A planned gift commitment provides the opportunity to make significant gifts while maintaining financial responsibilities. It affords you the opportunity to formalize estate planning, retain income with tax benefits, increase income for yourself and/or your beneficiaries and realize estate and capital gains tax savings. Lakewood Hospital Foundation works with planned giving experts to maximize benefits while allowing you to support the Lakewood Hospital programs and services that are important to you.
Will & Living Trust
In addition to fulfilling an important role in providing for your family and others, your will or living trust can be a wonderful way to make charitable gifts a part of your long-range estate and financial plans. A bequest to Lakewood Hospital Foundation in your will or living trust allows you to retain your assets during your lifetime and/or the life of your spouse. You can allocate a specific asset, total dollar amount, or percentage of your residual estate and also include instruction for specific use of your gift.
Charitable Gift Annuity
A charitable gift annuity is one of the simplest ways to make a gift to Lakewood Hospital Foundation. This gift option is a combination of an investment and a gift, and provides life income to you and another recipient if desired. Lakewood Hospital Foundation accepts a gift that is placed in trust and in return obligates itself to pay a fixed and specified dollar amount to the donor(s) for life. At that time the remainder of the trust assets would be given to Lakewood Hospital Foundation. A charitable gift annuity can be established with a minimum gift of $10,000.
You can make a gift to Lakewood Hospital of your paid-up life insurance policy, or you could purchase a new policy and name Lakewood Hospital Foundation as the owner and beneficiary. With a gift of paid-up life insurance policy, you can deduct the cash value of the policy at the time of the gift. With the purchase of a new policy, you would establish the policy and then transfer ownership to the foundation. If there are premium payments that remain, you could make annual gifts to Lakewood Hospital Foundation to help cover the cost of the premium, which also would be tax-deductible to you.
Retirement plans are often subject to both income and estate taxes upon the death of a participant. By naming Lakewood Hospital as a beneficiary of the balance of qualified retirement plans, your estate can achieve substantial tax savings.
Charitable trusts allow you the opportunity to establish an ultimate gift for the benefit of the hospital, while providing you lifelong income. Trusts can be funded with cash or real estate, stocks, or other assets. A charitable trust offers you the opportunity to convert non-paying assets into income-earning assets while generating a substantial future gift. If you are interested in charitable trusts, please contact your professional advisor for details.