Through their generosity, Lewis and Elva Humphreys responded to the needs of many and left a lasting imprint on Stormont-Vail HealthCare. Continuing that legacy, funds from the Lewis H. Humphreys Charitable Trust are being utilized to seed a new partnership with the Mayo Clinic and continue support for the Neonatal Intensive Care Unit.
The Humphreys supported a number of initiatives at Stormont-Vail including the Cotton-O'Neil Cancer Center capital campaign, the Foundation's Care Line program, and nursing scholarships. However, they are most associated with their lead contribution and subsequent support of the Neonatal Intensive Care Unit capital campaign. In recognition of their support, the unit was named in their honor when it was completed in 2004.
Their generosity extended beyond monetary contributions. Lewis was a 10-year member of the Stormont-Vail HealthCare board of directors. In this capacity he was a strong advocate for the organization's strategic vision of becoming a national leader in the provision of high quality care. Following his time on the heath care board, Lewis continued providing leadership as a member of its advisory council and also served on the Foundation's board of trustees. Not to be outdone, Elva provided hundreds of her handmade blankets to babies receiving NICU services.
Following their deaths, Stormont-Vail was named a 10% beneficiary of the Lewis H. Humphreys Charitable Trust. Annually, the Foundation receives a disbursement which is directed to projects at the organization's discretion. These funds have been used for capital and equipment needs in Cotton O'Neil clinics and at the hospital, employee education, and to seed new initiatives - such as the Mayo Clinic partnership.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
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A charitable bequest is one or two sentences in your will or living trust that leave to Stormont-Vail 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 Stormont-Vail Foundation, a nonprofit corporation currently located at 1500 SW 10th Ave., Topeka, KS 66604, 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 the 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 the 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 the 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 the Foundation where you agree to make a gift to the 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.