What will my legacy be?
If you have considered these or similar questions, you are a thoughtful philanthropist who could benefit from gift planning – the act of selecting ways to give that help you meet your goals and those of Howard County General Hospital.
We are fortunate to have loyal benefactors who understand the importance of their investment to meet the medical needs of our community and region. But charitable gifts also reward donors like you with the satisfaction of supporting an important cause, the excitement of seeing your gift lead to positive change, and the security of knowing that you will affect the health care of your community far into the future, leaving a legacy of wellness and hope.
Following is an overview of some of the ways to plan your gift:
Gifts by Bequest
You can secure a charitable estate-tax deduction for the value of a bequest to Howard County General Hospital in your will. Most importantly, you will know that your enduring generosity will support the future health care of our community. You may prefer to state in your will or trust a sum of money, a percentage of your estate, a specific item, a work of art or real estate that you wish to give to the hospital. Because your bequest is not subject to estate or inheritance taxes, it can significantly reduce the tax burden of an estate. The value of the bequest may be deducted when the taxable estate is determined, and there is no limit to the deduction.
Gifts that Pay an Income
If you want to support the hospital, but are concerned about having enough income for yourself and your loved ones, life-income gifts are an excellent solution. They include annuities, charitable remainder trusts and pooled income funds. These gifts can provide you with an income stream and significant tax savings, while providing the hospital with vital, durable resources.
Gifts of Charitable Lead Trusts
With careful planning, you can arrange property transfers that provide a two-fold benefit: one for the hospital and one for individuals you wish to support. For example, if you have assets that are appreciating, children who may want to start a future business, and a desire to assist the hospital, a charitable lead trust may be the right answer. This arrangement allows you to benefit the hospital until your children are ready to step out on their own, while minimizing any potential transfer taxes.
Gifts of Retirement Plan Benefits
You can use your retirement plan benefits as an effective way to contribute to the hospital. Because of the estate, inheritance, and income tax treatment of retirement plan benefits, this charitable gift has a relatively small impact on your estate or family.