Connecticut Children's is Very Special to Me...

Randy Holmeen

Randy Holmeen

As a first-time father, Randy Holmeen can appreciate the magnitude of having a freestanding, independent state-of-the-art children's hospital located in his hometown-one of only 49 in the United States.

"Connecticut Children's is very special to me because I live in this community and it's an amazing resource for children," said the West Hartford resident who, over the past decade, has helped the hospital raise hundreds of thousands of dollars to benefit pediatric care. 

As a member of the Connecticut Children's Legacy Society, an organization whose members include the Medical Center in their estate plans, Holmeen is helping future generations of children as well. 

"As a new father who may someday be a grandfather, I want to ensure that our children and our children's children have the best care possible," he said.

Giving back to the community

Holmeen, a financial advisor and vice president of Morgan Stanley Smith Barney, became acquainted with Connecticut Children's in 2001 when he was working for another firm. "We wanted to give back to the community," he explained, "and I took on the responsibility of running a golf tournament."

From 2001-2006, Holmeen served as director of the "UBS Golf for the Kids," raising between $50,000 and $100,000 for Connecticut Children's every year. In 2007, after joining Morgan Stanley, Holmeen put his volunteer experience into action as a committee member of Geno Auriemma's "Fore The Kids" Charity Golf Tournament. In June 2012, the 10th annual event generated more than $150,000 for the Division of Orthopaedics at Connecticut Children's.

"I'm in a business that is for-profit," Holmeen said. "We work hard to make sure our clients are happy. Because I live that each and every day, it's very rewarding to work on something that's not about profits and revenues. That's a big motivator for me," he said.

"I tell my clients on a regular basis that one of the most interesting things I've ever done in my life was a mini-internship at Connecticut Children's," Holmeen noted. During the internship, Holmeen spent the day shadowing physicians as they met with patients and performed life-saving surgeries. "Being a risk manager/wealth advisor can be stressful," he said, "but this really helped me put things into perspective. It was an incredible experience."

An amazing place

"Connecticut Children's is an amazing place," Holmeen said. "The décor, the culture, the people-they make it very comfortable for children. I've always been impressed by that and it keeps me motivated to help the hospital."

By including Connecticut Children's in one's estate plans, Legacy Society members can do even more. A variety of planned giving options allow Legacy Society members to support important endowment and capital projects as well as enable the Medical Center to develop new programs and services in children's healthcare for years to come.

"Now, as a father, it's even more important to me," he said.

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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