What to Give

Cash – This is a simple and common way to make a gift by check or credit card. Donations of cash are deductible if you itemize in the year of contribution.

Stocks, Bonds, Mutual Funds – This type of giving involves appreciated securities such as stocks, bonds, and mutual funds that provide a charitable deduction for the

full fair market value of the donated asset. If you have owned the securities for more than one year, you will pay no capital gains tax on the transaction and you can deduct the full fair market value.

Bank Accounts & CDs – This form of giving would name a charitable organization the “payable-on-death beneficiary” of your bank accounts or on certificates of deposit. You own the assets for your lifetime and have them at your disposal for you use. Upon your death, the assets pass directly to the organization without going through probate.

Real Estate – This is a straightforward donation if you own property that is not mortgaged, has appreciated in value, and you no longer need or currently use. You can deduct the fair market value of you gift and eliminate all capital gains taxes. And obviously, you have removed that asset from you taxable estate.

Crops And Livestock – You can transfer legal ownership of a commodity to a charity before it is sold and not have taxable income from the sale. The Hospital Foundation can arrange to sell the livestock or commodity and you are still able to deduct production costs on you income taxes. These tax savings may be realized on federal income tax, state income tax and self-employment tax, contingent on your specific circumstances.

Retirement Account Assets – This is the most efficient estate planning option to leaving all or a portion of your retirement plan to charity, because tax laws often subject these assets to income and estate taxes upon death. With the assistance of the Hospital Foundation, income taxes as high as 39 % can be avoided. And at the same time, you as the donor can transfer more tax favored assets to your loved ones.

Life Insurance – Often individuals discover that protection offered by life insurance is no longer necessary later in life. Consequently, a life insurance policy can become an excellent option for charitable giving. The Hospital Foundation can be designated as the preferred charitable organization to be irrevocably  as the sole beneficiary. You as the donor can continue to make annual tax-deductible contributions to cover the policy’s annual premium, or if the policy is paid up – you as the donor can receive an immediate tax deduction in an amount equal to policy’s cash value.

Bequests – The easiest and most direct method is for the donor to leave a designated amount, percentage, or the portion of your estate to a charity such as the Hospital Foundation in your will. This option also would be appropriate for property.

Charitable Gift Annuity – This is the most common form of planned gift. The donor will make a charitable gift and you and/or someone you designate can receive lifetime income. The remainder goes to a charity such as the Hospital Foundation, and upon your passing, potentially reducing and deferring capital gains tax and reducing probate costs and estate taxes.

Charitable Remainder Trust – A charitable remainder trust pays the donor a fixed or variable income. The payments are made either for life or a period of time not to exceed 20 years. At the end of the trust’s term, the balance in the trust goes to support the charity the donor designates. You will also receive a partial income tax deduction.

Charitable Lead Trust – This type of charitable trust pays income to one or more charitable organizations, usually for a period of years, after which the remaining trust assets transfer to family members.

Life Estate – Give your personal residence, ranch, or farm as a gift, you can remain in the residence or land for the rest of your life. You will receive a current charitable deduction in an amount based on your life expectancy and the value of the property.