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Contributions to retirement plans can provide an excellent opportunity
for growth as they are invested tax-free. The earnings are taxed when
they are withdrawn, but this has allowed more dollars to be invested for
more growth. Additional savings can occur if the recipient is in a lower
tax bracket when the funds are withdrawn (for example, during retirement)
than when the investments were growing.
 George
Kreyling’s roots in Good Samaritan Hospital run deep. He started his
career as an intern in 1963. He then served as an OB-GYN resident for
six months before switching to internal medicine residency for the next
three years.
After residency, he started private practice in 1968. Today, Dr. Kreyling
still practices parttime, providing flight physicals for pilots with
the Federal Aviation Administration, and passing on his knowledge as
a preceptor in the Hospital’s Faculty Medical Center. He continues his
medical education by frequently attending weekly tumor board meetings
and Medical Grand Rounds at the Hospital.“Good Samaritan Hospital does
an outstanding job with providing its physicians opportunities to receive
continuing medical education credits.”
During his career, he served on the executive board at Good Samaritan
Hospital for 20 years and was president of the medical staff for 10
years. Perhaps most important, all of he and wife Carol’s four children
were born here.
“The training I received at Good Samaritan Hospital was superb,” Dr.
Kreyling said. “The attendings who taught us were excellent, and the
variety of cases that we studied ensured that we received a broad range
of experiences. This scholastic environment continues to the present
day.”
When Dr. Kreyling heard that the Good Samaritan Hospital Foundation
would be raising money for a new medical education center, he wanted
to support it. He believes that enhancing the facilities is key to keeping
the quality of medical education high and it stresses our continuing
commitment to medical education at Good Samaritan Hospital. The Kreyling's
have made a gift to Good Samaritan Hospital Foundation through their
IRA.
Dr. Kreyling believes such charitable gifts help Good Samaritan Hospital
stand apart from other medical facilities. “It is a high-quality program
today because it is truly committed to medical education, and the commitment
to produce quality is not an accident”
However, careful planning concerning the withdrawals from retirement
funds needs to be done. Not only is there a potential income tax burden,
but if there is a balance in your retirement account at your death, there
may be estate taxes as well. Estimates are that taxes could eat up as
much as 70-75% of retirement assets under certain circumstances. In fact,
retirement-plan assets are likely to be the most heavily taxed assets
that you can leave to heirs. Considering the potential tax bite, leaving
retirement funds to heirs is like locking a favorite sweater in a closet
with a couple of hungry moths: Not much will be left by the time your
kids inherit it.
Using qualified retirement plan funds is an excellent source of assets
to fund bequests. By designating Good Samaritan Hospital Foundation of
Cincinnati, Inc. as a beneficiary (it
can be a contingent beneficiary after the death of a spouse - see sample
bequest language), funds pass to Good Samaritan Hospital free of taxes.
It is possible to set up the beneficiary as the recipient of the entire
remaining funds in the account or establish a percentage to fund the bequest.
Please note - the designation of any charity as a beneficiary
of retirement fund assets cannot be simply written in your will or trust.
The charity must be designated as a beneficiary of the retirement plan.
Everyone's personal circumstances are different, so please consult your
tax advisor concerning the use of qualified retirement funds. We would
be glad to make suggestions that could be effective in accomplishing you
and your family's needs and benefit Good Samaritan Hospital as well.
Return to Wills and Bequests.
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