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Lynns Join Mayne Heritage Society

Dr. and Mrs. Richard A. Lynn are fervent supporters of the College and the ACS Foundation, generously giving both time and financial support. Dr. Lynn, a general and vascular surgeon in private practice, proudly serves on the Foundation board of directors, under the leadership of Dr. Thomas Russell, and was also a member of the board of governors and led the ACS Florida chapter as president.

Besides Dr. Lynn's many volunteer roles for the College and other organizations, he and Mrs. Lynn are members of the Regents Circle in the Fellows Leadership Society through their generous contributions. They also recently joined the Mayne Heritage Society, the planned giving donor program of the Foundation, by naming the College as a beneficiary in their estate plans.

Dr. Lynn explains why supporting the College means so much to the couple:

"We have been honored by the recognition that the College has shown to us over the years. The ability to give back to an institution that has provided so much to the surgical career that has benefited the many patients as well as ourselves is a privilege, especially doing this while still very active in clinical practice.

"Philanthropic contributions, independent of the magnitude, are a wonderful experience, particularly when one knows the value with which the gift will be utilized in assuring the highest quality of patient care for years to come— the sine qua non for which the American College of Surgeons stands."

Membership in the Mayne Heritage Society recognizes fellows who have provided a bequest, like Dr. and Mrs. Lynn's, or other "planned gift" of any size to the College through their estate plan. Mayne Heritage Society members are listed prominently in honor rolls in both the Foundation Annual Report and on its website and are welcomed to the Fellows Leadership Society Luncheon and Hospitality Center during Clinical Congress. For Fellows who believe the future of surgery and the future vitality of the American College of Surgeons are intertwined, an estate gift is an ideal form of investment.

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A charitable bequest is one or two sentences in your will or living trust that leave to American College of Surgeons 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 American College of Surgeons Foundation, a nonprofit corporation currently located at Chicago, IL, 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 ACS 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 ACS 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 ACS 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 ACS Foundation where you agree to make a gift to ACS 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.

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