What is a planned gift?
Planned giving is an option for donors at all income levels. Through a planned gift, you can support the future needs of patient care and grief support. Most planned gifts are made after your lifetime and allow you to make an impact to an organization dear to your heart.
You can make a significant gift without changing or impacting your current lifestyle. With planned giving, you have various options. Here are a few vehicles that may be of interest to you.
Bequest
A bequest is a gift made during your lifetime through your will or a living trust. If you already have one, your attorney can amend your current plans with a one-page document. You can choose to leave a specific amount or a percentage of your estate.
Beneficiary Designation
Beneficiary designations may be made on retirement plans, insurance policies, bank accounts and stocks/bonds. You may appoint a not-for-profit as a beneficiary for the full face value or a percentage of the value of your accounts. It is simple; just ask your account representative for the appropriate forms.
Charitable Gift Annuity (CGA)
If the idea of a fixed income for life is appealing to you, your financial advisor may suggest a CGA. You will immediately receive a tax deduction plus a set income for your lifetime, and your designated not-for-profit will receive the balance at the end of its term. It is literally the gift that keeps on giving!
Charitable Remainder Trust
Another gift that keeps on giving is a Charitable Remainder Trust. You transfer your assets to a trust that pays a fixed or variable rate to you or another designee. Payments can be for your life or a designated amount of years (up to 20). When the terms of the trust expire, the remaining assets assigned to the trust go to your charity of choice.
Charitable Lead Trust
A Charitable Lead Trust is the reverse of a Charitable Remainder Trust. The trust pays the fixed or variable rate to your designated not-for-profit for a set number of years. When the terms of the trust expire, the assets are designated back to you or another designee.
Always seek your financial advisor’s advice about estate planning and be sure to share your philanthropic goals with family members.
Important Document Checklist
Below is a checklist of items that should be kept in one place. A trusted loved one or the executor of your estate would need access to these documents.
- Key to your property
- Computer user ID and passwords
- Durable Health Care Power of Attorney (POA)
- Living Will
- Power of Attorney (POA)
- Most current estate planning documents/will
- Trust documents
- Bank information
- Safety deposit boxes
- Driver’s license copy
- Health insurance and/or Medicare cards
- Marriage and/or divorce papers
- Military documents
- Land deeds
- Vehicle titles
- Stock and bond certificates
- Business agreements
- Outstanding loan information and/or other debt
- Tax returns
- Insurance policies
- Retirement accounts
- Annuity accounts
For more information, please contact Lori Poelking-Igel, President, Ohio’s Hospice Foundation at LIgel@OhiosHospice.org or call 937.723.2891.
