How Will You Leave Your Legacy?

Dr. Barbara Mitchell

Dr. Barbara Mitchell

Dr. Barbara Mitchell wanted to leave a legacy through her estate plan that would combine her love for education and health with her desire to make a difference in the lives of children and their families. She found a perfect fit in Texas Children's Hospital.

Her interest in health and child development began in college, when Dr. Mitchell pursued a Masters degree in Home Economics at the University of Wisconsin and later obtained her Ph.D. in Nutrition from Texas Women’s University. After her doctoral work, Dr. Mitchell returned to the classroom – this time as a professor at the University of Houston.

It was here, at the University of Houston, that Dr. Mitchell met an adjunct professor, Elaine Potts. At the time, Potts was also working as a dietician for Texas Children’s Clinical Nutrition and Research Center. Her specialty was working with children who had very rare diseases. Barbara was astounded by Potts’ ability to “get children to eat when no one else could.”

Many years later, when Dr. Mitchell began making her estate plans, the memory of her friend and colleague inspired her to include Texas Children's Hospital in her will. Rather than making a one-time gift through her estate, she has made an arrangement for Texas Children's Hospital to receive an annual contribution on her behalf. “The hospital does so much good for children and families, whether they can pay for it or not. I’m happy to do what I can,” says Dr. Mitchell.

Texas Children’s Hospital is grateful for Dr. Mitchell’s generosity and will recognize her as a member of the Abercrombie Society. Her planned gift makes a permanent investment in the future of the hospital so that Texas Children’s can provide quality patient care, education and research for many years to come.

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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, [name], of [city, state, ZIP], give, devise and bequeath to Texas Children's Hospital [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 gift 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 receive an immediate federal income tax charitable deduction. 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 receive an immediate federal income tax charitable deduction. 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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