A LegAcy of extrAordinAry cAreBy Dr. Jack Eck, Senior Director of Development

Warren Miller once said to me, “We are in Vail because we followed our

hearts, not because we followed our brains.” This statement couldn’t be more true for me. As the ski season commences, I’m awed by the scenery of the peaks with a dusting of snow and the transformation of seasons. Before we know it, we’ll be blessed with powder days, and it all reminds me of why I followed my heart to Vail. Nearly 50 years ago, when Vail Mountain opened, the Forest Service required a medical clinic. Since then, the Vail Clinic, with bare-bones equipment, has developed into the high-level medical center that we have today: a mecca for orthopedic services and research, the cancer center I used for my treatment, talented surgeons, and a team of care providers that are second to none. Both full-time locals and passionate second-homeowners expect high quality health care and VVMC is able to deliver that because of the generous philanthropy it has received. Many of you have given to medical centers at home, but your generosity to VVMC is needed and will assist in continuing to grow the medical center to

exceed your expectations while you are here and to serve future generations. The care that exceeds our expectations started with Vail’s first full-time doctor, Dr. Tom Steinberg, and for that reason we are proud to have him as our legacy giving namesake. Dr. Steinberg was recently honored at the Eagle Valley Land Trust’s Evergreen Ball for his commitment to enhancing our community, an honor that validates the Steinberg Heritage Society.

Steinberg created his legacy and now you have an opportunity to create a legacy of extraordinary care for Vail’s future generations. Learn more about how you make a gift via your will or estate plans by calling me at 970-477-5177 or visiting www.vvmc.com/plannedgiving.

Steinberg HeritAge

• Investing in VVMC for Future Generations • Time Is Running Out!

• Under the Microscope: Will I Be Affected by Capital Gains Tax?

Inside

Society meSSenger

You can easily include

VVMC in your will or

trust. If you would

like to support our

mission after your

lifetime, call us for

more information.

A Financial and Charitable Gift Planning Guide for Friends of Vail Valley Medical Center

Early Winter 2011

The care that exceeds our expectations started with Vail’s first full-time doctor, Dr. Tom Steinberg, and for that reason we are proud to have him as our legacy giving namesake.

at the Vail Clinic prior to being transported over Vail and Loveland passes to Denver — a ride she nearly didn’t live through. Jack, a prostate cancer survivor, was treated at the Shaw Regional Cancer Center and was touched by the care he received. “Back then we had a little clinic,” Kathleen said. “But now people have confidence that we can be well taken care of at a great medical center.” Jack tells of the sparse equipment of the clinic’s early days. “We started with nearly nothing,” he said. “Now I feel like I’m the luckiest person to see a four-doc operation with early x-ray and lab equipment become a medical center that has become internationally known.” Jack and Kathleen’s enthusiasm for the hospital doesn’t stop there. The Ecks made a commitment to invest in the hospital by leaving a portion of their estate to Vail Valley Medical Center and hope that others will join them in making a legacy gift through the Steinberg Heritage Society. Jack and Kathleen are grateful for the health care they have received and

Dr. Jack and Kathleen Eck have very deep roots in the Vail Valley.

Jack arrived in October 1971 and met Kathleen soon after at a dinner party hosted by her parents. Kathleen’s parents were among the original second-homeowners in Vail, which allowed her to spend much time on

the mountain during the early years. After pursuing a career as a corporate attorney, which took her away from Colorado, Kathleen returned to Vail and reunited with Jack; the two recently celebrated their 15th anniversary. Not only was Jack a doctor at the hospital, but both Jack and Kathleen utilized Vail Valley Medical Center at critical times in their

lives. Kathleen, involved in a horrible ski collision in the early 1970s, was stabilized

inveSting in vvmc for future generAtionS By Lindsay Warner, Communications Manager

Dr. Jack and Kathleen Eck

Find in-depth details

on the many ways you

can support the future

of VVMC at our new

website: www.vvmc.com/

plannedgivingEveryone needs a will,

regardless if you are young or old, sick or healthy,

single or married. If you don’t currently have a will, consider having one made.

>> START by getting organized: Outline

your objectives, determine the value of

your property, inventory your major assets,

estimate outstanding debt, prepare a list of

family members and other beneficiaries to

whom you want to pass assets.

>> NEXT you’ll choose guardians. If you

have minor children or an adult child, a

parent or a spouse with special needs who

is your dependent, you must think about

who will care for them when you’re gone.

STEPS TO CREATE OR UPDATE

YOUR WILL

Is it time to sell your vacation home or some stocks that no

longer meet your financial goals? When you sell an asset, you must pay tax on the amount the asset has appreciated over time. This tax, which is part of the income tax, is commonly known as a capital gains tax. There are two types of capital gains: • Short-term capital gain

assets are owned one year or less. These assets are generally taxed at ordinary income tax rates.

• Long-term capital gain assets are owned longer than one year. Assets such as stocks, mutual funds and real estate held long term are taxed at a maximum rate of 15 percent. Tangible personal property, such as artwork, coins and collectibles, is taxed at a maximum rate of 28 percent.

How It WorksSell stock valued at $10,000 (with a

cost basis of $1,000) and you owe

$1,350 in taxes.

Current value of stock:............. $10,000

Cost basis of stock: ................ – $1,000

Capital gain: ............................. $9,000

Tax rate (15%): ......................... x 0.15

Taxes owed: ...........................$1,350

A charitable alternative: If you donate long-term appreciated assets to Vail Valley Medical Center, the tax is eliminated. We receive the entire benefit of the asset’s value, and you’re eligible for a charitable deduction. Call us today for more information.

Under the Microscope: WiLL i be Affected by cApitAL gAinS tAx?

Did you know? Even if your stocks or real estate have lost value in recent years, for tax purposes, they are still appreciated if their current value is more than what you originally paid for them.

Then choose an executor and finally,

meet with an estate planning attorney.

Updating your will is simple: Locate a copy of your current will, mark

the areas you’d like to change, and meet

with your estate planning attorney to

draft and prepare your new document.

Then, contact Vail Valley Medical Center

if you’ve named us a beneficiary in your

will, so we can personally thank you.

committed to investing in the future of VVMC. “This facility allows us locals and part-time residents to continue living here, where we love it, and know we’ll get excellent care when needed,” Dr. Eck said. “I truly believe, besides the mountain, the medical center is our greatest asset as a community,” Kathleen said. “It allows us to live here. We need to make it the best we can now and invest in it to keep it the best for future generations.”

For more information on joining Jack and Kathleen Eck in the Steinberg Heritage Society by including Vail Valley Medical Center in your will, call Jack at 970-477-5177 or visit www.vvmc.com/plannedgiving.

Show Them You CareLearn more about planning for your family’s future

in the FREE guide, A Personal Record: Estate

Planning You Can Do at Home. Just return the

enclosed reply card today to receive this helpful

organizer tool!

info

A perSonAL recordEstatE Planning You Can Do at HomE

There’s good news for individuals aged 70½ or older with IRAs. Thanks to the extended charitable IRA legislation, a simple, tax- friendly option has joined your array of charitable giving possibilities, but you must hurry because this opportunity ends December 31. Under the law, you can once again use IRA funds to make charitable gifts without tax complications. If you are required to withdraw minimum distributions from your IRA and you do not need the money for personal use, consider transferring part or all of the required distribution directly to Vail Valley Medical Center. While you cannot claim a charitable deduction for the IRA gifts, you will not pay income tax on the amount. You may contribute funds this way if: • You are 70½ or older at the time of the gifts. • Your IRA gifts total $100,000 or less. • You transfer funds directly from your IRA. • You transfer the gifts outright to one or more public charities.

(This excludes gifts made to charitable trusts, donor advised funds, gift annuities and supporting organizations.)

next StepS

Be sure to contact tax professionals and your IRA administrator if you are considering a gift under this law. Feel free to call us with any questions.

If you would like to make a gift to Vail Valley Medical

Center, getting started is not as complicated as you

might think. Here are three ways to get things moving:

RETURN the reply card to receive

A Personal Record: Estate Planning

You Can Do at Home, an easy three-step

guide to organizing your estate plans.

CONTACT us with any questions you have

about planned gifts or estate planning. We

can help find a gift that fits your charitable goals

or assist you with the steps you need to take before

you can make your gift, at no obligation.

Visit www.vvmc.com/plannedgiving

to find in-depth details on estate planning

and the many different charitable giving options

that are available to you.

Office of Development

PO Box 1529

Vail, CO 81658

Tel 970-477-5177

Fax 970-477-4055

vvmcdevelopment@vvmc.com

© The Stelter Company The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.

time iS running out!Charitable IRA Rollover Expires December 31

Thank you for your support!

Your gift creates a lasting legacy of the values you cherish today.

Next StepsPlanning Measures You Can Take Today

A perSonAL recordEstatE Planning You Can Do at HomE

Name—Please print.

Telephone

Email

Address

City, State ZIP

▫ Please send me the FREE guideA Personal Record: Estate Planning You Can Do at Home.

▫ I’d like more information about estate and gift planning.▫ I’ve included Vail Valley Medical Center in my estate

plans (and haven’t previously notified you).▫ I have a question. Please contact me by: ▫ phone; best time to call: __________ a.m./p.m. ▫ email.

Thank you for supporting our important mission!

Make Your Estate Plan Work for You

We respect your privacy! Information collected here will be kept strictly confidential. It will not be sold, rented, loaned or otherwise disclosed, and it will not be used in ways to which you have not consented.

A PersonAl record estAte PlAnning You cAn do At Home

INB27-F

E printed on recycled paperThe information in this publication is not intended as legal advice. For legal advice, please

consult an attorney. Figures cited in examples are for hypothetical purposes only and are

subject to change. References to estate and income taxes include federal taxes only. State

income/estate taxes or state law may impact your results.

Disposition of Estate1. To spouseDescriptions of assets _______________________________________________________________________________________________________________________________________

2. To other beneficiaries (besides spouse)Descriptions of assets/names and relationships of beneficiaries __________________________________________________________________________________________

3. To a contingent beneficiary if the above beneficiaries do not survive youDescription of asset/name and relationship of beneficiary__________________________________________________________________________________________

4. To charitable organizationsDescriptions of assets or dollar amounts/names and addresses of charitable organizations__________________________________________________________________________________________

5. Residue of estateNames and addresses of charitable organizations and other beneficiaries; percentages allocated__________________________________________________________________________________________

■ Marital status. If you’re married, you can give the bulk of your money to your spouse, either outright or in a trust, and also make plans in the event your spouse does not survive you. If you have children, you can give your money to them in equal or unequal shares, or you can create a trust for their benefit. If you’re single, you may have children or grandchildren to think about or nieces or nephews you would like to remember. You may also want part of your estate to go to parents, brothers or sisters.

■ Charitable bequests. A gift to us can take many forms, including a specific amount of money, a particular asset or a percentage of your estate.

■ Special assets. Do you have jewelry, art objects or other prized possessions you would like to give to someone who would enjoy having them? Then say so in your will.

■ Power of appointment. If your late spouse or parent created any trusts for your lifetime benefit, you may have the right to dispose of part or all of the remainder, provided you refer specifically to this power in your own will.

Meet With an Estate Planning Attorney.Once you have completed the inside chart

and the disposition list at right, you are ready to meet with your attorney for important counsel and the drafting of necessary documents.

6 7

3 A PersonAlrecord

EstatE Planning You Can Do at HomE

Office of Development

PO Box 1529

Vail, CO 81658

Tel 970-477-5177

Fax 970-477-4055

vvmcdevelopment@vvmc.com

AssetsResidence

Other real estate

Bank accounts, certificates of deposit, money market funds

Stocks, bonds, mutual funds

Closely held business interests

Partnership ventures

Notes, mortgages owed to you

Retirement funds

Life insurance face value

Furniture, jewelry, collections, etc.

Automobiles, boats, etc.

Annuities, revocable trusts

Other assets

Total assets

LiabilitiesMortgages

Loans, installment debts

Current bills

Taxes owed

All other liabilities

Total liabilities

NET ESTATE (subtract total liabilities from total assets)

INB27-F © The Stelter Company

How Much Are You Really Worth?Fortunately, most people find they have much more in their estate than they thought when they account for savings, employer and personal life insurance, retirement plan benefits, and perhaps even a future inheritance. To get your planning started, begin with the following three steps.

Make an Inventory of Your Assets.This will help you estimate your estate’s exposure

to taxes. If you are married, be sure to include your spouse’s assets and all jointly owned or community property. Use the current market value for everything you own and the face value (not cash value) for any life insurance. The chart at right is an easy way to list your figures. Don’t strive for exact amounts; round numbers will do.

Decide Where You Want Your Property to Go.

Once you’ve made an inventory of your property, you’re ready to decide where you want it to go. See Pages 6–7 for a list of things you should consider first and a form to help you organize your plans.

When estate planning is mentioned, most people think of a will. A will ensures that your wishes are carried out after your lifetime. But a good estate plan can include various instruments that benefit you and the people and causes you care about most, today as well as after your lifetime.

Organizing Your Estate Plans

An Easy 3-Step Guide

Owned by Owned by Owned jointly you alone your spouse (or in community)

$ $ $

$ $ $

$ $ $

$ $ $2 3

1

2

By completing a solid estate

plan today, you’re creating a

road map for your loved ones

to follow later, when they need

it most.