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Dr. Carol J. Baker

Dr. Carol J. Baker

By Kathy W. Isdale

As the daughter of a physician in general practice in Southern California and a mom who has always been a giver, Dr. Carol J. Baker has understood the notion of giving to others since her earliest childhood. When she came to Houston and Texas Children's Hospital, she learned what a huge impact that outlook can have when it's actively shared by a whole community.

A Distinguished Alumna of Baylor College of Medicine who headed the Infectious Diseases Section of Baylor's Department of Pediatrics for 25 years, Dr. Baker specializes in vaccinology and immunizations at Texas Children's and chairs the CDC's Advisory Committee on Immunization Practices. She has regularly supported Texas Children's for most of her over 40-year career.

She relates that, not long after beginning studies at Baylor College of Medicine, she heard the story of how the hospital was conceived and built-the saga of so many dedicated Houstonians coming together to raise the money to build a hospital in just a few years.

"I was fascinated by that story," she says. "I thought, coming from Los Angeles, you could no more raise that much money that quickly than you could fly yourself to the moon. But this is quite a unique place, and Texas Children's and the Texas Medical Center are a real tribute to the people who live in this town."

Dr. Baker has received many awards, honors and professional appointments that have enabled her to have a real impact in the fields of infectious diseases, vaccinology and immunization.

"Texas Children's has given me so many wonderful opportunities as a physician," she says. "I went to school forever and was nearly 35 years old before I made enough money to have to pay income tax—it's just a blessing to have the wherewithal to give."

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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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