Many people during their lifetime give to nonprofit organizations. By making a planned gift to St. Joseph’s Hospital you can continue to help make a difference in the lives of the people we serve well into the future. People are often unaware of the benefits of making a charitable gift in their estate plans. In addition to helping St. Joseph’s, there may also be tax benefits and, in some cases, life income to you and your heirs from your gift.
Planned gifts can be established through bequests in one’s will; by transferring stocks, real estate or other assets to St. Joseph’s Hospital; establishing Charitable Gift Annuities or Charitable Remainder Trusts.
What is Planned Giving?
Process by which you (a donor, the donor’s financial advisors) and our hospital’s development officers work together to determine the most effective method for making a gift to our hospital.
A planned gift may be received today or in the future.
The official bequest language for St. Joseph’s Hospital Foundation is: "I, [name], of [city, state, ZIP], give, devise and bequeath to St. Joseph’s Hospital Foundation [written amount or percentage of the estate or description of property] with offices located at One Amalia Drive Buckhannon, WV 26201, for its unrestricted use and purpose."
Basic Definitions of the most popular planned gifts
Bequest - This option may offer the opportunity to make a more substantial gift than would be possible.
General Bequest - A specific dollar amount or a specific asset – “I leave $100,000 to St. Joseph’s Hospital Foundation” or “I leave my summer home to St. Joseph’s Hospital Foundation.”
Percentage Bequest - A percentage of the total estate – “I give St. Joseph’s Hospital Foundation property equal to 20% of my total estate.”
Residuary Bequest - A percentage of, or entire, residue – “After distribution of specific items, I leave 40% of the remainder of my estate to St. Joseph’s Hospital Foundation.” or “After all of my debts, expenses, and bequests are distributed, I leave the remainder to St. Joseph’s Hospital Foundation.”
Contingent Bequest - Result of a certain condition being met – “In the event that my wife does not survive me, I leave the property set aside for her to St. Joseph’s Hospital Foundation.”
Life Insurance - You can designate St. Joseph’s Hospital Foundation as the beneficiary of a life insurance policy. The gift of life insurance may be in the form of a new policy, an existing policy that is paid-in-full, or an existing policy on which premiums are payable.
Charitable Gift Annuities - In exchange for your gift of cash or stocks, St. Joseph’s Hospital Foundation will pay you a fixed sum every year for the rest of your life or your designated income beneficiary. The benefits to you include an income tax deduction in the year the gift is made and a fixed annual income for life, guaranteed by St. Joseph’s Hospital Foundation.
|Single Life Rate||Two Life Rates|
|70||5.7%||70 / 72-75||5.3%|
|75||6.3%||75 / 75-76||5.6%|
|80||7.1%||80 / 82-83||6.3%|
|85||8.1%||85 / 87||7.2%|
Charitable Remainder Trust - Under this type of trust, you can receive certain tax benefits and a return on the trust assets. After your lifetime, the remainder of the trust comes to St. Joseph’s Hospital Foundation for purposes that you have designated.
Retirement Assets - Most retirement plan assets face double taxation – the total is diminished by estate taxes and the recipient must pay income taxes on it. Donating your retirement plan assets to St. Joseph’s Hospital Foundation can help you avoid income and estate taxes.
Primary - Avoid all income and estate taxes by naming St. Joseph’s Hospital Foundation as the primary beneficiary.
Partial - By naming us as a partial beneficiary you can receive a partial estate and income tax savings.
Contingent - you can name St. Joseph’s Hospital Foundation as a contingent beneficiary of our retirement plan assets.
Whichever suits your situation, you and St. Joseph’s Hospital Foundation can benefit from the gift of your retirement plan assets.