Which Type of Gift Is Right for You?
You can give to Evangelical in many ways. Our goal is to find the way that is most beneficial for you and your family.
Our staff is happy to sit and discuss your options or visit our gift calculator, without obligation.
A charitable bequest is a gift to Evangelical Community Hospital in your will or living trust. Your gift can be made as a percentage of your estate, or you can make a specific bequest by giving a certain amount of cash, securities or property. After your lifetime, Evangelical Community Hospital receives your gift.
This type of gift offers these main benefits:
- Simplicity. Just a few sentences in your will or trust are all that is needed. For example, "I give and bequeath to Evangelical Community Hospital, a non-profit corporation in Lewisburg, Pennsylvania, the sum of $ (or % of my estate; or the property described herein) for its general purposes (or for a specific purpose)."
- Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to us.
- Tax Relief. If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift's full value.
Is a Bequest Right for You?
- Want to support Evangelical Community Hospital after your lifetime?
- Have a will or living trust, or are ready to create one?
- Want to make a charitable gift while ensuring family is taken care of first?
- Want to maintain the flexibility to change your mind at any time?
- Want estate tax relief?
Charitable Gift Annuity
With a charitable gift annuity you agree to make a donation of cash, stocks or other assets to Evangelical Community Hospital. In return, we agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
In addition to providing a gift to Evangelical Community Hospital and receiving fixed payments for life, you also receive these benefits:
- Your initial gift is partially income tax deductible.
- Your charitable gift annuity payments are partially income tax-free throughout your estimated life expectancy.
- Your payments are not affected by ups and downs in the economy.
- The gift annuity can be for one or two people, so your spouse or another loved one can also receive payments for life.
- If you use appreciated stock to make a gift, you can usually eliminate capital gains tax on a portion of the gift and spread the rest of the gain over your life expectancy.
Is a Charitable Gift Annuity Right for You?
- Want to support Evangelical Community Hospital over the long term?
- Desire stable payments that are unaffected by changes in the economy?
- Want to arrange for an extra steady stream of payments to supplement other retirement income, either now or later?
- Have cash, stocks or other assets that you can could part with today while maintaining and possibly increasing income received from these assets?
- Desire income tax relief this year?
Charitable IRA Rollover
With a charitable IRA rollover, you can make charitable gifts now using funds from your individual retirement accounts (IRAs), if you are age 70½ or older. Plus, you can make the gifts now – while you are living and able to witness the benefits of your generosity.
Benefits of charitable IRA rollovers include:
- The transfer generates neither taxable income nor a tax deduction, so you will receive the benefit even if you do not itemize your tax deductions.
- The transfer may count against your unsatisfied required minimum distribution.
- You'll make an immediate impact on us, allowing you to witness the benefits of your generosity.
Charitable Lead Trust
With a charitable lead trust, you give assets to a trust that pays Evangelical Community Hospital an income for a number of years, which you define. The longer the length of time, the better the gift tax savings for you. When the term is up, the remaining trust assets go to your family or other beneficiaries you select.
This is an excellent way to transfer property to family members down the line (typically children and grandchildren) at a minimal tax cost. This type of charitable lead trust (also called a nongrantor, or family lead, trust) is especially appealing to Evangelical Community Hospital supporters who are financially comfortable enough that they can forgo investment income on some assets.
Benefits of a charitable lead trust include:
- You support an organization you love while also making sure your family is taken care of after your lifetime.
- The gift qualifies for gift or estate tax savings based on the current value of the income paid to Evangelical Community Hospital over the trust term.
Is a Charitable Lead Trust Right for You?
- Want to provide Evangelical Community Hospital with ongoing support over a certain period of years?
- Want to ultimately transfer property to loved ones at minimal tax cost?
- Have the ability to temporarily forgo access to an asset, with your heirs receiving the asset later on?
- Want to benefit from estate or gift tax relief?
- Want to act on this giving opportunity now, while interest rates are low and it's a tax-efficient time to implement this strategy into your estate plans?
Charitable Remainder Trust
With a charitable remainder trust, you can receive income each year for the rest of your life from assets you give to the trust you create. Your income can be either variable or a fixed amount. After your lifetime, the balance in the trust goes to the charities of your choice.
Benefits of a charitable remainder trust include:
- A partial charitable income tax deduction
- Potential for increased income
- Up-front capital gains tax avoidance
- Professional management of trust assets available
Is a Charitable Remainder Trust Right for You?
- Want more future income?
- Want a fixed income (Annuity Trust) OR payments that hopefully keep up with inflation and don't mind if the payments vary from year to year (Unitrust)?
- Want a higher current income without incurring up-front, long-term capital gains taxes?
- Like the idea that additional assets can be added to the trust during your lifetime?
Retained Life Estate
With a retained life estate, you deed a personal residence or farm to Evangelical Community Hospital now. You retain the right to occupy the home for life and continue to pay real estate taxes, maintenance fees and insurance on the property. After your lifetime – and the lifetime of your spouse or another person you choose to retain rights to live in the home – we take possession of the property.
Benefits in retained life estate include:
- You get the satisfaction of using your home to make a significant gift to Evangelical Community Hospital while retaining the right to live there for life.
- You qualify for a sizable income tax deduction in the year the gift is made. The amount of your tax deduction is based, in part, on your age and the value of the property.
- You can immediately deduct the amount of your gift up to 30 percent of your adjusted gross income and carry over any unused deduction for up to five additional years.
- The gift isn't subject to capital gains tax.
- The property gift eliminates federal estate tax as long as the life estate was created for you and/or your spouse.
- If at any point you no longer wish to occupy the property, you can rent it to provide you with an additional source of income. Or, you can give Evangelical Community Hospital the right to use the property for the rest of your life. This will provide you with yet another tax deduction.
Is a Retained Life Estate Right for You?
- Want to make a major gift to Evangelical Community Hospital after your lifetime?
- Enjoy living in your home and envision living there for the rest of your life?
- Want to retain many of the rights and responsibilities of homeownership (maintenance, insurance, property taxes, etc.) and feel comfortable deeding us your home today?
- Want immediate income tax relief?
Beneficiary Designations on Accounts/Policies
Most assets can pass to your intended charitable and individual beneficiaries by the terms of your will but other assets, such as retirement plans, life insurance and insurance annuities, are not controlled by the terms of your will. These assets instead require separate beneficiary forms.
The beneficiaries of these assets can be easily modified at any time to meet your changing needs:
- IRAs and retirement plans
- Life insurance policies
- Insurance annuities