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.
Leave Your Legacy for the Future of Health Care
Bequests or Living Trusts
With as little as one sentence, you can provide a gift that will support WMCHealth for generations while providing you with maximum flexibility. You can bequeath a specific dollar amount or a percentage of your estate.
Designating WMCHealth as a beneficiary of your retirement accounts, life insurance policies, commercial annuities, bank accounts or investment accounts may help you avoid estate taxes that your loved ones would otherwise incur.
Receive Income from Your Gift to WMCHealth
Charitable Gift Annuity (CGA)
A charitable gift annuity is a contract that provides the donor a fixed income stream for life in exchange for a charitable gift to WMCHealth. A CGA can be funded through cash or appreciated, liquid assets such as stocks. In addition to the income stream, annuitants may receive a charitable income tax deduction in the year of the gift. A portion of annual gift annuity payments may also be tax-free for a number of years based on IRS formulas.
Deferred Charitable Gift Annuity (CGA)
Select a specific start date for annuity payments. Charitable Remainder Trust (CRT) A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to WMCHealth. A CRT is a flexible, customizable tool and can be funded with a variety of assets such as cash and appreciated assets like stock or real estate.
There are two types of CRTs:
A Charitable Remainder Annuity Trust (CRAT) pays a fixed amount each year for the life of the CRAT.
A Charitable Remainder Unitrust (CRUT) pays a fixed percentage of the CRUT’s assets each year. The CRUT’s assets are re-evaluated annually and additional contributions can be made.
Charitable Lead Trust (CLT)
A charitable lead trust (CLT) pays annual income to WMCHealth. At the end of the specified time, the trust’s principal is returned to you or given to your beneficiaries. CLTs can provide you with charitable deductions or provide significant estate and gift tax savings to your beneficiaries.
Give Today in a Tax-Wise Way
When considering a gift, there are alternatives to writing a check that can provide you with significant tax savings.
Appreciated Securities Contributions
Appreciated assets such as stocks, bonds, mutual funds or real estate allow you to obtain a charitable deduction for the full market value, and avoid paying any capital gains tax.
IRA Qualified Charitable Distribution (QCD)
A QCD allow individuals who are 701/2 years old or older to donate up to $100,000 annually to WMCHealth directly from a taxable IRA instead of taking their required minimum distribution.
Donor Advised Fund (DAF)
A DAF is like a charitable investment account for the sole purpose of supporting charitable organizations. Donors receive an immediate income tax charitable deduction and retain the flexibility to recommend how much and how often money is granted to WMCHealth.
Other gift alternatives may include donations of personal property or cryptocurrency.
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.
A Charitable Gift Annuity can result in a lifetime income for your or your loved ones while supporting WMCHealth.
John & Marilyn Heimerdinger’s Planned-Giving Story
Growing up, John Heimerdinger’s parents instilled in him the importance of giving back. His father was on the board of a healthcare system and his mother served as chair of Riverdale Children’s Association and was on the New York Board of Social Work. Community service has always been second nature to him.
For 26 years John has served the WMCHealth system, starting on the corporate board as a non-voting member and ultimately becoming chair of the corporate board, a role he held for three years.
“WMCHealth is an extraordinary place,’’ said John. “All people should have a local facility and resource to rely upon for healthcare services. The Hudson Valley connection is also so important because health care matters are very hard on families who would prefer not to travel to be with loved ones, especially children.” He added, “Everyone gets great treatment: rich or poor.” And it is always close to home.
In 2013, John and his wife Marilyn decided they wanted to do more for WMC. They discovered a way to benefit the hospital while also providing a source of income.
They created and structured a planned gift through the donation of stock, which produced tax benefits and an income stream to the couple for a 10-year term of a trust. When the trust expired in 2022, it produced a $33,000 gift supporting the Westchester Medical Center Foundation.
“John has been a role model for the healthcare community, board members, and the local community,’’ said Marilyn of her husband’s longstanding commitment to WMCHealth, and the family’s support for this planned gift is yet another example of their dedication to WMCHealth.
John said that he would recommend a planned gift to anyone looking to benefit a beloved organization. It represents one of the most meaningful ways to share one’s philanthropy.
“It’s a great way to look into the future and provides a great sense of satisfaction with both giving and being a part of an institution,” he said.
He added that he has gotten a lot of satisfaction from giving to WMCHealth, an institution that is so valued by the community. “You get a lot more than you give in terms of personal satisfaction and sense of solace.”
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.
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