Gift Planning
What is Gift Planning?
| The term gift planning refers to the process of making the most of your charitable gift while taking into account your own financial needs. People often think that gift planning is only for the very wealthy, but it's not. Planning a gift can have benefits for all donors. For some, this type of planning can help them discover what should be given, rather than how large the gift should be. For others, gift planning will address complex income and estate planning issues involving family businesses, real estate, or the transfer of wealth between generations. Regardless of your personal and charitable goals, consider devoting a little time to learning more about the gift planning process. A little time can yield surprising results.
Gift Planning Benefits Gift planning gives you the power to:
You and DHMC: The Power of Partnership By including DHMC in your estate plans, you forge a powerful partnership between you and DHMC. Your planned gift not only fulfills your philanthropic goal of supporting DHMC, but it may also help reduce your income and estate taxes. And most of all, you empower DHMC to transform medicine through patient care, research, education and service to the community-resulting in quality healthcare for future generations. For more information, e-mail the DHMC Office of Gift Planning or call us toll free at (866) 272-1955. |
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Bequests Through Wills and Trusts
Remembering DHMC in your will or trust is a thoughtful and widely used method of giving. There are no complicated tax rules to follow and you maintain control of your assets during your lifetime. This type of giving is very flexible, so you can always revise your plans as your needs change. There may also be tax advantages for your estate and heirs. -
Charitable Gift Annuity
A charitable gift annuity is a simple agreement between you and DHMC. In exchange for your gift of cash, securities, or other assets, DHMC agrees to pay one or two people a fixed income for life. After that time, DHMC will apply the remaining annuity balance to the program or service of your choice. Additionally, you will receive a charitable income tax deduction in the year you make the gift. -
Beneficiary Arrangements
Naming DHMC as the beneficiary of a life insurance policy or retirement account is a simple way to make a future donation while maintaining control of your assets during your life. -
Charitable Remainder Trusts
In exchange for your gift of cash, securities or other assets, DHMC agrees to pay an income to one or more people for a period of time. You also receive a charitable income tax deduction in the year you make the gift. -
Charitable Lead Trusts
Charitable Lead Trusts are often referred to as a “gift on loan.” These trusts are somewhat the opposite of the charitable remainder trust. You gift assets to the lead trust which then pays DHMC a fixed sum annually for a fixed number of years. After this term of years, the remaining trust balance is distributed to family or friends. These plans are often used by high net worth donors who want to distribute their estates at reduced tax rates while providing an immediate benefit to charity. -
Life Estate
A life estate is an agreement where you would transfer ownership of your personal residence or farm to DHMC today and retain the right to live there for your lifetime or a term of years. You will continue to pay any maintenance costs, property insurance, and taxes just as you do today. Upon establishing this gift, you will be entitled to a charitable income tax deduction. DHMC will then be able to use or sell the property after your death or the term of years agreed upon. - Meet the Gift Planning Team
