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Giving to The Hole in the Wall Gang Camp Is a "Natural Fit"

NancyIt was at a speedway more than 20 years ago when John Baumann and his wife, Nancy, first learned about the magic of The Hole in the Wall Gang Camp from none other than Camp's founder, Paul Newman. After this chance meeting, the Baumanns requested more information about Camp and soon received a promotional VHS-a memento that John says he still has to this day. "We were so blown away by everything Camp was doing that we immediately became donors and continue to support the organization to this day," John says.

Honoring Nancy's Memory
Sadly, Nancy passed away in 2013 and John requested that gifts be sent to Camp in her memory. He was happy to see that people supported Camp in honor of Nancy, and he also decided to make a special gift to Camp in her memory. Now, Nancy Anne Baxter Baumann will forever be remembered at Camp with a theater seat inscribed in her honor, which will always have a beautiful view of Stage Night, Awards Night and other magical Camp moments.

Although John hasn't visited Camp yet, his and Nancy's devotion to The Hole in the Wall Gang Camp continues with their decision to include Camp as a charitable beneficiary in their estate plans.

"Nancy was a teacher for more than 35 years, so though we didn't have our own children, she always said she had close to 4,000 kids over the years," John says. "Knowing Camp helps so many seriously ill children has really influenced us and made donating to Camp a natural fit."

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A charitable bequest is one or two sentences in your will or living trust that leave to The Hole in the Wall Gang Camp 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

Bequest Language

I give, devise and bequeath to The Hole in the Wall Gang Fund, Inc., a Connecticut nonstock corporation with offices in New Haven, Connecticut, (percentage or written amount 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 Hole in the Wall 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 Hole in the Wall 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 Hole in the Wall 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 Hole in the Wall where you agree to make a gift to Hole in the Wall 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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