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Charitable giving can take many forms. Those who want to help can give cash,
appreciated assets, bequests, and gifts of assets where they retain the right
to a lifetime income. Often, careful financial planning has significant tax
advantages and long-term financial benefit for donors and their loved ones. The
Southern Regional Medical Center Foundation has specialists who are happy to
work with you to create a charitable giving plan tailored to your interests and
individual circumstances.
For more information on charitable giving opportunities at Southern Regional
Medical Center, please call the Southern Regional Medical Center Foundation at
(770) 991-8004.
Giving Cash
Most of the contributions to Southern Regional are cash - which is the easiest gift for a donor to make and for our organization to receive. If tax deductions are itemized, the IRS allows a tax deduction of up to 50% of your adjusted gross income. Any excess deduction can also be carried forward up to five years.
Giving Appreciated Stocks, Bonds and Real Estate
A gift of publicly traded appreciated securities, bonds, employee stock options,
and/or real estate to the Southern Regional Medical Center Foundation qualifies
for special tax benefits. Transferring assets rather than selling them and
donating the proceeds have a distinct tax advantage: it makes the legal
avoidance of the capital gains tax possible while also enabling the donor to
claim a full charitable deduction. Additionally, since the Southern Regional
Medical Center Foundation is a nonprofit charitable organization, it can sell
appreciated assets tax-free, thereby netting more revenues for the Hospital.
Giving Through a Bequest
By putting the Southern Regional Medical Center Foundation in your will, you can
be sure that your assets are well invested in the lives of Southern Crescent
patients. At some time or another, most people consider executing a will or
living trust to ensure that their wishes are carried out and to avoid intestacy,
in which the government allocates assets to heirs by law. Besides simplifying
the administration of the estate and avoiding probate difficulties, a well-drawn
living trust can save taxes and provide meaningful and long-lasting benefits to
future generations of patients at Southern Regional Medical Center. Bequests
also create tax credits for heirs to your estate.
Donors may specify a program or service for their bequest to benefit, or they
can allow the Foundation to use the funds where there is the greatest need.
Bequests may be made for an exact amount or designated as a residual amount
after payment of estate taxes. The Southern Regional Medical Center Foundation
can be named as a specific, contingent or residual beneficiary.
More Information..
Giving Through Life Income Agreements
The Charitable Gift Annuity and Charitable Remainder Trust are options that create a significant legacy for the future while generating income for life. They eliminate the delay and costs of probate, and generate lifetime income and tax deductions for the donor(s). When the contract matures, what is left goes to the Southern Regional Medical Center Foundation as a memorial in their name(s).
The Charitable Gift Annuity gives the donor substantial current tax and income
benefit while also helping the Southern Regional Medical Center Foundation. It
is a charitable contribution in exchange for a contract to pay a certain percent
of the contributed gift to the donor for life. For example, in exchange for an
asset such as a stock portfolio or cash converted into a charitable gift
annuity, the donor receives an annuity payable for life. The donor may receive
greater income than previously afforded by the earnings of the stock portfolio
and is also entitled to a charitable deduction. Part of each payment is tax-free.
The Charitable Remainder Trust is a great way to get a lifetime income from
your assets. This works well with assets that have gone up in value (because
you save capital gains taxes), as well as cash. When you set up and fund an
irrevocable trust such as this, you get a partial charitable income tax
deduction. After you (and your spouse) pass away, the assets left in the trust
come to Southern Regional Medical Center as a memorial in your name(s).
Giving an Endowment
Endowed gifts to the Southern Regional Medical Center Foundation are invested prudently. The annual income they produce can be designated by the donor for the general benefit of Southern Regional Medical Center or dedicated for a specific purpose or program. The Endowment principal itself is never spent and continues to provide needed resources year after year. Endowments can be named in honor of the donor or others you wish to designate.
Giving Retirement Benefits
Pensions, retirement plans, 401 (K) plans, IRAs and other tax deferred
instruments offer one of the most attractive vehicles for charitable giving.
When left to heirs, these assets are subject to income tax. If you leave other
assets to heirs, these assets can be left to the Southern Regional Medical
Center Foundation with no tax.
Giving a Life Estate Agreement on your Home
Some of our generous friends leave a bequest of part or all of their home to
Southern Regional Medical Center. If you are planning on doing this, you may
want to also consider a Life Estate Agreement. By making the transfer now, you
receive a very significant charitable income tax deduction, available for such
irrevocable agreements. You continue to live in and maintain your home, just as
you are doing now. At your passing, the property comes to Southern Regional
Medical Center. The only change is that your income taxes are much less. If you
can't use all of the deduction in one year, you can carry forward any excess
for up to five additional years (six years total).
Giving Life Insurance
The Southern Regional Medical Center Foundation can be designated as the
beneficiary of an existing life insurance policy or new policy. Life insurance
and annuities offer ways to make significant contributions either in regular or
fixed amounts or as one large payment. There are several options for giving
life insurance: (1) give the policy's yearly cash dividend, (2) make cash
contributions equal to the annual insurance premiums after a partially paid
policy has been transferred to the Southern Regional Medical Center Foundation,
or (3) transfer beneficial ownership of a fully paid-up policy to the Southern
Regional Medical Center Foundation when your need for the insurance protection
is no longer required. Naming Southern Regional Medical Center Foundation as
beneficiary in a new or existing insurance policy today ensures a substantial
future gift that enables Southern Regional Medical Center to continue its vital
work. Insurance premium costs are low and there are also tax advantages.
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