Howard S. Young

Some of you may have known the late Howard S. Young, from Frankfort, or members of his family, but you may not know how generous and forward-thinking Mr. Young was.

Mr. Young's Last Will and Testament established a 25-year Trust upon his death in 1984. The major beneficiaries were the Frankfort Lodge No. 309, The Howard S. and Helen C. Young Scholarship Fund, the United Methodist Church of Austin, and Adena Health System (then known as Ross County Medical Center). Mr. Young left his house and property to the Chillicothe and Ross County Public Library, which is where the Frankfort Branch was established and remains today.

Now that the 25-year period has expired, Adena received 1/3 of the remaining value of the Trust, $76,384, which was deposited in the Foundation's Patient Care Technology Fund, in accordance with Mr. Young's wishes that the funding be used for new medical equipment.

Identical amounts were left to the Church and the Public Library.

Gifts from Wills and Trusts are what we in the fundraising world call "Planned Gifts." Mr. Young's example demonstrates how grateful patients may make planned gifts to the hospital many years from now.

We can only imagine the nurse, the doctor, the volunteer or others at the hospital who cared for Mr. Young and meant so much to him.

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A charitable bequest is one or two sentences in your will or living trust that leave to Adena Health Foundation 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 Adena Health Foundation [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 Adena Health Foundation 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 Adena Health Foundation 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 Adena Health Foundation 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 Adena Health Foundation where you agree to make a gift to Adena Health Foundation 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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