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Donor Story: Shepardson Fund Trust

"She devoted her life to the care, love and education of young children" read the obituary of Lillian Shepardson, well known and much loved kindergarten teacher of the Elmira School District. Our community has benefitted from the sound educational foundation Lillian instilled in her students, as well as the state-of-the-art cardiac technology and services her generosity provided.

At the time of her passing in July of 2012 Lillian requested memorial donations to the G. Raymond Shepardson Fund at Arnot Medical Center. Lillian, a generous and financially prudent lady, had established the fund to honor and remember, Lillian's beloved husband of sixty years who was Elmira's retired postmaster.  The Shepardsons had been loyal, generous donors to Arnot and were deeply interested in supporting and advancing the medical center's cardiac services.

A Prudent Gift
At the time of his passing, Lillian had consulted with her attorney,  John  Alexander of  the Sayles & Evans Law Firm, to create a charitable remainder unitrust (CRUT) to benefit the G. Raymond Shepardson Fund. During her lifetime and that of her stepsons, the CRUT provided them income and the appreciated assets used to fund the trust were not subject to capital gains tax. At their passing, the monies in the trust are transferred to the G. Raymond Shephardson Fund to support and enhance cardiac services. Atty. Alexander created the  trust documents  and the funds used to established the trust are managed by a local bank.

How a CRUT works

  1. Donor transfers highly appreciated assets into the trust.
  2. Assets are sold without creating a taxable event and proceeds reinvested to generate more income.
  3. Donor receives a tax deduction based on IRS formula.
  4. Unitrust pays a fixed percentage of the annual trust value.
  5. At death of donor(s) assets in trust are received by the designated charity.

Touching Hearts at Arnot Health
A portion of this generous gift was used to acquire ultrasound systems for echocardiography. These units dramatically improve image quality, expand analytical features for assessment, facilitate the transfer of studies on neonates and pediatric patients to other institutions (like URMC) and enable remote access viewing for a quicker turnaround time.

Create a Unitrust
With thoughtful planning you too can accomplish what Lillian did. For more information, on creating a charitable remainder unitrust, visit Arnot Health planned giving or Contact Us.

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