Donor-Advised Fund and Other Tools Help Peggy and Jack Roll Provide for Beloved Hospital in the Future
“It’s time!” says Peggy Roll.
It’s never too early to begin planning for your estate, including gift plans for your favorite nonprofits. Peggy and her husband Jack, now 80 and 81, respectively, began planning 15 years ago. “If you begin early, it takes a lot of the worry away, and once it’s done, you can relax more,” she explained. Careful planning also includes tax benefits and can avoid potential tax liabilities for your loved ones.
Peggy and Jack are parents of five and grandparents of 11. They have called Winchester home for more than 40 years, have been hospital corporators for more than 15 years and have given to many major projects here, beginning with the Special Care Nursery. They were named Philanthropists of the Year in 1999 and were co-chairs of the recent $10 million Our 2nd Century Campaign at the Winchester Hospital.
Setting up a donor-advised fund
They took their first steps in planning their estate while in their mid-60s. “There was a family financial event, an inheritance, and we wanted to be thoughtful about where the funds would go,” Peggy said. At that time, they set up a Donor Advised Fund [DAF], which is like a charitable savings account into which the donor makes irrevocable deposits and from which the donor directs gifts to nonprofits.
They created a “side letter” explaining how they wanted their DAF to be funded as part of their estate settlement and suggested how they would like those funds to be distributed. “We have given to many organizations over these years, and we have a few that are special to us, including Winchester Hospital,” Jack said. “In this side letter, we have made suggestions for how funds will be dispersed – including, of course, to the hospital.”
As philanthropists and thoughtful parents, more than 10 years ago Peggy began to make annual gifts to charities of each of their children’s choices, in each of their names. “We strived to instill in them a sense of philanthropy — and, indeed, to have them choose causes that they care about” said Peggy.
“So proud of Winchester Hospital”
Strength of community is a component of the Roll family philanthropy to the Winchester Hospital Foundation. “We’re so proud of Winchester Hospital, all the honors it receives and the high patient quality scores,” said Peggy. “It’s wonderful for people to have a good cancer center here without people needing to drive to Boston.” Jack appreciates the value the hospital brings to the community. “Supporting Winchester Hospital is like investing in our own community,” he said. “Winchester is a great place to live, and we want the hospital to thrive and be here when we need it. Having Winchester Hospital helps to ensure that this continues to be a great place to live.”