Making the Gift of a Lifetime Possible

Amy KarnehmHelping others has always been intrinsic to Amy Karnehm. She grew up in a family that always did what they could to give back to those in need. They also happen to be lifelong Ohio State fans.

When Amy’s stepfather, Richard Wood, needed specialized care for his acute myeloid leukemia (AML), they turned to the experts at The Ohio State University James Cancer Hospital and Solove Research Institute (OSUCCC—James). Amy and her mother were beyond grateful for the skillful and compassionate care that gave them extra time with Dick.

Amy is committed to honoring her stepfather’s memory and helping other patients with AML. She decided to designate a percentage of her will to help fund AML research. This type of gift allows her to make a significant contribution without affecting assets during her lifetime.

“We were blessed with some outstanding doctors while my stepfather was being treated, and we’re excited by the research they are continuing,” said Amy. “I love the fact that my gift will memorialize my stepfather and help others with AML.”

In 2019, Amy brought her dog, Candi, to Ohio State’s Veterinary Medical Center Neurology Service for an MRI to investigate a detached right retina and left eye strabismus (crossed). The veterinary neurologists were able to diagnose Candi’s unique condition and establish a treatment plan for her.

"I have been very happy with the support and care Candi has received,” said Amy. “I am so blessed to have the veterinary team in place that I do—their primary concern is her quality of life. She’s exceeding everyone’s expectations.”

Amy had not previously contacted Ohio State about her gift to AML research because she assumed the university did not need to be informed. After discussing her gift with a member of the Ohio State Advancement team, Amy learned that she should be able to establish endowments for both her stepfather and Candi.

By making a gift through her will, Amy is able to make a bigger difference than she ever thought possible.

“I never imagined that I would have the financial means to make a gift that will have a direct and meaningful impact on others for years to come,” said Amy. “Leaving a gift through my will makes it simple and possible for me to achieve this dream.”

A charitable bequest is one or two sentences in your will or living trust that leave to The Ohio State University 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 The Ohio State University Foundation, a nonprofit corporation currently located at 14 E. 15th Ave., Columbus, OH 43201, 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 Ohio State or other charities.

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 Ohio State 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 Ohio State 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 Ohio State where you agree to make a gift to Ohio State 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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