There are many different ways to support Calvary through a planned gift. These different gift techniques provide donors with the flexibility to take into consideration various personal goals and giving objectives. The way you make your gift can influence the amount you give. Below is a brief overview of some of the various assets and different planned giving opportunities available.
Bequests: The way most people include Calvary in their estate plans; a bequest is a gift made though a will.
Savings Accounts Gift: This popular estate gift is sometimes referred to as a Totten Trust. It is created by adding Calvary on a new or existing savings account. Upon death the money in the account will be transferred to the Hospital. This giving opportunity can be utilized with savings bonds, certificates of deposit, and securities accounts; however it is important that the assets be properly registered.
Charitable Gift Annuity: A gift annuity is a written contract established when you give Calvary assets (cash or securities) in exchange for life-long fixed income payments. The amount you receive depends on your age at the time you make the gift and the date the income payments begin. Typically, the older you are the more favorable the terms of the payout. One or two people can receive the income payments; and the donor need not be the income beneficiary. It is possible to select the time you wish to start the income payments. If you choose to start them right away then it is called an immediate charitable gift annuity. When you decide to delay the payments—which can increase the payout amount once payments begin—it is called a deferred charitable gift annuity. To see gift annuity print ads click here.
Retirement Accounts: You can give all or a portion of you retirement plan to the Hospital by naming Calvary on the plan’s beneficiary designation form. (This can be done with commercial annuities too.)
Life Insurance: If you already own a policy you can name Calvary as the beneficiary of all or a percentage of the insurance proceeds. Alternatively, you can give an existing policy making Calvary the owner and beneficiary or you can purchase a new policy. The premium payments you continue to make are usually tax deductible on your income tax return.
Charitable Remainder Trusts: Another life income arrangement, involving the irrevocable transfer of cash, securities or other assets to a Trustee. You can be the Trustee or you can select a Trustee. It is the responsibility of the Trustee to manage the assets and make income payments to you or your designated beneficiary for a period of years or for life. When the trust terminates the remaining principal is given to Calvary.
There are two types of charitable remainder trusts. The significant difference is the way income payments are calculated. A charitable remainder annuity trust pays out a fixed percentage of the trust value determined at the time the trust is created; the trust assets are not revalued. This results in uniform annual income payments. A charitable remainder unitrust pays out a percentage of the trust value, which is recalculated annually. Therefore the income payments will vary from year to year based on the performance of the trust’s investments.
Charitable Lead Trusts: Like a charitable remainder trust, a charitable lead trust is created by irrevocably transferring to a Trustee, assets that will generate interest when invested. However, a charitable lead trust is the opposite of a charitable remainder trust; the income payments go to Calvary for a period of years and when the trust terminates the principal is paid to the individuals designated in the trust as beneficiaries.
Gift of Stock: Appreciated stock (held for at least one year) is frequently donated either outright or to fund a charitable gift plan in order to avoid capital gains tax. To transfer shares of stock to Calvary call Elizabeth Edds Kougasian at 718-518-2080 or email email@example.com.
Gift of CDs: As in Savings Account Gift, you can designate Calvary as a co-owner of Certificates of Deposit. The Hospital has no immediate rights to this investment, but upon death the funds are transferred to Calvary.
Retained Life Estate: You may donate your home and continue to live in it for the rest of your life.
Business Interests: You can use closely held stock from a family business to make a gift to Calvary.
US Savings Bonds: According to government regulations, you can not name Calvary as the co-owner or beneficiary of your savings bonds. The best way to leave bonds to the hospital is through a specific bequest in your will. The bonds will then pass tax- free to the hospital and not be a tax liability to individuals or the estate.
Gifts of Intellectual Property: You can assign royalties or residual interests to Calvary.
Collectibles: Jewelry, coins, antiques, collections of rare objects and paintings are assets that can be transferred into charitable trusts or given outright to Calvary if the appraisal value exceeds $5,000.00.
To notify us that you have made a planned gift to Calvary, click here to print out form.
To read Foresight, Calvary’s Planned Giving Newsletter, click here.
We will be happy to work with you and your financial advisors to assist you in identifying a way to make a planned gift to Calvary Hospital that accomplishes your personal financial objectives and reflects your philanthropic interests.
For more information about ways to become a member of The Society of 1899, please call Elizabeth Edds Kougasian, Esq., Director of Major and Planned Gifts at 718-518-2080, or email firstname.lastname@example.org. Calvary Hospital recommends that you also consult with your legal and financial advisors before finalizing any estate gift.