The following vehicles for charitable
planned gifts are promoted and accepted by The Washington Hospital Foundation:
Charitable Bequest:
An excellent way to ensure that your support of The
Washington Hospital continues long into the future is to include the hospital in
your personal will. Over the years, many individuals have remembered the
hospital in their personal wills in a variety of ways. Some have bequeathed a
percentage of the estate, while still others have left specific real estate and
personal property.
You can help to ensure that quality healthcare services at The Washington
Hospital will be available for future generations by including a simple
statement, such as one of these, in your will:
“I give the sum of
$ ______(specific dollar amount) to The Washington Hospital.”
or
“I give ________(percentage) of my
estate to The Washington Hospital.”
or
“I give ____(number) of shares of
_______(company’s name) stock to The Washington Hospital.”
Please consult your
attorney for specific wording for your will, and for any questions of a
legal nature.
Charitable Gift Annuities:
Why not consider a
gift that pays you back? A gift annuity is actually a contract with the Hospital
from which you receive guaranteed fixed annual payments for your life. You
may also receive an initial tax deduction for a portion of the charitable gift,
and for a period of years, only part of the annuity payments are taxed as
income. A charitable gift annuity may be established with a minimum
irrevocable gift of $5,000. The annuity amount is determined by your age
and by the interest rate at the time of your gift. The older you are, the
higher the interest rate is. In many cases, your rate of return is higher
than you can realize with other investments.
Life Insurance Policies:
Whether it is a policy you already have
but no longer need, or whether it is a new policy you buy for the specific
purpose of making a gift to The Washington Hospital, a gift of life insurance
can be advantageous to both you and the hospital. By naming the hospital
as a beneficiary and assigning ownership of the policy to the hospital, you can
get valuable income tax charitable deductions, and this type of gift won’t reduce
your current income. You can transfer the ownership of an insurance policy
to the hospital without the legal expense of preparing a will or codicil.
Charitable Trusts:
You can establish a trust that
financially benefits you for your lifetime or loved ones you have named as
beneficiaries for a specific number of years. Ultimately, the principal of
the trust could pass to The Washington Hospital.
Gifts of Real Estate:
Consider deeding your property to the hospital now and retaining the use and
enjoyment of the property for your lifetime. For this you would receive an
immediate charitable deduction, and the value of your home would be removed from
your estate.
The Foundation
recommends that you consult with your attorney, accountant, or estate planner to
identify the appropriate vehicle for a deferred donation. Or, for more
information, please contact The Washington Hospital Foundation at 724-223-3875.
IRA Rollover Gifts:
Congress recently changed the rules for charitable gifts made from traditional
individual retirement accounts (IRAs) and Roth IRAs. If you are at least 70 ˝
years old, the Federal government now permits you to rollover amounts from your
IRA to The Washington Hospital, or certain other public charitable
organizations, without claiming any increased income or paying any additional
tax. These tax-free rollover gifts are limited to $100,000 per individual per
year, and this provision is in effect for calendar years 2006 and 2007 only.
Please call The Washington Hospital Foundation
office at 724.223.3875 if you would like more information on the
IRA charitable rollover.
Kindly share this information with family members
and friends for whom this may be appropriate.
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