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Solidifying the Future, Even in Turbulent Times: Dr. and Mrs. Lawrence R. Muroff

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There are two ways a radiologist can contribute to protecting the specialty, says Dr. Muroff-time and money. "I've had the opportunity to do both."

Dr. Muroff is president and CEO of Imaging Consultants Inc, Tampa, and a clinical professor of radiology in the colleges of medicine at the University of Florida and the University of South Florida. He and his wife, Carol, are Platinum Legacy donors, creating a bequest to be paid outright after death to the R&E Foundation.

RSNA shapes the careers of all radiologists, says Dr. Muroff, whether they're in private practice or academics. "RSNA provides a forum for teaching, science, and evaluating new technology," he said. "And for me-I've presented teaching courses, listened to teaching and scientific presentations made by others, and spent extensive time evaluating and subsequently purchasing equipment."

R&E funding nurtures and provides opportunities for researchers and educators to become involved in continued research, Dr. Muroff says. "It's a mechanism to ensure that the specialty will continue to thrive in an era of change."

Dr. Muroff notes the benefits to the donor as well as the specialty as a whole. "With a Legacy donation, they can defer the immediate cash donation, yet solidify their intention and provide the Foundation with an ongoing income stream that will take it successfully into the future."

This is a very turbulent time for radiology, Dr. Muroff says, and some radiologists may not feel comfortable making a sizeable donation they would otherwise wish to make. This gives them the opportunity to enjoy their money now—and provide for opportunity later, he says.

"It also allows us to solidify and expand our turf—our area of practice influence. This is not just an academic endeavor; practicing radiologists benefit enormously from seeing the scientific, educational and technological advances from literally all over the world."

Dr. Muroff says that his donation is simply a very small thank-you to a specialty that has given him such intellectual challenge and financial reward. "People have to understand that they should provide the same type of opportunity for others," said Dr. Muroff. "There's an obligation to continue our specialty in a way that will enable others to reap the same rewards that we enjoy."

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A charitable bequest is one or two sentences in your will or living trust that leave to the R&E 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 the R&E Foundation, a nonprofit corporation currently located at 820 Jorie Blvd., Oak Brook, IL 60523, 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 the Foundation 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 the Foundation 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 the Foundation 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 the Foundation where you agree to make a gift to the Foundation 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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