Planned Giving Opportunities
LEGACY … a gift that endures – a contribution of assets and/or character that is passed on from one to another, a quantity and/or
quality that impacts those who come after.
Through your generosity and gifts to the Curry Health Foundation, our Curry County communities will continue to build better quality health care for generations to come. For some, making this kind of legacy gift represents their first opportunity to support significantly Curry Health Foundation’s mission. Others may make this their last, best donation in a lifelong commitment to giving. These are the local legacies worth celebrating.
As Benjamin Franklin said, the only things we can count on are death and taxes. While we can’t do much about death, we can relieve some of our tax burden. In the process, we can also help provide better health care for future generations of Curry County residents.
The key is planned estate giving. A good estate plan takes advantage of techniques that often result in our heirs receiving larger inheritances while we invest some of the fruits of our life’s work in the community where we live.
You can make a difference in your community while improving your tax situation, often right away. Several methods are available to direct your “social capital”. Gifts may come in the form of cash, property, an investment, or a percentage of an estate. While some gifts may be large, many are $100 or less. All are given generally with one purpose in mind, to say thanks for the Foundation’s good works and to help ensure quality health care for the future.
The Curry Health Foundation is available to help provide you and your financial planner with the information and materials you need to include charitable giving in your estate plan. To request more information or arrange a personal visit, contact the Foundation at foundation@curryhealth.org, PO Box 1274, Gold Beach, OR 97444, or call (541) 247-3189 for more information.
The information provided here is for educational purposes only and is not intended as legal or financial advice. Curry Health Foundation encourages individuals to seek advice from their qualified legal, financial, tax, or other professionals when pursuing ideas presented here. Specific legal or tax information cited is always subject to change.
Planned Giving Opportunities
Bequests and endowments are gifts of assets. These future gifts offer advantages to the donor and his/her estate and they may be designed to assure life income for the donor or others. With the advice and direction of a professional advisor and the Foundation staff, the donor may establish the type of gift that provides the greatest benefit to him/her, his/her family and, ultimately, the Curry Health Foundation These types of gifts give the donor the added pleasure of knowing the good work his/her gift will do while enjoying the benefits of reduced taxes (including estate, income and gift taxes) and the opportunity, in many cases of providing personal income.
You may make gifts for general purposes, for a specific program or service, or for a specified geographic area within Curry County. You may specify gifts for use now for a particular purpose or have your gift placed into our endowment accounts, which provide ongoing financial support forever.
Types of Gifts include:
Gifts of Cash
Of course, cash gifts are always greatly much appreciated in any amount you can afford. If you have a total amount in mind, but cannot make it all in one donation, consider the “series” gift. Tell us the total amount you wish to give and the period of time over which you want to give it. We will send you reminders at the designated dates. Or, authorize the Foundation to draw on a designated credit card in amounts and intervals chosen by you.
Appreciated Stock
Appreciated stock held at least 12 months is an attractive gift. The donor may avoid capital gains taxes and receive a tax deduction for the full value of the gift.
Bonds and Mutual Funds
Bonds and mutual funds, unless they have appreciated in value, are similar to cash in the way taxes are treated, with a tax deduction for the full value of the gift. If they have appreciated, a capital gain tax could apply.
Gifts of Personal Residences or Property
The donor may contribute his/her personal residence and continue to live there for the remainder of his/her and/or the spouse’s life. The donor receives an income tax deduction, estate tax deduction and avoids potential capital gains tax on any appreciation.
CDs, Savings, Brokerage, IRA, 401(k) and Checking Accounts
The donor retains full ownership and full control during his/her lifetime and, at death, the remainder or percentage is given to the Foundation immediately and without probate.
Wills and Estate Planning
First, you don’t need to be very wealthy to have a will. If you’ve got children, assets, valuables, or savings, then a will is important. Drawing up a will can save money for your heirs. If you don’t have a will, and you’ve got large assets, your heirs will pay large tax penalties and a lot of legal fees. If the estate you leave behind is small, your heirs will, at the minimum, pay for court expenses and some estate taxes. The biggest danger of not leaving a will is that you won’t get to choose what happens to your property, including family heirlooms, after you die. The probate court will make the decision for you, including sending it all to the State of Oregon if there are no heirs.
Why Make a Gift in your Will?
- You believe in What We Do.
- You want to save on Estate Taxes.
- It Gives you Flexibility.
- You Feel Like Leaving a Legacy Locally.
Is your will a vigorous, up-to-date, contemporary planning tool that is ready for duty when the time comes? Or does it belong in the Museum for Antique Documents?
Without regular review and updating, outdated wills can create confusion and needless expense for surviving family and friends.
Here are some events that may require a modification of your will:
- Marriage
- Birth of a child or grandchild
- Divorce
- Death of a Spouse
- Increases in the value of your assets
- Acquisition of new assets by gift or inheritance
- Giving away or selling assets mentioned in your will
- Death of a beneficiary named in your will
- Changes in the needs of your beneficiaries
- An executor or trustee dies, moves or becomes disabled
- You move to a different state
- Purchase or sale of real estate
- You decide to make additional bequests, such as a gift for the future support of our programs.
Types of Bequests:
Estate Gifts may come in three main types, each with its own benefits to achieve your testamentary and charitable goals. You can also include a bequest in a codicil (amendment) to a Will that is already executed.
The Specific Bequest
As its name implies, the Specific Bequest is a bequest of a specified amount of cash, or of specific items of real or personal property. Specify in your will that the Curry Health Foundation is bequeathed $ _____, a house, building or raw land that you own, or a partial interest in land (a partnership or limited partnership interest, for example), or make a specific bequest of stock, jewelry, a stamp collection, a car or any other item or items of personal property that you may wish to leave for the purposes of health care.
The Residuary Bequest
The “residue” of your estate is what is left after all of your debts and the expenses of the estate are paid, and all specific bequests you have made to family, friends and other charities are honored. You may wish to name The Curry Health Foundation as beneficiary of the whole residue, or of any percentage thereof that you deem appropriate.
The Contingent Bequest
Want to remember the Curry Health Foundation, but feel that other needs must take priority? Use the “contingent” bequest. You may provide that any bequest to the Foundation is secondary to other needs. For example, you may wish to leave your estate to your spouse (or child, sibling or other person) if he or she survives you. But you may also provide that the Foundation is the beneficiary if your primary beneficiary does not survive you. Or you may make the bequest to the Foundation contingent upon the residue of the estate totaling a certain minimum amount, so you may assure that higher priority needs are provided for. Creative use of “contingent” bequests can prove a very helpful estate planning tool.
How to Name the Curry Health Foundation in Your Will
You should identify the Foundation in all testamentary documents as follows:
The Curry Health Foundation, a non-profit corporation organized existing under the Not For Profit Corporation laws of the State of Oregon, having its principal address at PO Box 1275, 94220 4th Street, Gold Beach, OR 97444.
If you do name the Foundation as a beneficiary in your will, you should consider advising us at the time the will is executed. We will be happy to discuss your estate plans with you or your attorney or other estate plan advisor at any time.
Estate Planning Opportunities
Charitable Remainder Trusts (Annuity and Unitrusts)
The donor may select the rate of return from these charitable vehicles and also choose a fixed or fluctuating annual payment. Capital gains are minimized and the donor will receive a tax deduction based on the age of the income recipient and the rate of return.
Charitable Lead Trusts
A Charitable Lead Trust enables the donor to transfer valuable assets to his/her heirs with relatively little transfer tax and to make a substantial contribution through the Foundation. The donor places property or cash in this trust, providing the Foundation with income at a fixed amount for a defined time, usually not less than 10 and not more than 20 years. The trust term can also be established for the donor’s life or for the lives of other living individuals. At the end of the term, the balance is returned to the donor’s heirs.
Charitable Gift Annuity
A Gift Annuity is a simple contract offering the donor the oldest and simplest way to make a gift through the Foundation. The income the donor receives is a fixed dollar amount and is guaranteed. A Deferred Payment Gift Annuity is an option if the donor wishes to delay or defer his/her income until retirement. Tax deductions for these instruments vary.
Gifts of Life Insurance
A significant future gift is to name the Foundation as the recipient of all or a portion of the proceeds of an existing life insurance policy. With the transfer of ownership of the paid-up policy to the Foundation, the donor will receive a tax deduction for the cash surrender value, thus reducing his/her tax liability.
Another way of giving life insurance is to purchase a new policy naming the Foundation as owner and beneficiary. The donor will receive an income tax deduction for each premium as it is made and provide a major gift with a modest annual payment.
The Curry Health Foundation is available to help provide you and your financial planner with the information and materials you need to include charitable giving in your estate plan. To request more information or arrange a personal visit, contact the Foundation at foundation@curryhealth.org , PO Box 1274, Gold Beach, OR 97444, or call (541) 247-3189 for more information.
The information provided is for educational purposes only and is not intended as legal or financial advice. Curry Health Foundation encourages individuals to seek advice from their qualified legal, financial, tax or other professionals when pursuing ideas presented here. Specific legal or tax information cited are always subject to change.
Planned Giving Information Links
This commercial site offers a great deal of free information about the regulation, calculation and administration of Charitable Gift Annuities and Pooled Income Funds and information about assistance with many issues relating to the State Regulation of Gift Annuities. http://www.pgresources.com/firstvisit.html
Wills of Famous People
Benjamin Franklin
http://sln.fi.edu/franklin/family/lastwill.html
John Deere
http://www.sos.state.il.us/departments/archives/deere.html
Richard M. Nixon
http://www.virtuallawoffice.com/nixon.html
Elvis Presley
http://www.ibiblio.org/elvis/elvwill.html
