PLAN TODAY, CARING FOR TOMORROW

By Beth Shafer, Growth and Development Coordinator

There are many ways to make a difference in local healthcare—and some of the most meaningful gifts are those planned with the future in mind. Through planned and legacy giving, community members are helping strengthen the Veterans Memorial Health Care Foundation for years to come in thoughtful and lasting ways.

Planned giving and legacy giving are often used interchangeably to describe charitable donations that are not an immediate, one-time cash gift, but instead, are part of a donor’s financial or estate plan. Planned giving is the broader umbrella. It refers to any charitable gift that is arranged in advance. These gifts can take place during a donor’s lifetime or after death.

These gifts can take many forms, including a bequest in a will, naming the Foundation as a beneficiary of a retirement account or life insurance policy, or donating assets such as appreciated stocks. Many of these options provide financial or tax advantages while allowing donors to make a huge impact.

Legacy giving is more about the intent and emotional reason behind the gift. It emphasizes the lasting impact a donor wants to leave and how they will be remembered. Simply put, planned giving is often described as how you give while legacy giving is why you give.

There are many different ways to make a planned gift, allowing donors to choose what works best for them:

Bequests:

A gift in your will may designate a specific dollar amount, a percentage of your assets, a particular asset or a gift from the balance of your estate. This option allows individuals to care for their loved ones first while still making a meaningful gift to causes important to them.

Qualified Charitable Distribution

Individuals age 70 ½ or older can donate directly from their IRA to a qualified charity. These gifts may be tax-free and count toward the required minimum distributions (RMDs).

Beneficiary Designations

Veterans Memorial Health Care Foundation can be named as a beneficiary of retirement accounts, life insurance policies, or certain bank and investment accounts. This is often one of the simplest ways to give.

Charitable Remainder Trusts

These trusts allow donors or their beneficiaries to receive income for a set period of time. After the specified time or death, remaining assets will support the Foundation.

Donor Advised Fund

Donors make an initial gift of cash or stock to fund a Donor Advised Fund. They receive an immediate tax deduction and then recommend grants (donations) to charities over time. The assets will grow tax-free.

Gifts of Appreciated Assets

Donating appreciated stocks, mutual funds, or other appreciated assets may reduce capital gains tax while supporting local health care.

Gifts of Real Estate

Donors may give a home, farm, land, or commercial property and may avoid capital gains tax on the appreciation of the property if certain conditions are met.

Gifts of Life Insurance

This can work in a couple of different ways. A policy can be transferred directly to the charity, allowing the charity to receive the death benefit. Another option is to name the charity as a beneficiary while you continue to pay the premiums. In this case, the proceeds will be paid to the charity at your death. This option can allow individuals to make a significant future gift without affecting their current finances.

Gifts of Grain

In our agricultural community, grain and commodity gifts can be especially meaningful. The Foundation handles the sale and the donor does not report the sale as taxable income, which may provide tax advantages.

Planned gifts of any size help ensure strong, local healthcare for generations to come. To learn more about planned or legacy giving options, or to have a confidential conversation, please contact Beth Shafer, Growth and Development Coordinator with the Veterans Memorial Health Care Foundation at (563) 568-3411 or by email at bshafer@vmhospital.com. Beth is happy to provide general information, while donors are encouraged to work with their attorney, financial advisor or accountant to prepare the appropriate documents. Thoughtful planning today can make a lasting difference for our community tomorrow.