Giving to HSS

Investing in HSS to Benefit a Family's Future

Edwin RoosEdwin G. Roos, Wilson Society member, has established six charitable remainder trusts with Hospital for Special Surgery. He recently shared the story behind his decision to use the charitable remainder trust to make a planned gift to the Hospital.

Edwin G. Roos first came to HSS in 1977 to be treated for a ski injury. He returned to the Hospital in 1990 for surgery to repair a rotator cuff tear in his shoulder, and again in 2002, when he fractured his leg while body surfing, an activity he has enjoyed since his youth.

"I've had a series of doctor-patient contacts with HSS; and I've enjoyed their therapy, their treatment, and the doctors—they've been terrific," he commented.

In appreciation of the care he has received over the years, Mr. Roos was moved to provide philanthropic support for the Hospital. Recently, he established his sixth charitable remainder trust (CRT) with HSS. The CRT is a planned gift option that provides income to its beneficiaries for life or over a period of years. The remaining funds in the trust are transferred to charitable organizations chosen by the donor.

The CRTs Mr. Roos has established will provide annual income to each of his five grandchildren over the course of 20 years. "Through a CRT, I can make a meaningful gift to Special Surgery, which has had a tremendous impact on the quality of my life, and I can provide for my grandchildren's future."

Raised in Rockville Centre, New York, Mr. Roos graduated from Massachusetts Institute of Technology with a degree in engineering. After serving two tours of duty in Germany (World War II and the Korean War) for the U.S. Army, he returned to New York in 1952, where he began working for his father at Williams Real Estate Co., Inc., a Manhattan-based real estate firm.

Today, he is one of six partners at GVA Williams, a subsidiary of Williams Real Estate, and has said that he knows how important health-care institutions are to the vitality of New York City. "Hospitals are an integral part of this city, and HSS is at the top of the list," he remarked.

"Making a gift to HSS through the CRT has countless benefits—to my grandkids, to the Hospital, to my tax load," he commented. "There is not a better way to give."

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A charitable bequest is one or two sentences in your will or living trust that leave to Hospital for Special Surgery 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 Hospital for Special Surgery, a nonprofit corporation currently located at 535 East 70th Street, New York, NY 10021, 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 HSS 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 HSS 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 HSS 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 HSS where you agree to make a gift to HSS 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.

A codicil is a document that is used to make changes to a will that has already been created.

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