Plan a Gift or Bequest
Gift planning is a creative process that allows you to make charitable contributions in ways that maximize your philanthropic goals while minimizing cost.
Your gift will enrich the lives of current and future patients, and can create a family legacy that lasts for generations.
- A current charitable income tax deduction
- Guaranteed lifetime income for you and/or a loved one
- Savings on capital gains, income, gift and estate taxes
Creative gifts of assets can offer more tax-friendly ways to support Carilion Clinic. Outright gifts include check, transferring securities, or signing a multi-year pledge.
After you have provided for your family and loved ones, a bequest in your will would enable you to make a gift to support your favorite medical area or program. A general bequest designates that Carilion Clinic receive a specified dollar amount. For example: "I bequeath to Carilion Clinic Foundation, Roanoke, VA, the sum of $100,000 to be used for its exempt purposes."
You can make a gift to Carilion Clinic of your paid-up life insurance policy, or you could buy a new policy and name Carilion Clinic as the owner and beneficiary.
With a gift of paid-up life insurance policy, you can deduct the cash value of the policy at the time of the gift. With the purchase of a new policy, you would establish the policy and then transfer ownership to Carilion Clinic.
If there are premium payments that remain, you could make annual gifts to Carilion Clinic to help cover the cost of the premium, which also would be tax-deductible to you.
Retirement Plan Assets
As with a life insurance gift, naming Carilion Clinic as a beneficiary designation can offer you significant value. Due to applicable estate and income taxes, family members usually only receive 25 to 30% of the value of an IRA or retirement plan.
Much of this tax can be avoided if the assets are instead used to fund a bequest to Carilion Clinic.
Charitable Gift Annuity
A charitable gift annuity is a simple agreement in which we promise to pay you, or you and your spouse, a lifetime income in exchange for a gift of an asset. The payment is fixed at the time you establish the gift and can be paid to you in monthly, quarterly, semi-annual or annual payments.
Charitable Remainder Trust
A charitable remainder trust is generally used when there are multiple beneficiaries. This can provide income to you, you and your spouse, or you, your spouse and your children for life or for a term of years, in exchange for a gift. The payment can be fixed (annuity trust) or variable, based on the year-end market value of the trust (unitrust).
Charitable Lead Trust
A charitable lead trust may appeal to individuals who wish to make a gift but retain the property in their family. You can establish a lead trust that provides income to Carilion Clinic over a set period. At the end of the trust term, the assets either are returned to you or distributed among family. The principal advantage of this type of gift is that it can significantly reduce or even eliminate gift or estate taxes.
Retained Life Estate
A retained life estate is a gift plan that allows you to donate a home (or farm) to Carilion Clinic while retaining the right to live in it for the rest of your life. Donating the remainder interest in a personal residence provides you with a current charitable deduction and may allow reduction or elimination of capital gains tax on the property’s appreciation. You retain the right to live on the property, but continue to be responsible for all routine expenses — maintenance fees, insurance, property taxes, repairs, etc.