Impacting A Community Of Children: A Family's Perspective On The Bequest Of Philip Ross Neuhaus

Philip Ross Neuhaus

Philip Ross Neuhaus
February 25, 1919 – April 23, 2013

Our father, Philip Ross Neuhaus, embraced life to the fullest. He cherished his family and friends as well as the relationships he built in the community through his work in the investment industry where he was so well respected.

Dad recognized that simple pleasures were the greatest ones. He loved the outdoors—fishing, hunting and playing sports with people of all ages. At 93, he still delighted in playing card games with small children, winning a quarter from a good friend at golf and laughing until he cried over jokes that tickled him.

From his service in the U.S. Army during World War II, when the survival of his troop depended on his work, Dad gained a sense of responsibility for taking care of others. He was determined to give back in appreciation for the life he relished and felt so blessed to enjoy.

In August of 1944, our Dad was with the U.S. Army in Burma, when our brother Philip Ross Neuhaus, Jr. was born in a breech position with the umbilical cord wrapped around his neck. Two years later, our parents learned that the extended lack of oxygen during delivery had left their son permanently disabled. The true depth of Dad's capacity for caring was seen in the way he opened his heart to Philip, doting on him and including him in all of our family activities with unfailing patience and tenderness.

Dad also loved Houston and was committed to this community, serving on the boards of the Salvation Army and the Julia C. Hester House. Because of his high regard for James "Jim" Abercrombie, he joined the Texas Children's Hospital board, and his service spanned 40 years. "Texas Children's is a marvelous force for good in Houston," Dad often said.

Texas Children's was, in our father's opinion, the best pediatric hospital in the world, and he was deeply committed to it. Raising nine children between him and his wife of 40 years, Barbara Haden Neuhaus, he understood its importance not only as a board member, but also as a parent. Every step of the hospital's progress excited him, and he was proud of its standard of excellence. He was especially touched and gratified when the hospital could help a family he knew.

It was a great privilege for him to work with the late physician-in-chief Dr. Ralph Feigin, who came to the hospital in the late 1970s, and with President and CEO Mark Wallace when he came to Texas Children's in the 80s. Dad considered them both "miracle workers."

"Phil was a cherished member of the Texas Children's family and Board of Trustees for 40 years," said Mr. Wallace. "He was present during each milestone the hospital achieved and provided his knowledge and expertise to propel the hospital forward. His commitment to the mission never wavered. But more important than his role as a board member was his role as a friend."

When Dad had the chance to help nurture a wonderful children's hospital, it became his mission, and it was very important to him to leave a bequest to Texas Children's. Our family is directing some of these funds—along with generous contributions given in his memory—toward the purchase of an infant cooling unit, which will give babies in the neonatal intensive care unit a better chance at surviving a difficult birth without an injury like the one our brother had.

We know Dad would be proud to see the rewards from his life's work continuing to help Texas Children's Hospital provide the best care for babies in our community.

—Lacey Neuhaus Dorn
Betts Neuhaus Armstrong
Joan Neuhaus Schaan

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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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