Achieve your philanthropic aspirations with a legacy gift
Charitable Gift Annuities
This simple contract makes it possible to transfer cash or marketable securities such as stock to the Foundation (charitable entity). In exchange, you and one other person you designate, receive guaranteed annual income payments for life. Benefits, in addition to lifetime income, include an immediate federal income tax deduction, payments that are only partially taxed, capital gains tax savings (if funded with appropriate securities), possible reduced probate costs and estate taxes, and support of the Foundation. Contact us for a gift annuity application.
Life Insurance Agreement
There are several ways to use life insurance to benefit the Foundation: make an outright gift with an existing insurance policy, purchase a new policy and name the Foundation as the beneficiary, or assign ownership of the policy to the Foundation. Use life insurance to replace the value of another charitable gift in your estate. An idea you might want to consider is to make the charity the owner of your policy (which gives you an immediate charitable income tax deduction). Then, each year, pay the charity a donation that is at least equal to the premium. This allows you to receive an income tax deduction for your annual gift/premium payment, and the charity can count on receiving the maximum insurance proceeds you intended.
Charitable Lead Trust
By establishing a charitable lead trust, you can donate an asset such as cash or stocks to the Foundation for a specified number of years. During the specified time, the organization receives all income generated from the trust and the donor receives a tax deduction. When the agreement expires, the asset reverts to you or your heirs with little or no estate or gift taxes due. Upon the donor’s death, the asset is returned to the beneficiaries. If the charity used a portion of the income generated from the trust to purchase life insurance on the donor, the charity receives insurance proceeds.
Charitable Remainder Unitrust (CRUT)
You may select an asset to irrevocably set aside for the purpose of generating lifetime income with the understanding that the remainder value of the trust at death will go to the Foundation. By doing so, you get an immediate charitable tax deduction and may use the interest from the asset for life. At death, the asset passes to the Foundation to be used for the purpose designated by the donor. Additional benefits may include estate tax savings and avoidance of capital gains taxes on the asset.
Retained Life Estate
You may gift a home, second home, vacation property, or farm to the Foundation, and retain the right to live in the property for the remainder of your life. By doing so, you may take an immediate charitable tax deduction and designate how the remainder value of the property at death will be used by the Foundation. This option allows you to make a significant charitable gift, financially benefit yourself during life, and specifically designate how the Foundation will use the proceeds from the property to benefit the medical community.
Stock, land, real estate, and collectibles are a few types of appreciated property that can be used for outright gifts or to fund planned gifts.
Interested in discussing your legacy gift? Contact Lori Storm, manager of philanthropy and hospital relations, at (717) 558-7813 or email firstname.lastname@example.org.