Planned giving is when a gift of assets is made to a charitable organization such as Gilchrist Hospice Care. Planned gifts can be made during your lifetime or from your estate. Your planned gift enables Gilchrist to continue to provide the finest in end of life care for years to come by helping ensure our financial future.
Many people choose to make a planned gift for two reasons: it allows the to make a larger gift than they otherwise could, and it provides substantial tax and financial advantages. Planned gifts can take many forms, including:
For more information on planned giving, please email our Director of Development, or call 443.849.8241. Our Federal tax identification number is 52-1851251.
One of the easiest ways to make a lifetime gift is by bequest. Directing your attorney to include Gilchrist Hospice Care in your will when it is drafted or revised is simple. You can designate a specific dollar amount, a percentage of your estate, or a portion of the residual of your estate, whichever is best for your circumstances. You can also bequeath specific assets to Gilchrist including stocks, real estate or other tangible property. All bequests pass to Gilchrist free of estate taxes and lower the overall size of your estate for tax purposes.
Sample bequest language
Your attorney can help you draft language specific to your circumstances, but here are examples of options to include Gilchrist Hospice Care in your estate plans.
Specific Bequest: "I hereby give and bequeath to Gilchrist Hospice Care, Inc., a nonprofit Maryland Corporation, the sum of $__ to be used for its general purposes." Some individuals also designate a percentage of their estate rather than a specific amount.
Residuary Bequest: "I hereby give and bequeath to Gilchrist Hospice Care, Inc., a nonprofit Maryland Corporation, all the rest, residue and remainder of my estate, both real and personal, after providing for the specific provisions of this will to be used for its general purposes."
For a gift of less than 100 percent of the rest, residue and remainder of the estate, delete "all" and state the fraction.
This sample language is only for your information. You should consult a qualified attorney to assist with the preparation of your will.
Life Insurance or Retirement Plan
By making a gift of a life insurance policy, IRA, 401K or other retirement account to Gilchrist Hospice Care, you help ensure that the high quality, caring support of Gilchrist's staff will be available in the community, regardless of their ability to pay. Often, you can make the gift with little or no loss of income and, at the same time, receive a substantial tax deduction. You may have a life insurance policy you no longer need, and you can donate a fully paid "whole life" policy to Gilchrist. You can also make Gilchrist a beneficiary or contingent beneficiary to a life insurance policy.
Appreciated securities can be a great way to make a charitable gift. In most cases, if you have held securities for more than one year, you can deduct the current market value of the securities − and avoid paying any captial gains tax. Appreciated securities also are often used to fund other types of lifetime gifts such as gift annuities. Contributing stock allows may people to make a larger contribution for less out of pocket expense.
If interested in providing a stock gift to Gilchrist Hospice Care, please include the following information: PNC Account #2146001-5910797. DTC: 2616, PNC Contact: Linda Angevine (Account Manager) or Debora Trageser (Assistant), 410.237.5893.
Gifts of Real Estate
Real estate, whether developed or not, can have attractive benefits when donated. You may have a vacation home that you no longer use or own land that you once intended to build on but have changed your mind. Or, you may have inherited property that you have no need for and are not interested in maintaining. Donating real estate to Gilchrist Hospice Care has many benefits. The property can be donated without incurring any capital gains tax, and you receive a tax deduction for the full market value. You also avoid paying any real estate agent commissions and you avoid the hassle of selling the property yourself.
Charitable Remainder or Lead Trusts
If you have appreciated assets (stocks or real estate), a charitable lead or remainder trust gift can provide an immediate boost to their income and a tax deduction. This is a great strategy, especially if you assets are producing little income. The trust is funded by the asset, and it is professionally managed. At the time the trust is established, you select a rate of return from the trust. The trust pays our that percentage of the trust's value on a regular schedule each year for your lifetime, and if desired, the lifetime of one beneficiary. Upon your (or beneficiary's) death, the principle passes to Gilchrist Hospice Care without any estate taxes.
The tax benefits of establishing a charitable remainder trust will vary depending upon your age at the time the trust is established, the payout rate desired, and whether there is a beneficiary. There is a $25,000 minimum to establish a charitable remainder trust if Gilchrist Hospice Care serves as the trustee. Each trustee will establish its own minimum gift amounts.
We can provide you with a sample illustration of the income and tax benefits of charitable gift annuities, remainder trusts or lead trusts. Please email our Director of Development, or call 443.849.8241.
Charitable Gift Annuities
Charitable gift annuities work much like an insurance annuity. When you make a gift to establish an annuity, you will receive a guaranteed lifetime payment from the annuity, regardless of the market conditions. In addition, you will receive a charitable deduction for the market value of the asset, based upon your age at the time you make the gift. The oler you are when you make the gift, the higher your rate of return. The minimum gift amount for an annuity is $15,000 and the minimum age for the donor is 65.