Planning Ahead for Texas Children's

Cris and Phillip Daskevich

Cris and Phillip Daskevich with daughter Caroline and son Dillon

By Kathy W. Isdale

Planning ahead is a way of life for Cris Daskevich-perhaps more than most folks. As a senior vice president of Texas Children's Hospital, she's involved every day in planning ahead for Texas Children's Maternity Center and women's services. But she has also made a personal plan for herself and her family far into the future by including Texas Children's Hospital in her will.

Cris grew up in Abilene,Texas, with a strong sense of family, work and responsibility, instilled by her parents and grandparents. She came to Texas Children's as an administrative fellow just out of graduate school 13 years ago and married Phillip Daskevich a few years later.They are now parents of Caroline, 4, and Dillon, 2.

"After our first child was born," she says, "my husband and I decided to write our wills.We sat down with our attorney and started a very thoughtful process.We needed to give guidance and direction to how our children would be cared for, and while we were at it we considered philanthropic gifts we wanted to include. I didn't think twice about it-Texas Children's is just part of who I am."

Cris notes that Texas Children's is the organization that has had the most influence on her, together with her church. "The vision, the leadership, everything about this institution is exactly what I believe in. Every day I feel blessed that I get to go out and make a difference by working here. No matter where I go, I will always want to give to Texas Children's."

And by naming the hospital in her will, she has ensured that she can continue to give, many years from now.

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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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