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A Life of Service to Others

Karrers

Bill and Beverley Karrer have established a charitable gift annuity and included Methodist Hospital Foundation in their will.

When it comes to making a difference in the lives of others, you might consider Dr. Bill Karrer and his wife, Beverley, a power couple. Together they have been a force for good, and it all started with a quote they read at a very early age:

"Service is the rent you pay for the space you occupy in this world." —Harry Strunk

They found those words on the outside of the McCook Gazette Newspaper building in the town where they grew up.

These high school sweethearts took the message of service to heart. As they celebrate their 62nd wedding anniversary, they reflect on their accomplishments and look forward to doing even more. They want to leave a legacy—a legacy that includes a long history with Methodist.

"When I think of Methodist, I consider it my family. I want to do everything I can to support this family," Dr. Karrer says.

Dr. Karrer decided early on in his life that he would follow in his father's footsteps and become a physician. It's a path that was also taken by his grandfather and two uncles.

"I would go on house calls with them and dreamed of becoming a surgeon someday," Dr. Karrer says.

That dream became a reality in 1962 when he started practice at Methodist. For the next 50 years, Dr. Karrer changed and saved lives, first as a surgeon and then as the medical director at Methodist Estabrook Cancer Center.

"When you are caring for patients, you become close very quickly," Dr. Karrer says.

Beverley started her career as an elementary school teacher. Once at Methodist, she became a volunteer at the hospital in addition to raising two children: Fritz is a pediatric surgeon in Denver, and Susan is an architect in Omaha.

"Service was represented in our families, and we were always part of it growing up. We come from families of givers," Beverley says. "If there is something we are interested in, then we will be involved in it."

The Karrers consider themselves lifetime supporters of Methodist. The couple have established a charitable gift annuity and included Methodist Hospital Foundation in their will.

"I am proud of the care I provided at Methodist," Dr. Karrer says. "And I want Methodist to continue being a leader in health care." Dr. Karrer and Beverley are excited to spend more time with their four grandchildren and six greatgrandchildren, but don't be surprised to see them around Methodist. They want to stay involved.

"Methodist is all about service to others," Beverley says. "We want that to be our legacy too."

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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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