Generations Gather to Honor Family Legacy

Sim LabIn July 2016, Dr. Harold Gramse, DDS, proudly came to Baystate Medical Center with daughter Dr. Laura Gramse, DMD, and her three children — all of whom were born at Baystate — for a tour and for dedication of a plaque in the Chestnut Day Surgery lobby honoring the Gramse family's generosity. Edward Gramse, DDS, and his sisters, Erna and Milda Gramse, contributed to the campaign to expand Baystate Medical Center with funds from a charitable remainder trust. Another brother, surgeon Arthur Gramse, MD, also generous, donated funds that have made a difference in strengthening and maintaining crucial resources for our physicians and residents.

A Living Legacy

"It was a great day," Laura says. "Our family has always had a special connection to the hospital and I grew up going on rounds with my father here. It was wonderful to see our family name engraved there, as a permanent part of the building." During the tour, Harold's grandchildren got to try their hand at tying surgical knots and "performing" laparoscopic surgery in the Goldberg Surgical Skills Lab; peruse surgical books and journals purchased through the Arthur Gramse, MD, Memorial Fund at the Baystate Health Library; and view the new orthopedic suites in the South Wing, a building made possible in part by Edward's gift.

Mutual Benefits

The structure of his gift offered benefits to Edward Gramse during his life as well as created a wonderful gift in support of new facilities for Baystate, explains their attorney, Hyman G. Darling. "The Gramse family was interested in making a charitable contribution to Baystate Medical Center, and at the same time, wanted to sell a parcel of real estate. They also wanted to receive some income while Dr. Gramse and his sisters were alive," recalls Darling, an attorney at Bacon Wilson, P.C. "I suggested creating a charitable remainder trust, with Baystate receiving the remainder to support the new patient rooms and the other spaces created through the Hospital of the Future Campaign. The Gramse family benefited with nominal tax costs and was able to make a significant and meaningful gift to an organization that they loved."

Powerful Inspiration

Darling adds that a veteran staff member of his firm, who knew Dr. Gramse, was recently admitted to Baystate Medical Center for a procedure and was delighted to discover the plaque upon arrival at the hospital. "Every gift makes a difference in the lives of our patients," explains Kathleen Bronner, director of philanthropy for the Baystate Health Foundation. "This plaque reminds everyone that we are a community of generous people who take care of each other — inspiring philanthropy while providing resources and comfort to our patients."

The Next Generation

The Gramse family has now planted even more seeds for the future at Baystate Health. Laura's children wholeheartedly helped gather and deliver toys given by themselves and Laura's dental patients to brighten the holiday season for the young patients at Baystate Children's Hospital. They are looking forward to taking another tour during summer vacation to see the impact of their gifts and the philanthropic legacy of their great-aunts and great-uncles.

Provide for Your Loved Ones — And a Cause You Love

It's never too early — or too late — to plan for the people and causes you care about. A thoughtful, up-to-date estate plan will ensure your wishes are carried out, creating and preserving your lasting personal legacy. While each family's situation is different, there are some planning strategies that can help you provide for your heirs and make a difference in quality healthcare now and for generations to come.

To get started, download your FREE Personal Estate Planning Kit today. Or contact Kylie Johnson at 413-794-7789 or kylie.johnson@baystatehealth.org to explore how to create a legacy with Baystate Health.

A charitable bequest is one or two sentences in your will or living trust that leave to Baystate Health 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 Baystate Health Foundation, a nonprofit corporation currently located at 759 Chestnut Street, Springfield, MA 01199, 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 Baystate Health 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Baystate Health as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Baystate Health 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 Baystate Health where you agree to make a gift to Baystate Health 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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