A Gift for the Future

Nancy and Michael Davis

Nancy and Michael Davis

For many people, retirement means looking back at past events and accomplishments. But for Michael and Nancy Davis of Weatherford, Texas, it's a time to look forward ... to the next generation.

"We realized it was time to think about the people who will come after us, and that means the children," Michael said. "They are our future; they are the ones who will take our place when we're gone."

The Davises had received a direct mail piece from Texas Children's Hospital and were impressed-so impressed, in fact, that they have generously included the hospital in their estate planning. Texas Children's will ultimately receive a portion of the proceeds from the sale of their home and acreage.

"We moved out to the country in 2006 after spending more than 40 years in Seattle," Michael said. "We used to wake up to boom boxes and traffic on the street, but now we wake up to the sound of a rooster in our neighbor's yard. We want this land and the house to go to good use, and that's why we chose the hospital."

A native of Milwaukee, Wisconsin, Michael moved to Seattle at the age of three. Outside of his service to the army, which took him to Korea and Fort Hood, Texas, he remained in Washington. Meanwhile, Nancy originally hailed from Peoria, Illinois, but moved to Seattle, where she met her future husband.

After spending 30 years with a telecommunications company, the Davises opted to spend their retirement in Texas. While Nancy had never visited the Lone Star State, Michael sold her on the friendly people and proximity to big cities. Weatherford is located near Fort Worth and offers both country living and nearby downtowns.

While neither Michael nor Nancy has been to the hospital, they plan to visit Houston one day and perhaps see the place where their donation will be put to use.

"It's on our bucket list," Michael said.

Today, Michael spends his time gardening and caring for his land, while Nancy indulges her passion for wine collecting. When not travelling to California to visit Napa Valley and the central coast, they can be found at home in Weatherford. It's there that they look forward to the future, instead of reliving the past.



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A charitable bequest is one or two sentences in your will or living trust that leave to Texas Children's Hospital 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 Texas Children's Hospital, a nonprofit corporation currently located at Houston, TX, 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 Texas Children's Hospital 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 Texas Children's Hospital 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 Texas Children's Hospital 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 Texas Children's Hospital where you agree to make a gift to Texas Children's Hospital 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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