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Floyd Ralph: A Gift That Goes Forward

Floyd smiling

Floyd Ralph's gift was sparked by an email.

Floyd started working at St. Mary's Medical Center in 2000 in Environmental Services. Later he transferred to the Duluth Clinic. In 2003, he was accepted as an Essentia Health Security Officer.

One day he got an email from his supervisor, seeking someone from Security to volunteer for the Essentia Health Foundation Employee Giving Committee. Floyd responded. Then, as he puts it, "Things just morphed from there."

Floyd has a strong desire to give back to the community in which he lives, to help others in their healing, and to help other employees who have found themselves in an unfortunate situation. He is a familiar face at the Foundation's fundraising events.

"I like the activities and the feeling of being involved," he says, "and making a difference for Essentia Health employees' lives by helping to fund the Employee Emergency Fund. I know others are thankful and appreciative of our efforts."

As a member of the Employee Giving Committee, Floyd saw how the Foundation works with Essentia Health to improve its overall quality of care. After learning about its planned giving opportunities, he designated several gifts in his estate to the Foundation, including naming the Foundation as a beneficiary of his life insurance, retirement account and pension.

"This is the reason that I designated a planned gift to the Essentia Health Foundation: I hope the gift will be used to provide resources for an innovative procedure or program that, as of now, hasn't been developed or funded. In that way, I will feel like I have gone forward."

"I believe in what Essentia Health wants to accomplish."

Help Essentia Health Move Forward
If you would like to follow Floyd's example and support Essentia, consider making a planned gift from your estate to the Foundation. Contact Suzanne Anderson at 218-786-1783 or toll free 877-795-6674 or suzanne.anderson@essentiahealth.org today to learn more, at no obligation.

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A charitable bequest is one or two sentences in your will or living trust that leave to Essentia Health 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, [name], of [city, state, ZIP], give, devise and bequeath to Essentia Health Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose or for its ____________ program (i.e. Cancer, hospice, research, etc.)."

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 Essentia Health 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 Essentia Health 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 Essentia Health 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 Essentia Health Foundation where you agree to make a gift to Essentia Health 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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