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There are many ways to give to HCGH, options that can benefit you and your family, too. The goal of gift planning is to fulfill your philanthropic wishes in coordination with your overall financial and estate planning.
Whether giving appreciated stock, creating an income-producing gift, or remembering HCGH in your will, you can ensure HCGH remains a global leader in patient care, and education for generations to come.
Ways To Give
- Bequests allow you to give without affecting cash flow during your lifetime. Examples are a will, codicil and revocable trust, or naming HCGH a beneficiary of a retirement plan or life insurance policy.
- Life-income gifts provide income to you or others for life or a term of years, with the remainder to be used for the purpose you designate. Examples are charitable gift annuities and charitable remainder trusts.
- Outright gifts that can be used immediately—such as gifts of securities, real estate, or from your IRA—are often an appealing option that provide you tax benefits and allow you to witness the impact of your philanthropy.
What Will Your Legacy Be?
The Howard County General Hospital Legacy Society celebrates those who make a bequest commitment or life-income gift. Members receive acknowledgement of their generosity, exclusive opportunities to engage with the hospital, and a memento. If you have already made a bequest to Howard County General Hospital, please let us know. We want to make sure your wishes are met and welcome you to the Legacy Society.
We encourage you to call on us to assist you, your family and advisors in exploring financial, estate and charitable planning.
Methods of Giving
Cash, Check, or Credit Card
Gifts in the form of cash, check, or credit card are the most direct, simplest and most popular way to make a donation. If you itemize your deductions you may claim a charitable deduction for the full amount of a gift made in the year the gift is made provided no goods or services were received in exchange for the contribution. For more information on ways to make a gift to HCGH, please contact Shannon Wollman, Vice President of the Foundation, 410-740-7647.
A popular alternative to cash is the gift of appreciated securities. Generally, in addition to receiving an income-tax deduction for the full, fair market value of the stock, the donor avoids any potential tax on the capital gain of the securities. To qualify for most of the above-mentioned tax benefits, the securities must have been held for more than one year.
To make a gift of appreciated securities, please call the Foundation at 410-740-7840 for transfer instructions.
Charitable bequests enable individuals to make significant gifts they may not have been able to make during life. A bequest allows a donor to support the hospitals’ mission while reducing their taxable estate. A bequest may provide HCGH with a specific dollar amount or property, a percentage of the estate, a residual amount or a contingency bequest.
Please notify the Foundation if you have included the hospital in your estate plans so we may recognize you through the Legacy Society.
Charitable Gift Annuities
In exchange for a transfer of cash, securities, or real estate, HCGH contractually agrees to make specified annuity payments to you and/or another beneficiary. The payout rate depends on the age and number of beneficiaries. Payments can begin immediately or they can be deferred.
Donors can claim a current charitable deduction for the portion of the transfer that represents a charitable gift. In most cases, a portion of each annuity payment is tax free over the life expectancy of the annuitant.
Charitable IRA Rollover
If you are age 70 ½ or older, the charitable IRA rollover may be a convenient way for you to support Howard County General Hospital, providing tax advantages to you and immediate support for HCGH.
How the IRA Rollover Works
Individuals who are 70 ½ or older may transfer up to $100,000 a year directly from their traditional IRA to a qualified charity, such as HCGH. If a spouse has a separate IRA, he or she can also make a charitable IRA rollover gift. The amount of the transfer will not be included in your taxable income, and the transferred amount can count toward your required minimum distribution.
How to Make an IRA Rollover Gift
If you are considering a charitable gift from your IRA, consult with your advisor to determine if the charitable IRA rollover is a good option for you. The information below will help you accomplish your rollover gift as quickly and seamlessly as possible:
Contact your IRA custodian and instruct your custodian to make a distribution directly to HCGH.
Provide your IRA custodian with our tax ID number – 52-2093120– and the contact information below.
Contact the Howard Hospital Foundation
Notify the Howard Hospital Foundation by phone or email that your gift is on its way, and let us know the area you would like to support. Feel free to contact us if you have any questions or would like additional information.
Howard Hospital Foundation
10760 Hickory Ridge Road, Suite 206
Columbia, MD 21044