Rich and Jill Piasecki have designated Texas Children's Hospital as one of several charities that will be beneficiaries of their retirement plans.
College sweethearts Rich and Jill Piasecki met 50 years ago at Purdue University and recently celebrated their 47th wedding anniversary. Now both retired — Rich as a Southwest Airlines and U.S. Marine Corp Reserve pilot and Jill as a paralegal for Nokia — they are enjoying more time for their favorite pastimes, which include traveling by way of Rich's propeller plane and water skiing near their home on Lake Travis.
They have also recently spent time discussing their long-term plans. One result of these conversations is their decision to designate several charities, including Texas Children's Hospital, as the eventual beneficiaries of their retirement plans.
Rich and Jill learned about Texas Children's through friends, whose daughter has Cystic Fibrosis (CF) and travels from Austin to receive treatment at the hospital's CF Care Center. When Rich offered to fly his friends to Texas Children's Medical Center Campus for an appointment, he personally observed the services provided to patients and their families, and he was particularly impressed with the hospital's commitment to help all patients, regardless of their families' ability to pay.
With no children and the knowledge that tax implications for heirs make retirement plan assets "better to give than to receive," Rich and Jill determined that leaving these assets to charitable beneficiaries is an ideal way to support their favorite charities. Left to heirs or other individuals, these assets are subject to income tax and required minimum distribution rules. But, when given to Texas Children's or other charities, these assets are transferred tax-free.
"We were blessed with full careers that enabled us to save and invest well," Rich explained. "We don't have children, so what better way to make good use of that money?"
Their gift to Texas Children's will ultimately establish a named endowment — a permanent fund that will be invested by the hospital and grow in perpetuity, while also generating an annual distribution to support highest priorities.
Jill and Rich emphasized the value of thoughtful and deliberate planning. "We looked at the organizations that were important to us, and with each of our beneficiaries, we have a connection," Jill said. "You have to sit and write down what your values are and what you consider important to you and your family."
To learn more about designating Texas Children's as a beneficiary of retirement plan assets or establishing an endowed fund, please contact Rachel S. Kronenberger at 832-824-6907 or rskronen@texaschildrens.org.
