Budny gift supports hospital
Published 10:01 am, Wednesday, November 7, 2012
New Milford Hospital has received a gift from a charitable trust established by fashion designer and model Lorraine Budny, who died in 2011.
The gift is from the Budny Charitable Remainder Unitrust created in 1996.
Ms. Budny's nephew, Ronald C. Budny of Litchfield, said she wanted to do something special for New Milford Hospital and sought counsel from Arthur C. Weinshank, attorney with Cramer & Anderson, LLP, about how to best support her local hospital.
"My aunt was very appreciative of the wonderful care she received at New Milford Hospital," Mr. Budny said. "Although she had been a steady supporter, she decided to increase her philanthropic commitment. Art recommended the unitrust as the best vehicle."
According to Mr. Weinshank, a charitable remainder unitrust is an option for donors to consider because it distributes a fixed percentage of the value of its assets to the individual for life in addition to offering an immediate income tax deduction and other benefits.
"It was a great win-win situation for Mrs. Budny," Mr. Weinshank said, "who wanted to ensure that she had steady income but also generously support New Milford Hospital,"