Ensuring a Legacy

Abstract

We hear it repeatedly with the impending departure of American presidents, particularly those who have served two terms in office: How will I be remembered? What difference did I make? What did I make better? And the specific issue at hand: What will my legacy be? I have had little sympathy for these post-presidential concerns over the years. However, as I approach the twilight of my medical career in the post-acute and long-term care (PALTC) realm, I find myself asking these same questions of myself. I have prided myself on a career of, not perfection, but going to bed each night feeling I gave patient care my best effort that day. That no longer seems enough. In my career I have watched nursing homes evolve from what were essentially boarding houses with sewing circles and book clubs to mini-hospitals. And along with that journey has come the nexus of care and post-acute care transitions. We have moved from being the red-headed stepchild of health care to the care site everyone wants to engage and control. The next iteration of post-acute care is unimaginable to me as PALTC responds to the pressure of value-based payment and the promise of telemedicine.Planned GivingThere are two easy methods to provide for the future of AMDA and PALTC:1.Providing a legacy gift for Your Foundation through your will, which:•Costs you nothing during your lifetime•Preserves your savings and cash flow•Supports a mission you dedicated your life’s work to•Is easy to implement through your estate plan•Can be changed or revoked as needed2.Utilize life insurance. When you make a gift of life insurance to Your Foundation, you:•Receive an immediate charitable tax deduction without affecting your investment portfolio or your cash flow•Reduce estate taxes for your heirs•Support a mission you care about for generations to come There are two easy methods to provide for the future of AMDA and PALTC:1.Providing a legacy gift for Your Foundation through your will, which:•Costs you nothing during your lifetime•Preserves your savings and cash flow•Supports a mission you dedicated your life’s work to•Is easy to implement through your estate plan•Can be changed or revoked as needed2.Utilize life insurance. When you make a gift of life insurance to Your Foundation, you:•Receive an immediate charitable tax deduction without affecting your investment portfolio or your cash flow•Reduce estate taxes for your heirs•Support a mission you care about for generations to come I now find my thoughts wandering to who will take my place and, inevitably, deliver care to my patients in the not-too-distant future. Determining those talented people who will manage the unimaginable in the best interest of our patients is now beyond my scope of contemplation. Who, then, will be the next Cheryl Phillips, the next Chuck Crecelius, the next Cari Levy, or the next Wayne Saltsman among the other bright lights of the future? These questions have led me to donate my time to the Foundation for PALTC Medicine and a portion of my assets to the Foundation’s efforts to augment the geriatric workforce and support the study of the value of the PALTC clinician. I have made my decision to craft my legacy through the Foundation and its planned giving avenues. It is my fervent wish that my peers do the same. It’s easy to see why planned giving (see the sidebar) is gaining in popularity among our forward-thinking friends. Through these avenues of beneficence, everyone wins! Please join me and so many of our friends in shaping the future of PALTC through the Foundation for PALTC Medicine. Find out more today at www.paltcfoundation.org. Dr. Lett has practiced in the PALTC continuum for more than three decades as a hands-on clinician and medical director. He has served AMDA in multiple capacities including as president, on multiple committees, and is the current chair of the Foundation for PALTC Medicine.