Planned Giving Opportunities: Ways to Give | OSF St. Mary Medical Center

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Planned Giving Opportunities

Planned Giving Opportunities

Bequests

Ways to Give | Planned Giving Opportunities Many grateful families, friends and former patients have provided for OSF St. Mary Medical Center as part of their estate. Bequests enable the medical center to provide the best possible care for the individuals we serve.

Benefits of Bequests:

The ability to designate a specific dollar amount or percentage of the net proceeds of the estate
The ability to name OSF St. Mary Medical Center as a secondary beneficiary, leaving the bulk of your assets to your family
Reducing or avoiding federal estate taxation

Suggested Language for Bequests:

"I give to OSF Healthcare Foundation, an Illinois not-for-profit corporation, for the benefit of OSF St. Mary Medical Center the sum of (none) __________% of my residuary estate to be used where the need is greatest or to support _____(program)______. If the stated use becomes impossible or impractical, the Board of Directors of the OSF Healthcare Foundation can determine an alternative use."

Please call our office at (309) 344-3161 ext. 4450, if you need further information or are interested in designating your bequest to a specific program.

Charitable Gift Annuities

A charitable gift annuity is a wonderful way to support OSF St. Mary Medical Center while simultaneously receiving a fixed income during the income beneficiary's lifetime.

Benefits of Charitable Gift Annuities:

Receiving a lifetime payment
Avoiding capital gains taxation
Qualifies for charitable income tax deduction

Determining the right plan for you depends on a number of factors including your age, income needs and financial objectives. Please call the OSF St. Mary Medical Center Foundation office at (309) 344-3161 ext. 4450 to discuss if a Charitable Gift Annuity is right for you.

Charitable Remainder Trusts

By creating and funding a charitable remainder trust, you can make a significant future gift while you and/or a beneficiary (or beneficiaries) designated by you, receive annual income.

Benefits of Charitable Remainder Trusts:

Provides income for you or a designated beneficiary
Avoiding capital gains taxation
Qualifies for charitable income tax deduction

Life Insurance

When making a life insurance gift to the OSF St. Mary Medical Center Foundation you may contribute an existing life insurance policy that your family no longer needs or you may establish a new policy with the OSF St. Mary Medical Center Foundation named as owner and beneficiary.

When you give an existing policy, you may qualify for a charitable income tax deduction based upon the cash surrender value of the policy on the date of the contribution. For new policies, you may deduct the amount of your premium payment as long as it is provided directly to the OSF St. Mary Medical Center Foundation.

Benefits of Gifting Life Insurance:

Advantageous tax deductions
Ability to make a contribution without other assets
Can be used to replace the value of assets or other property contributed to the OSF St Mary Medical Center Foundation

Retirement Assets

Gift of retirement assets (i.e., IRAs, 401(k), 403(b) accounts) is a great way to fulfill your philanthropic objectives.

Benefits of Gifting Retirement Assets:

Avoiding income tax; the income of the retirement asset will be taxed at the income tax rate of your beneficiaries
Reducing or avoiding federal estate taxation
Avoiding state inheritance tax (varies by state)
The ability to name the OSF St. Mary Medical Center Foundation as a secondary beneficiary, leaving the bulk of your assets to your family

For more information on how to setup your IRA, please download our informational brochure.

IRA Rollover Extended for 2009
Congress has extended the IRA Rollover! Under the law, you can make a gift using funds from your individual retirement account (IRA) without undesirable tax effects. Previously you would have had to report any amount taken from your IRA as taxable income, then take a charitable deduction for the gift, but only up to 50 percent of your adjusted gross income. Fortunately, now these IRA gifts can be accomplished simply and without tax complications. However, this special opportunity is available only until December 31, 2009.

You may contribute funds this way if:

You are age 70 1/2 or older
The gift is $100,000 or less
You transfer funds directly from an IRA or Rollover IRA
You transfer the gift outright to one or more public charities
You act before December 31, 2009

Please call the OSF St. Mary Medical Center Foundation office at (309) 344-3161 ext. 4450 to find out how you can benefit from this limited time opportunity.

Appreciated Securities

A gift of long-term appreciated securities is frequently the most economic way for supporters to make a charitable contribution.

Benefits Include:

Increasing the size of your gift while lowering your net-after-tax cost
Eliminating capital gains on the appreciation of your shares
Being eligible to receive a charitable income tax deduction for the full fair market value of your shares
Making an immediate impact upon the lives of some of our most deserving patients

Appreciated Securities Can Be:

Given annually or as a one-time contribution
Used to establish a planned giving vehicle such as a charitable gift annuity or charitable remainder trust
Used to create a permanent fund at the OSF St. Mary Medical Center Foundation to honor a friend or member of your family

Our staff is available to work with you and your advisors in confidence-and without obligation-to help you determine the best options for accomplishing both your personal and philanthropic goals. For further information, please call the OSF St. Mary Medical Center Foundation office at (309) 344-3161 ext. 4450.