A Place to Turn When Retirement Came as a Surprise

"I loved every minute of my life working in the office, but I knew I could no longer go on that way, and this is a great way to retire. It's a very simple life, but it's something I enjoy."

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—Leona Buman

At age 82, Leona Buman was too busy working to consider retiring. Then change came along suddenly.

"I took a bad fall and had a fractured wrist and a fractured pelvis," she explains. Leona was admitted to the Elm Crest skilled nursing facility and spent about six weeks at the health center, receiving physical and occupational therapy.

Then it was time to think about heading back to her old life.

For years, Leona took care of the books at a farm equipment distribution business run from her home on the family farm outside of Harlan, Iowa.

"I began to realize I would not be able to go back to work," she recalls, "and I knew I'd be alone at home with nothing to do, no work to do."

Leona and her children discussed the situation, and her children checked out independent living options at Elm Crest. "I was very satisfied with their report, and we just sort of took it from there," Leona says.

In 2003, Leona purchased a two-bedroom, two-bath apartment at Elm Crest. "It's a very nice place, just a gorgeous apartment."

Leona says she enjoys the everyday social connections that naturally occur between friends and neighbors living at Elm Crest. "Residents have our own little social gatherings." Leona says. "We'll go out to see movies and, once a month, go out to a restaurant as a group and have dinner together." Leona also attends exercise classes at Elm Crest twice a week.

Today, Leona's life is different than the one she enjoyed before retiring, but different in good ways.

"At home, I was pretty much alone," Leona explains, "but living here, we just meet all the time and have such good times! I think we get energy from each other."

"I loved every minute of my life working in the office," Leona adds, "but I knew I could no longer go on that way, and this is a great way to retire. It's a very simple life, but it's something I enjoy."

A charitable bequest is one or two sentences in your will or living trust that leave to American Baptist Homes of the Midwest 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

The official bequest language for American Baptist Homes of Midwest to share with your attorney is: "I, [name], of [city, state, ZIP], give, devise and bequeath to American Baptist Homes of Midwest [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 ABHM 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 ABHM 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 ABHM 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 ABHM where you agree to make a gift to ABHM 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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