Whether you are creating an income-producing gift or remembering HCGH in your will, you can leave a legacy for generations to come.
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.
Wills and Bequests
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.
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.
Often, people don't realize that life insurance proceeds are taxable in their estate. Fully paid-up policies can prove very attractive as gifts, particularly when a policy has outlived the purpose for which it was originally purchased.
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.
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.
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.
If you are considering a charitable gift from your IRA, consult with your financial advisor to determine if this is a good option for you. To get started with a charitable IRA rollover:
- 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