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Memorial Scholarship Helps Students

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Have you ever wondered what it would be like to give someone the opportunity to achieve their lifelong dreams, to help the people in our community, to honor or memorialize a special person, to perpetuate your vision or mission, and to assist deserving students? You can achieve all of this by establishing a scholarship like Al Thornton did with the Gloria Thornton Kratzke, Jean Thornton and Smith Thornton Memorial Scholarship.

Al Thornton was born and raised in Tennessee, where he met and married his beloved wife, Jean. Their daughter, Gloria, and son, Smith, arrived to complete their family, and they delighted in watching them grow. His wife and children have since passed away, and Al wanted to find a way to honor his family.

Al decided to establish the Gloria Thornton Kratzke, Jean Thornton and Smith Thornton Memorial Scholarship as a lasting tribute to Gloria, Jean and Smith. "My wife would be happy to know she is being remembered," says Al. This scholarship represents his family and gives permanent recognition to the love and devotion of the family.

This scholarship is awarded every year to a student at Nebraska Methodist College- The Josie Harper Campus. Although Al set up a permanent endowment through Methodist Hospital Foundation more than 10 years ago, he has continued to contribute to the fund and increase the scholarship value so that even more can be awarded to the students.

Al realizes now more than ever how important scholarships are to students at Nebraska Methodist College-The Josie Harper Campus. "There is a need for nurses and health care professionals, and scholarships are necessary to help them get through school," says Al. For many people,achieving their educational goals is only possible through funding opportunities. Not only has Al provided generous funding, but he is giving the opportunity to help students achieve their lifelong dreams. It is a gift that they can carry with them throughout their lives and their careers.

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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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