Planned Giving Leaves a Lasting Legacy

Your Will

Through your last will and testament, you can designate a specific amount to be
donated to Gordon Hospital (a percentage of your remaining estate after all expenses and debts have been paid), or a specific asset.  Another option, called a contingent bequest, will base the amount of the donation on the circumstances surrounding your survivors. Donations made through a will are exempt from federal estate taxes.

Through your last will and testament, you can designate a specific amount to be donated to Gordon Hospital (a percentage of your remaining estate after all expenses and debts have been paid), or a specific asset.  Another option, called a contingent bequest, will base the amount of the donation on the circumstances surrounding your survivors. Donations made through a will are exempt from federal estate taxes.

Charitable Trusts

If you want to make a donation to the Foundation now but are already on a fixed income, a charitable trust might be the answer. Through this program, you’ll irrevocably place your assets in a trust. You’ll still be guaranteed an income because the trust will annually pay you either a predetermined set dollar amount or a percentage of the market value of the trust assets. After your death, the trust will either continue to pay a designated survivor annually or be transferred in its entirety to the Foundation.

If you want to make a donation to the Foundation now but are already on a fixed income, a charitable trust might be the answer. Through this program, you’ll irrevocably place your assets in a trust. You’ll still be guaranteed an income because the trust will annually pay you either a predetermined set dollar amount or a percentage of the market value of the trust assets. After your death, the trust will either continue to pay a designated survivor annually or be transferred in its entirety to the Foundation.

Life Insurance

With a life insurance donation, you can either name the Foundation as the beneficiary of an existing life insurance policy or purchase a separate policy specifically for Gordon Hospital. By purchasing a new life insurance policy for yourself and making the Foundation the policy owner rather than just the beneficiary, your premiums will be tax-deductible and the Foundation will be able to count on the donation as part of its endowment.

With a life insurance donation, you can either name the Foundation as the beneficiary of an existing life insurance policy or purchase a separate policy specifically for Gordon Hospital. By purchasing a new life insurance policy for yourself and making the Foundation the policy owner rather than just the beneficiary, your premiums will be tax-deductible and the Foundation will be able to count on the donation as part of its endowment.

Personal Property

You’ve probably heard that your home is your greatest financial asset, but it can be the Foundation’s greatest asset as well. You can deed your home to the Foundation and take advantage of the tax deduction this year, and you and your survivor can continue to live in the home for life (you’re still responsible for property taxes, homeowner’s insurance and maintenance).  The hospital will receive the property after the owner and his or her designated survivor have passed on. The land can then be used to build new healthcare
facilities on the site.  Other personal properties, like agricultural land, vacant property, vacation homes and investment or commercial property are suitable for donations as well. A gift of real estate is effective as of the time a properly executed deed is delivered to the charity or the charity’s agent. The date the deed is recorded is immaterial for tax purposes.

You’ve probably heard that your home is your greatest financial asset, but it can be the Foundation’s greatest asset as well. You can deed your home to the Foundation and take advantage of the tax deduction this year, and you and your survivor can continue to live in the home for life (you’re still responsible for property taxes, homeowner’s insurance and maintenance).  The hospital will receive the property after the owner and his or her designated survivor have passed on. The land can then be used to build new healthcare facilities on the site.  Other personal properties, like agricultural land, vacant property, vacation homes and investment or commercial property are suitable for donations as well. A gift of real estate is effective as of the time a properly executed deed is delivered to the charity or the charity’s agent. The date the deed is recorded is immaterial for tax purposes.

Gifts During Life

Lifetime charitable contributions entitle the donor to an income tax deduction and a gift tax deduction. Generally, the gift must be completed in the year the deduction is claimed; that is, the donor must relinquish control over the transferred property. How the contribution is effectively completed depends upon the nature of the property or interest contributed.

Lifetime charitable contributions entitle the donor to an income tax deduction and a gift tax deduction. Generally, the gift must be completed in the year the deduction is claimed; that is, the donor must relinquish control over the transferred property. How the contribution is effectively completed depends upon the nature of the property or interest contributed.

The Benefits of Donating

Though you might see an immediate tax benefit when donating to Gordon Hospital through the Foundation, the people of Gordon County and surrounding areas will reap the benefits of your donation for years to come.  With the generous donations of the community, the Foundation is able to bring advanced medical technology to the area, build state-of-the art facilities, create a comfortable care environment for patients, initiate new health programs and provide wellness and prevention programs within the community.

Though you might see an immediate tax benefit when donating to Gordon Hospital through the Foundation, the people of Gordon County and surrounding areas will reap the benefits of your donation for years to come.  With the generous donations of the community, the Foundation is able to bring advanced medical technology to the area, build state-of-the art facilities, create a comfortable care environment for patients, initiate new health programs and provide wellness and prevention programs within the community.