THE LEGACY OF EUNICE SHRIVER KENNEDY

To paraphrase the opening line of a recent Orange County Register editorial of earlier this week, it is ironic that one of the least famous of America’s Kennedy clan, who was not an icon of the American political scene, will likely be the one to leave the longest lasting contribution to our society. Eunice Kennedy Shriver, sister of President John F. Kennedy, wife of Sargent Shriver, (who was the first head of the Peace Corp) and mother of California’s First Lady, former NBC newswoman, Maria Shriver, founded the Special Olympics in 1968. Each year the Special Olympics offers thousands of participants in 180 countries the opportunity to push themselves and their abilities beyond their or their families’ wildest dreams.

Mrs. Shriver was inspired both because of her personal experience with her mentally challenged sister, Rosemary Kennedy, and with that of a young boy who had been denied admittance into a summer camp near the Kennedy farm in Maryland due to his disabilities.

Coincidentally, it was also just announced earlier this month that the Eunice Kennedy Shriver Foundation had issued a $3 million grant to CHOC (Children’s Hospital of Orange County) for research. Clearly, this woman has left a legacy that has and will continue to affect millions of lives, not just that of one generation.

While not all of us have the financial wherewithal to make as deep an impact as did Mrs. Shriver, we all can take steps to leave a lasting imprint on our world. Each one of us has a cause about which we are passionate. It might be children, animals, the planet, illness, social concerns, religion, or even political ideologies. Whatever the passion, we have an opportunity to make a difference. Many of us, especially these days, cannot contribute large amounts of cash to the organizations of our choice, but we all can ensure that when we pass, we have left something, even if only a percentage, of our worldly treasure to those organizations that can continue to carry the banner for us.

One of the easiest and most cost effective ways to do this is to designate a charity or charities as the beneficiary of our retirement plans. In the case of an IRA, which has yet to be income taxed, by designating a qualified charity as the beneficiary of the plan, because the charity is not subject to income tax, the full amount of the IRA can be used to benefit the organization. Because at death, the donor is given a 100% charitable deduction for every donation to a public charity, the designation of a charity for an IRA has a double tax benefit: it reduces the size of the donor’s estate for estate tax purposes and it eliminates the capital gains income tax related to the IRA. Brilliant.

If one wants greater control, for example, one wishes to designate how the donated proceeds will be used, then another excellent way to benefit a charity at death is to include the bequest within one’s revocable trust (or will, if there is no trust). The designation should specify whether the bequest is a general gift that may be used for the charity’s general, charitable purposes, or if the bequest is restricted. Examples of a restricted bequest would be a bequest to be used only to add to or to build an endowment, add to or create a scholarship fund, add to a capital campaign, or direct that the funds be used for a specific purpose such as construction or children's programs, financial aid for the deserving, specified research projects, etc.

Make certain when designating a charity that the charity’s proper, legal name is used. For example, many universities and hospitals have foundations that are the proper recipients of their charitable bequests. Also, many churches, have entities outside of the individual parishes that should be the designated beneficiary. Again, the donor can make the bequest to the foundation and then direct that the funds be used to benefit the educational department, research project, or individual parish of the organization.

Last, be specific! Don’t leave a generic bequest such as “$10,000 to the Boy Scouts”. Does that mean the Boy Scouts America, or does it mean Boy Scouts of Orange County? By the way, is the reference to Orange County, California or Orange County, Florida?

There are a myriad of intricate, charitable gifting plans that can be either simple or complex. Many are designed to integrate a donor’s altruism with a goal of maximizing assets during lifetime. However, the two methods mentioned above are easy and provide a way for each one of us to leave a lasting imprint on the lives of countless others, thus giving our own lives greater meaning.

God bless Eunice Shriver Kennedy. She was a great woman who will be missed and remembered by many and she will touch hundreds, if not thousands of people’s lives.