
                                    their estate than they thought when they account for             Assets
                                                                                                     Residence                               $           $             $
                                    savings, employer and personal life insurance, retirement
                                                                                                     Other real estate
                                    plan benefits, and perhaps even a future inheritance. To get
                                                                                                     Bank accounts, certificates
                                    your planning started, begin with the following three steps.      of deposit, money market funds
                                                                                                     Stocks, bonds, mutual funds
                                           Make an Inventory of Your Assets.
                                     1
                                                                                                     Closely held business interests
                                           This will help you estimate your estate’s exposure        Partnership ventures
                                    to taxes. If you are married, be sure to include your spouse’s   Notes, mortgages owed to you

                                    assets and all jointly owned or community property. Use          Retirement funds
                                                                                                     Life insurance face value
                                    the current market value for everything you own and the
                                                                                                     Furniture, jewelry, collections, etc.
                                    face value (not cash value) for any life insurance.
                                                                                                     Automobiles, boats, etc.
By completing a solid estate           The chart at right is an easy way to list your figures.       Annuities, revocable trusts
                                    Don’t strive for exact amounts; round numbers will do.           Other assets
plan today, you’re creating a                                                                        Total assets                            $           $             $
                                           Decide Where You Want Your
road map for your loved ones         2                                                               Liabilities
                                           Property to Go.                                           Mortgages
to follow later, when they need     Once you’ve made an inventory of your property, you’re           Loans, installment debts
                                    ready to decide where you want it to go. See pages 6 - 7         Current bills
it most.                                                                                             Taxes owed
                                    for a list of things you should consider first and a form
                                                                                                     All other liabilities
                                    to help you organize your plans.
                                                                                                     Total liabilities                       $           $             $
                                                                                                     NET ESTATE (subtract total
                                                                                                     liabilities from total assets)          $           $             $
                                2                                 3
INB27-F © The Stelter Company

				
DOCUMENT INFO
Categories:
Tags:
Stats:
views:8
posted:11/21/2013
language:English
pages:13