At the end of last year, as we were looking at plans for the new Pardee Hospital Comprehensive Cancer Center, we asked ourselves how we could share this exciting news with the community. Thus, we developed the idea to host a Cancer Education Series during the month of February.
The Cancer Education Series was designed to inform, educate and engage the community about the existing cancer program at Pardee, the new Cancer Center, and open up discussion about treatments, technology and healing. Participants were invited to join us at the Flat Rock Cinema, the first four Mondays in February, for a lunch and learn discussion. (more…)
Recently, a steadfast supporter visited our office to assure us that she would soon be making her very generous annual Generations gift. She hadn’t already done so because she was waiting for the stock market to settle. The gains and losses of the stock market can be very unnerving to our supporters who rely on their investments to provide income. Our solution to giving in such an environment? Charitable remainder unitrust.
Middle-class investors are facing federal and state income tax bills that could drain 25% or more of their 401(k), traditional IRA, and other tax-deferred retirement accounts, and many don’t even realize it. Establishing a charitable remainder unitrust (CRUT) is a wonderful solution for reducing income taxes during retirement and effectively increasing retirement income. CRUTs have existed in the tax code for decades. You can typically create one for $2,000 or less in legal fees, and they offer many investors the opportunity to save tens of thousands of dollars in income taxes.
When you set up a charitable trust, you receive an immediate deduction to use against your income taxes while you are alive. And a $2,000 outlay that saves you tens of thousands of dollars is a pretty good return on investment.
Here’s how they’re structured:
You, the donor, designate a portion of your retirement savings that you want to transfer into the charitable trust. You are then required to receive income back from the trust for the rest of your life. The amount of annual income you receive each year must be between 5% and 50% of the trust assets. You select the percentage at the time of the trust formation. That sounds like a good deal, right? When you pass away, whatever is left in the trust at that time goes to whatever nonprofit(s) you originally designated in the trust to receive the money.
When you first set up the trust, based on your age and the income percentage you elect to receive each year, you receive, while you are alive, an immediate deduction to use against your income taxes. Let’s take a look at an example.
Suppose you’re 65 years old and put $200,000 into a CRUT. Further suppose you choose to take 6% of the trust value as income back to yourself each year.
Based on your age (65) and the income percentage you choose (6% of annual trust value), the IRS actuarial tables dictate that you would receive an income tax deduction of approximately $77,000 on the $200,000 you put into the trust! The gift to Pardee Hospital Foundation would actually cost you $133,000 while you will receive $12,000 in annual income initially.
The charitable remainder unitrust is a tax- and income-smart solution for you if you have a stock portfolio with a high capital gains tax liability. You can transfer the entire portfolio to a CRUT, thereby reducing and spreading out any capital gains tax while receiving an immediate tax deduction and guaranteeing yourself and your spouse an income.
The Health Care Cafe, a radio show hosted by Chris Comeaux, CEO of Four Seasons Compassion for Life, on WTZQ-AM 1600 every Monday from 5 to 5:30 p.m, recently interviewed Pardee’s Radiation Oncologist and Co-Chair of the Physicians Committee, Dr. Mark McCollough to discuss the Pardee Cancer Center and the effort to raise funds for the Pardee Hospital Foundation.
“The vision for the Cancer Program is to bring the Cancer Center services into one location. The Cancer Center being built right now will be one-third of the entire building. Nearly 100,000 square feet of the ground floor in the Cancer Center will include; medical oncology, radiation oncology surgery, support services, and research,” describes Dr. Mark McCullough in the interview with Chris Comeaux.
The overall mission of the Health Care Cafe show, says Comeaux, is threefold: “to help listeners become more educated about what is going on in health care so they can influence the political process, to affirm what’s going well in health care and to respond to the things people want to talk about.”
Those of you who have been on our website or are a friend on Facebook may have noticed the accumulation of some funny little things called “podcasts”. Maybe your friends have talked about them and you’ve nodded your head, hoping that nobody recognizes that you have no idea what they’re talking about. You’re happy for us to have them and for people to appreciate them, but all of this begs the question: what in the world IS a podcast?
For you academics, we found a quick video with lots of information. To make a long story short for the rest of us, podcasts are (typically) audio files produced as a series, much like a radio show you can listen to online at your convenience! Podcasts can be about anything; just check out the list of podcasts that NPR has to see how many different topics only one radio station is covering. (We here at the office are big StoryCorps fans.)
PHF has partnered with local radio station WTZQ to share with our community all the best details about our Capital Campaign, with different stories running regularly. We’ve got scientific details with Dr. Eisenhauer, incredible cancer survival stories with the beautiful Marcia Caserio and everybody’s favorite math teacher, Rachel Willingham, plus administrative insight from our knowledgeable staff. Click on one of the links above and learn a little bit while you’re driving to work, doing the dishes, or brushing your teeth. You have to anyway!
On Thursday, April 30, over 175 guests gathered together at the Bo Thomas Auditorium on the campus of Blue Ridge Community College to launch a bold Capital Campaign for Pardee Hospital. Under the heading of “Right Here. Right Now.” guests heard from speakers who illuminated the need to build a comprehensive cancer center in our community, complete the operating room integration project, and fund an endowment for future services and training for new staff. This $6 million campaign is one of gand magnitude that will impact our community long into the future. It is also a campaign that will highlight the depth of giving and philanthropy that we know to exist in Henderson County. We saw that at the Kick-Off event.
Cancer Touches All of Us
Marcia Caserio, three-time Cancer survivor and Co-Chair of the Capital Campaign committee brought the house to their feet – literally – when she asked those who had been touched by cancer to stand. She asked first for those who currently have cancer or have had cancer to stand. She then went on to include caregivers, friends, family, colleagues of those with cancer, to stand. By the time she finished, there was not a person left seated. The entire auditorium, including the speakers on stage, were standing.
Her point is not lost on us. Cancer indeed touches us all and will continue to do so in the future.
A Video Presentation
As part of the evening’s program, a video case statement was presented to the audience. We were fortunate enough to have Dr. Thomas L. Eisenhauer and Dr. Bill Medina take viewers through the nationally accredited cancer program we have “right here and right now” to the need for a more comprehensive cancer center, with most primary services housed in one location under one roof.
Kim Hinkelman, Executive Director for the Pardee Hospital Foundation was able to highlight the value of a gift of endowment. Marcia Caserio offered her very poignant perspective of the devastation that a cancer diagnosis can have on a family, as well as the very hopeful outlook that living in a community such as ours – one that gives and “steps in with both feet” to support something much larger than themselves. Jay Kirby, II, CEO of Pardee Hospital finished up the video by asking our community to join us “right here, right now” in bringing advanced, compassionate care to the region.
A link has been provided above, or you can watch the video here:
Not a Dry Eye in the House
We were very fortunate to have Rachel Willingham, a two-time Cancer survivor, mother of five, and North Henderson High School teacher, share her story with the audience that night. She was very real, humble, funny, and most of all authentic in her portrayal of what a cancer diagnosis and subsequent treatment can do to a person and the people they love. Rachel received her treatment at Pardee Hospital/HHO and was very gracious in her appreciation for her oncologist Dr. Radford, her nurse Leann Nokes, and her surgeon Dr. Eisenhauer. She urged the audience to support this campaign “right here, right now” because as a cancer patient, that’s exactly how she chose to live her life. Rachel made the point that as friends and family, there really isn’t much we can do to take the burden off our loved ones with cancer. What we can do is support the creation of something so transformational like this cancer center.
We’re Off to a Great Start!
Dr. Bill Medina, Co-Chair of the Capital Campaign committee with Marcia Caserio, made the final remarks of the night. Noting that this would be a one to two year process, and that we would eventually reach everyone, he wanted to also let the crowd know that to date, the Foundation has raised $1.7 million. What a great start!
Thank you for joining us and if you missed the event, here are a few articles that highlight the comments made and the sentiment in the room that night.