With gift planning, you can make a larger gift than ever imagined, even increase your current income and at the same time support Sunnyview in its mission to “improve the lives of people with disabilities and the lives of their families.” A win-win situation for you and Sunnyview!
By making a planned gift to the Sunnyview Foundation in your will, you become a member of the Legacy Circle which entitles you to special hospital event invitations and programs! If you prefer to remain anonymous, your gift will be kept confidential.
There are many different ways to make a planned gift:
You can make a provision in your will that names Sunnyview Foundation to receive a percentage, an actual dollar amount or residue of your estate. A bequest to the Foundation is not subject to taxation, and the value of your bequest is deductible in determining your taxable estate.
For an unrestricted bequest, which allows the Foundation board to determine where the gift is most needed, sample bequest language may say:
I, (Name), of (city, state and zip code), give, devise and bequeath to Sunnyview Rehabiliation Hospital Foundation (written amount or percentage of the estate or description of property) for its unrestricted use and purpose.
For a restricted bequest to a specific area at Sunnyview:
I, (Name), of (city, state and zip code), give, devise and bequeath to Sunnyview Rehabilitation Hospital Foundation (written amount or percentage of the estate or description of property) to be used for (state the purpose).
If at any time the particular area of the hospital or fund becomes obsolete, the Foundation board has the right to determine distribution of the gift, unless otherwise stated by you in the will. For instance, you can state, should there be a change in (state purpose), my gift will then be used for (alternate stated purpose).
For a residuary bequest to the Foundation:
I, (Name), of (city, state and zip code), give, devise and bequeath to Sunnyview Rehabilitation Hospital Foundation the rest, residue and remainder of my estate after all debts, taxes and bequests have been paid.
You can also name a contingent beneficiary. For instance, if you would like “cousin Joe” to receive certain assets, but he predeceases you, you may name a secondary beneficiary such as the Sunnyview Rehabilitation Hospital Foundation to receive those assets upon your death.
There are several ways in which you can make a gift of life insurance to Sunnyview Rehabilitation Hospital Foundation.
You may designate the Sunnyview Rehabilitation Hospital Foundation as a direct or contingent beneficiary of your retirement plan. You may also designate Sunnyview Foundation to receive a specific amount before the division of the remainder to family. Retirement earnings are taxed when they are withdrawn and can be taxed as high as 80 percent. Using qualified retirement plan funds is an excellent source of assets to fund bequests. You can designate the Sunnyview Hospital Foundation as a beneficiary (or contingent beneficiary after the death of your spouse) and funds pass to us free of taxes. This cannot simply be written in your bequest, but Sunnyview Foundation must be specifically named as a beneficiary in the retirement plan.
If you are 70 ½ or older, you can use your IRA funds up to $100,000 to make outright charitable gifts directly to Sunnyview without the gift counting as a taxable distribution. Qualified gifts can count toward your annual minimum required distribution and substantially reduce your taxable income. These charitable IRA transfers do not count toward the federal limits on deductible charitable gifts. If you have made other gifts during the year equal to or in excess of the deductible limits or if you have large unused deductions from previous years carried forward to this year, this is a particularly attractive option.
If you’ve owned a home or other property for a long time, it should have significantly increased in value. If you sell the property, you will be subject to capital gains tax on the appreciation. A gift of real estate to the Sunnyview Foundation, either by way of an outright gift, trust, bargain sale or in a bequest can provide you tax and estate savings in several ways.
An irrevocable gift of retained life estate allows you and your spouse to live in the home (or vacation home or farm) for the remainder of your life. All household taxes and expenses are the responsibility of the donor. The donor receives income tax benefits in the year the gift is made and estate tax benefits.
You can set up many types of trusts and make the Sunnyview Hospital Foundation a beneficiary. A trust is an arrangement where property is to be held and administered by a trustee for the benefit of those for whom the trust was created. Depending on the type of trust and how it is established, a trust may be changeable or not changeable, and tax benefits vary with each trust. Types of trusts include but are not limited to:
A charitable gift annuity is a worry-free gift that is easy to implement and offers a unique opportunity to support Sunnyview Rehabilitation Hospital Foundation. In this arrangement, a donor can make an irrevocable gift, with cash, securities, or mutual funds. In return, our organization agrees to make fixed payments to you for life. After your lifetime, the remaining amount supports our mission to improve the lives of people with disabilities and the lives of their families.
With this plan you can:
Generally, the older you are at the start of your payments, the higher your payments.
Payout rates are the maximum rates recommended by the American Council on Gift Annuities and are adjusted periodically.
Bonds cannot be donated to a charitable organization during lifetime, however, you can leave the bonds to the Sunnyview Foundation through your will which will allow your estate to donate the full value of the bonds which gives your estate the full tax benefit.
As with any planned gift, a donor should obtain legal and financial advice. Members of the Sunnyview Hospital Foundation can work with you and your legal/financial team to create an estate plan according to your wishes. Please call us at (518) 382-4586 or email us at firstname.lastname@example.org.