WMCHealth’s foundation relies on philanthropy and the generosity of donors like you to help us provide the lifesaving care that improves the lives of our patients and our community. Charitable gift planning allows you to integrate your financial, estate, and philanthropic planning in a manner that benefits you and WMCHealth. Here are a variety of charitable gift planning options to consider and discuss with your financial planner.
Give Today in a Tax-Wise Way
When you are considering a current gift, there are alternatives to writing a check that can provide you with significant tax savings.
- By giving appreciated assets that you have owned for more than one year, you can give more than you originally thought possible
- Benefits from giving appreciated stocks, bonds, or mutual funds
- Your charitable deduction is for the full fair market value of the asset you give.
- You avoid capital gains tax on the gain you have in the asset you give.
- Your gift of stock can be used to support your favorite WMCHealth program.
- For transfer instructions that your financial adviser can use to make your gift today, please contact Moira Mansfield at 914-493-5487 or Moira.Mansfield@wmchealth.org.
IRA Qualified Charitable Distributions (QCD)
- IRA Qualified Charitable Distributions
- Some commentators call this the “IRA Charitable Rollover,” but the official name is a “Qualified Charitable Distribution” from an IRA (“QCD”).
- QCD Basics:
- You must be 70 ½ years old, or older, at the time of the gift.
- Your IRA administrator must make the transfer directly to WMCHealth.
- You can give up to $100,000 per year. Your spouse can also give up to $100,000 from his/her IRA.
- Your gift can come from either a traditional IRA or a Roth IRA account.
- QCD Mechanics:
- Ask your IRA administrator for their QCD form and any related procedures.
- Alert email@example.com to be on the lookout for this gift from your IRA administrator.
- If you have an IRA checking account, you can write a check to WMCHealth and send it directly to us at WMC Foundation, 100 Woods Road, Taylor Pavilion, Valhalla, NY 10595. Please include a note with your check stating that this check is from your IRA.
- QCD Benefits:
- The QCD is removed from your IRA without you claiming it as income.
- For non-itemizers, QCD’s are the functional equivalent of an itemized charitable deduction.
- For itemizers, you cannot take an additional charitable deduction for your QCD gift.
- For those 72 and older, your QCD gift can satisfy some or all of your RMD.
- If you are not required to take an RMD, you can still make a QCD gift.
- QCD gifts can be directed to a specific program at WMCHealth.
- You may also name WMCHealth as a beneficiary of your IRA or other retirement account upon your passing.
Donor Advised Funds (DAF)
- A donor advised fund (DAF) is essentially a charitable savings account.
- You receive an immediate income tax charitable deduction when you contribute to a DAF, and you retain the flexibility to recommend how much and how often money is granted to WMCHealth and other qualified charities.
- Many people contribute to a DAF when they have a windfall event such as selling a business, receiving an inheritance, or winning the lottery.
- You may also be able to name a charitable organization such as WMCHealth as a beneficiary of your DAF upon your passing.
- Many people own real estate as a substantial part of their investment portfolio.
- Any of those holdings (vacation home, commercial property, farmland, undeveloped land, mineral rights, and even a personal residence) can be the basis of a tax-wise gift to WMCHealth.
- Like stocks and bonds, if you have owned the real estate for more than one year, you receive a double tax benefit from your gift. Your income tax charitable deduction is based on the property’s fair market value, and you avoid capital gains tax on all the appreciation in your property.
- You will also eliminate the headaches and stress that come from the management and upkeep of a property.
- You can give real estate in several diverse ways, including:
- An outright gift to support WMCHealth today
- Receive income for your and your spouse’s lives by adding real estate to a charitable remainder trust
- Donate your property and continue to live in your personal residence or vacation home for your lifetime through a retained life estate gift.
- Make a specific bequest of your property through your estate plan
- We would be honored to assist you in determining if a gift of real estate works for you. Please contact Susan Gerry, Senior Vice President, Development, at 914-493-6304 or Susan.Gerry@wmchealth.org.
- If you own artwork, rare books, antiques, classic automobiles, airplanes, boats, or other valuable collections, you can use them to make a meaningful gift to WMCHealth
- The tax laws for these types of gifts are complex, so please contact Susan Gerry, Senior Vice President, Development, at 914-493-6304 or Susan.Gerry@wmchealth.org.
- You can make a tax-deductible gift of many forms of cryptocurrency.
- Your deduction will be based on the coins’ fair market value on the date of the gift which will require you to obtain an IRS qualified appraisal.
- We can help you navigate the nuances of donating cryptocurrency. For more information, please contact Susan Gerry, Senior Vice President, Development, at 914-493-6304 or Susan.Gerry@wmchealth.org.
Charitable Lead Trust (CLT)
- A charitable lead trust (CLT) pays its income annually to WMCHealth for a specified number of years. At the end of that period of time, the trust’s principal is then either returned to you, or it is given to your children or grandchildren.
- If the CLT principal is returned to you, you receive an income tax charitable deduction in the year of the gift.
- If the CLT principal goes to your children or grandchildren, you receive significant estate and gift tax savings.
- We would be honored to assist you in exploring this sophisticated giving instrument. For additional information, please contact Susan Gerry, Senior Vice President, Development, at 914-493-6304 or Susan.Gerry@wmchealth.org.
Receive Income from Your Gift to WMCHealth
If you would like to generate additional income for your retirement years while continuing to support WMCHealth, you have two solid options available to you.
Charitable Gift Annuities
- A charitable gift annuity is a simple contract which states that you will receive fixed, regular payments for life (no matter what happens in the market) in exchange for your gift to support WMCHealth.
- You can fund a charitable gift annuity with cash or appreciated, liquid assets such as stocks.
- You will receive a charitable income tax deduction in the year of the gift calculated by IRS formula.
- A portion of your annual gift annuity payments will be tax-free for a number of years, again, based on IRS formula
- Deferred Charitable Gift Annuities
- You can delay the start of your gift annuity payments by establishing a deferred charitable gift annuity
- You can select a specific start date for your annuity payments, or you can retain the flexibility of choosing the start date at some point in the future
Charitable Remainder Trusts (CRT)
- A charitable remainder trust (CRT) is a flexible, customizable tool to make a gift to WMCHealth while providing income to you, your spouse, or your children and other loved ones.
- CRT’s come in two varieties:
- Charitable Remainder Annuity Trust (CRAT) pays a fixed amount each year for the life of the CRAT. Your payments will not change, no matter how the market performs
- Charitable Remainder Unitrust (CRUT) pays a fixed percentage of the CRUT’s assets each year. The CRUT’s assets are revalued annually in January, so if the CRUT’s assets grow in value, your annual payments will rise with that growth.
- You can fund a CRT with a wide variety of assets such as cash and appreciated assets like stock or real estate.
- You can also name a CRT to be the beneficiary of your retirement plan which allows you to stretch out the income to your children over their lifetimes, rather than the IRS-mandated ten years.
- You receive multiple tax benefits for establishing a CRT
- An income tax deduction in the year of the gift based on IRS formula
- Avoid capital gains tax on any long-term appreciated asset given to a CRT
- Removal of the CRT assets from your taxable estate
- We would be honored to help you assess the details and nuances of a CRT in your specific situation. Please contact Susan Gerry, Senior Vice President, Development, at 914-493-6304 or Susan.Gerry@wmchealth.org.
Leave Your Legacy for the Future of Health Care
Will or Trust
- With as little as one sentence, you can provide a gift that will support WMCHealth for generations to come. Contact us for assistance.
- A gift through your will or trust provides you with maximum flexibility
- You keep full control of your money throughout your life.
- You can modify your gift at any time to address changing circumstances.
- You can choose to give a fixed amount or a percentage of your estate.
- Another gift option that gives you great flexibility is designating WMCHealth as a beneficiary of one of several accounts that you may own such as:
- Retirement accounts
- Life insurance policies
- Commercial Annuities
- Bank accounts such as savings accounts and certificates of deposit
- Investment accounts at brokerage companies
- 4 simple steps to designate WMCHealth as a beneficiary
- Obtain a change-of-beneficiary form from your retirement plan administrator, insurance company, bank, or brokerage house
- Complete the beneficiary form giving a percentage of the account to WMCHealth.
- Return the completed form
- Kindly let us know that you have made this generous provision so that we can be on the lookout for it someday in the future
- You may also be able to name a charitable organization such as WMCHealth as a beneficiary of your DAF upon your passing. Check with your DAF sponsor to determine the procedure for making such a designation.
Happy to Help
We are happy to work with your attorneys, accountants, financial and wealth advisors, insurance agents, and financial planners to assist you in making a thoughtful and impactful gift to WMCHealth. Contact us for assistance.
I Have Included WMCHealth in My Estate Plan
If you have already named WMCHealth as a beneficiary of your estate plan, we are incredibly grateful for your generosity. It is important that we know how you wish for your gift to be used, and it is important that you know that we can fulfill your expectations. It is also important to us that we express our sincere gratitude to you while you are alive. So, if you would take a minute to click below to let us know of your gift, we will work with you to determine the designation of your gift and thank you appropriately.
Charlotte Hug made a decision to support community healthcare through Gift Planning. You can too!
Being diagnosed with polio as a child, and facing medical challenges that left her unable to work, did not deter Charlotte Hug from building a plan to support her lifetime needs, while also establishing her own legacy of support for HealthAlliance of the Hudson Valley, her community hospital.
Aided by her trusted legal and financial advisors, Charlotte created a Trust in 1995 that provided her with income for life. After her death, the Trust provided for the distribution of a 6-figure gift to HAHV that supported the newly-opened HAHV hospital at Mary’s Avenue.
Amidst a lifetime of challenges, Charlotte found a way to plan ahead and Pay It Forward.
Connect with us to discuss how you can too!
To learn more about gift planning opportunities and how you can support WMCHealth, please call 914-493-2575 or e-mail us at Foundation@WMCHealth.org