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Why the Trouts Support FMH

Steve & Beth TroutArticle featured in Winter 2011 Donor Report

Longtime members of the FMH Order of the Good Samaritan, Steve & Beth Trout recently upgraded their level of support with a leadership gift to the hospital's Transforming Healthcare in Our Community campaign.

The couple own and operate several area businesses, including Supreme Seafood Company and the Lighthouse Seafood & Deli in Woodsboro. Married nearly 31 years, the Trouts have four grown children and four grandchildren, and are known throughout the community for their generosity.

"We have a long history with FMH," says Beth. "For example, Steve's mother was a nurse at Frederick Memorial for many years. I guess you could say that the hospital has had a special place in our family's heart for quite a while. In fact, three of our children were born there, and over the years, we have relied on the staff's high quality care and medical support in various ways. When it became possible for us to support the hospital financially, we wanted to do that to show our confidence and pride in the facility and all its components."

The Trouts believe that FMH has made steady progress over the years in building a premier hospital and recruiting top-notch staff. The combination of a state-of-the-art facility and outstanding staff has, say the Trouts, created a health and wellness resource that rivals anything in the area, eliminating any need for residents of Frederick County to travel to metropolitan hospitals for medical care.

"We are proud to support FMH. We respect how hard they are working to make sure our community has the very best in healthcare, and we want to be a part of that. It's exciting and rewarding to support something that contributes so significantly to the quality of life in Frederick County."

--Steve & Beth Trout

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A charitable bequest is one or two sentences in your will or living trust that leave to Frederick Memorial Hospital 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

Bequest Language

"I, [name], of [city, state, ZIP], give, devise and bequeath to Frederick Regional Health System [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 FMH 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 FMH 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 FMH 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 FMH where you agree to make a gift to FMH 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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