What are Estate Gifts or Planned Giving?
Planned Giving provides future support for Hospice of the Golden Isles while enabling you to meet your current financial and personal goals. Planned Giving allows you to leave a legacy of compassion for our community while also realizing financial benefits and tax savings for you and your family.
Planned gifts may include bequests through your will or living trust, retirement plan or life insurance policy designations, charitable trusts and charitable gift annuities.
If you want to provide a future benefit to Hospice of the Golden Isles but are not completely sure what assets you may need in the future, you might consider including a bequest to the Hospice of the Golden Isles, Inc. in your will or trust, or naming Hospice of the Golden Isles, Inc. as a beneficiary of your retirement plan or life insurance policy.
While providing a future benefit to Hospice of the Golden Isles, you will retain maximum lifetime flexibility to respond to changing family needs and other circumstances and can adjust your beneficiary designation accordingly. The assets you designate for Hospice of the Golden Isles will be eliminated from your taxable estate at your death, and you may also eliminate income taxes owed on designated retirement plan assets. The designated amount can be applied for the purposes you choose at Hospice of the Golden Isles.
If you have questions or want more information, please contact Patty Crosby, Vice President of Development, at 912.265.4735.
If you are comfortable making a current donation of assets now but would like to receive a regular payment stream for the rest of your life, a “life income” gift plan might be perfect for you.
In working with your personal estate planning professional, the language listed below is a sample for reference. If you have questions or need guidance, please contact Patty Crosby, Vice President of Development, at (912) 265-4735.
“I give, devise and bequeath (____dollars/specific assets/____ percent of the residue of my estate) to Hospice of the Golden Isles, 1692 Glynco Parkway, Brunswick, GA 31525 for its general purposes.”
NOTE: In case your legal advisor requests it, Hospice of the Golden Isles’ federal tax identification number is #58-1428562.
A gift made in your will can be an excellent way of ensuring the futue of local hospice care. By including a bequest to Hospice in a new will, adding a codicil to your existing will, or naming Hospice of the Golden Isles, Inc. as a beneficiary of your revocable trust, you can make a meaningful contribution to the future of quality care in our community. Here is sample language you might use for a bequest:
“I give, devise and bequeath (____ dollars/specific assets/____ percent of the residue of my estate) to Hospice of the Golden Isles, 1692 Glynco Parkway, Brunswick, GA 31525 for its general purposes.”
Please note that the language above is a sample for reference only. Hospice of the Golden Isles does not provide legal or tax advice, and we recommend that you seek professional counsel in connection with your estate planning.
In case your legal advisor requests it, Hospice of the Golden Isles’ federal tax identification number is #58-1428562.
Life Income Gifts offer the benefits of an income stream as well as an income tax deduction in the year of the gift and capital gains tax savings when appreciated assets are used to fund the plan.
A Charitable Gift Annuity is a simple contract with Hospice of the Golden Isles to pay you and/or your designated beneficiary a fixed and predictable annuity for life. At the end of the contract term, the remainder will be distributed to Hospice of the Golden Isles to be used for the purposes you designate. The plan can be funded with cash, publicly traded securities, or a combination of the two.
A Charitable Remainder Trust provides an income stream that can be structured and customized to meet the specific needs of donors and their families. The trust can be arranged to yield a fixed, completely predictable annuity, or else a variable income with potential for growth over time. In addition to cash or securities, other special assets, such as real estate or valuable tangibles, can be used to fund the plan.
In contrast to “life income” gifts that provide you with a current payment stream and Hospice of the Golden Isles with a future remainder interest, a Charitable Lead Trust (CLT) provides a current payment stream to Hospice of the Golden Isles and a remainder interest to you or a designated beneficiary. A CLT can be an ideal way to meet Hospice of the Golden Isles’ current needs or to satisfy an existing pledge. Income-producing assets that are also appreciating in value can be especially effective for funding a charitable lead trust, since growth in the value of the assets during the term of the trust escapes the gift or estate taxes completely.
You can use real estate to fund a life income gift, or you can leave real estate to The Hospice of the Golden Isles through your will or living trust. And if you want to receive a current income tax deduction for the gift of your home, but would like to continue living there for the rest of your life, you can donate a “remainder interest” in your home and rertain a “life estate” for yourself.
Retirement Plan funds can be used for both lifetime giving to Hospice of the Golden Isles and to provide future support, with savings on income and/or estate taxes.
Life insurance can be used to provide a generous future gift to Hospice by naming Hospice of the Golden Isles as a future beneficiary. Alternatively, if you transfer ownership of the policy irrevocably to Hospice of the Golden Isles, you are entitled to a charitable income tax deduction for the approximate cash surrender value. Subsequently, gifts to Hospice of the Golden Isles sufficient to cover any premiums that may be due are fully tax deductible. (Please note that Hospice of the Golden Isles does not provide legal or tax advice, and we recommend that you seek your own legal and tax advice in connection with gift and planning matters.)
As with any aspect of financial and estate planning, these gift ideas should be discussed with your own legal and financial advisors. Although we do not provide legal or tax advice, Hospice of the Golden Isles staff would be pleased to confer with you and your advisors, in confidence and without any obligation, to help determine which plans might be best suited to your circumstances and objectives. Our legal advisor is Hillary Stringfellow with Gilbert, Harrell, Sumerford& Martin, P.C.
NOTE: To ensure compliance with IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.
toll free 866.275.6801
1692 Glynco Parkway
Brunswick, GA 31525
501(c)(3) non-profit organization
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Hospice of the Golden Isles.
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912.265.4735 | toll-free at 866.275.6801
1692 Glynco Parkway | Brunswick, GA 31525
501(c)(3) non-profit organization | License #GA063007H
Copyright ©2020 Hospice of the Golden Isles.
All rights reserved.