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FOUNDATIONOF SUPPORT
His passion for the field of anesthesiology always burned brightly, leading him to serve as president of The Methodist Hospital medical staff in the mid-1970s.A lasting By Donna Hurst
Department of Anesthesiology benefits from Chalmers charitable trust
The Methodist Hospital circa 1951 Dr. Presley H. Chalmers
ACHARITY BEGINS AT HOME
Dr. Presley H. Chalmers and Mrs. Patti E. Chalmers
ANOTHER FIRST Leading Medicine. Giving Hope.
(Left to right) Former Methodist President and CEO Ron Girotto with Howard and Mike Chalmers
give &take
Charitable remainder trusts, like The Presley H. and Patti E. Chalmers Charitable Remainder Trust described in the accompanying article, are designed to provide financial security while supporting a philanthropic organization like Methodist. A charitable remainder trust is a deferred gift that lets the donor commit a substantial amount to support Methodist’s mission later while securing income now. Donors contribute assets to the trust and receive income distributions for the rest of their lives. Benefits of a charitable remainder trust can include: Reduced income taxes Reduced estate taxes Reduced capital gains taxes Stable income
“At the time Mother and Dad decided to sell their property, Dad had no inclination of giving the property to anyone but wanted to preserve the value of it for his heirs — me and my two brothers — without having the value of the estate reduced by payment of federal taxes,” says son Howard Chalmers. “Mother and Dad bought the farm in the late 1950s for $35,000 and 40 years later when they were ready to move, its value had appreciated to $440,000.” Because the assets are donated to a charity, charitable remainder trusts do not pay any capital gains taxes. These trusts are ideal for assets like stocks or property with a low initial cost but high appreciated value, such as the Chalmerses’ property. These gifts may also qualify the donor for an income tax deduction in the year of the contribution. The deduction is based upon the estimated present value of the remainder interest that will ultimately go to the charity.
