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A Planned Act of Kindness and Generosity

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Gary McConnell

Gary McConnell believes in random acts of kindness. He believes that little things can mean the world to others. He also believes in taking your blessings and giving to others in need.

Gary's spirit of giving came from growing up on the farm in a time where the farms were so small that you had to share with neighbors and support each other to make it. Gary remembers, "There was a time when a neighbor had to have an operation and while he was in the hospital and recovering, all the neighbors pitched in to do the chores on the farm he would normally have done. He wouldn't have managed without this support."

Gary's passion for the hospital community came from his experience working at Methodist Hospital in Sioux City as a college student. He had a supervisor that supported him getting a degree, and even allowed him to study when there was no work to do. He enjoyed it so much that he even considered going into the medical field. However, Gary's college studies and his natural ability with numbers led him to a career as a Certified Public Accountant.

As a CPA, Gary was always looking for ways to make wise investments. That is why taking advantage of the tax-free IRA Charitable Rollover was a perfect fit for him. Gary gave to Methodist Hospital Foundation from his IRA at the end of 2010, and in addition he had his gift doubled as part of the Defining Moment Capital Campaign. The tax-free IRA Charitable Rollover has been extended to 2011 and he plans to take advantage of the opportunity again. "My wife, Kathy, and I have more than we need so why not share it with others?" says Gary. "Methodist Health System is one of the great institutions in Omaha that stays true to its mission, and we need to support them as best we can so that these types of institutions survive."

Gary also set up the Gary and Kathy McConnell Scholarship to help students in financial need. It was a way to get the most for their money. Gary sees it as a way to help an institution train students the way they should be trained and help young people have a great career. Gary states, "So many good feelings come back to you. It is worth making that kind of investment." Gary himself was the recipient of a scholarship his senior year in college. It was an unexpected gift to him, and he loves being able to do the same for others. In addition, Gary and Kathy have named Methodist Hospital Foundation in their will so that someday they can give even more.

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A charitable bequest is one or two sentences in your will or living trust that leave to Methodist Hospital 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 Methodist Hospital Foundation, a nonprofit corporation currently located at 8401 West Dodge Road, Suite 225, Omaha, NE 68114-3447 , 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 Methodist Hospital 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 Methodist Hospital 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 Methodist Hospital 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 Methodist Hospital Foundation where you agree to make a gift to Methodist Hospital 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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