Children Are Our Legacy

Anne Sargent

Anne Sargent

Anne Sargent knows that giving is a personal decision. But the Hartford-area businesswoman says including Connecticut's Children's Medical Center in her will was an easy decision to make.

"If children are our legacy, their future is made healthier and brighter by our support of Connecticut Children's," said Sargent, a mother of two and a member of Connecticut Children's Legacy Society, an organization whose members share a common bond of having named the Medical Center in their estate plans.

"My Legacy Society gift allows me to do something substantial for Connecticut Children's that I would not otherwise be able to do right now," she said. "It allows me to do something more in the future—to make a lasting contribution to the Medical Center."

A personal connection

There are many reasons people may choose to make a planned gift, but for Sargent, a planned gift to Connecticut Children's is a good choice because it will help support the next generation of pediatric care, while honoring a place that has been a big part of her life for many years.

Sargent's connection to Connecticut Children's dates back to the mid-1990s, when she worked for an advertising agency on the naming and grand opening marketing for the Medical Center, which integrated Newington Children's Hospital, Hartford Hospital and the University of Connecticut Health Center into one on April 2, 1996.

Three years later, she was "reunited" when one of her own clients made a donation in honor of the birth of her son, Jack, on April 2, 1999.

"Eventually, I joined the Foundation Board," said Sargent, who has completed her nine years of service, including three years as Chair of the Board, and continues to serve on the Corporate Board.

In addition to her board memberships, Sargent has supported Connecticut Children's in many other ways. For nearly a decade, she has hosted an annual holiday coffee that has raised some $25,000 in funds and toy donations. "Over the years, I've invited a lot of people into the fold," Sargent said. "It's a great way to spread the word about the Medical Center and the work that goes on there."

Peace of mind

"I think that we are very fortunate to have a first-class medical facility like Connecticut Children's in our backyard," said Sargent. "Whether it's peace of mind for my own family or for those who need it for chronic care, I think we're incredibly fortunate."

About 10 years ago, Sargent said she and her husband, Bob, decided to revise their wills to include Connecticut's Children's in their estate. Legacy Society members can choose from a variety of giving options, such as bequests, charitable gift annuities and more.

"Giving is a personal decision," Sargent said. "But this, to me, has probably been the easiest decision I've ever made—and it's easy to do. I highly recommend it for others who want to support the Medical Center in a lasting way."

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Connecticut Children's Medical Center 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 give to Connecticut Children's Medical Center Foundation, a nonprofit corporation currently located at Hartford, CT, 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 the 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 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 the Foundation 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 the 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 the Foundation where you agree to make a gift to the 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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