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Wills and Bequests

David and Ann originally established a patient assistance fund that would help support personal needs of patients that, unless met, might challenge their ongoing treatment gains. They had made an outright gift to the hospital of some appreciated stock. It was later, after receiving reports from clinical staff about how important the fund was to the patients, that they changed their will to include a bequest that will magnify the fund tenfold.

Ann: "We felt good about helping through establishing a small fund. But we had no idea what the fund would bring to us."

David: "Over the years, we have heard of situations where patients have been greatly helped by the fund. I can't describe how good it feels to know that we have been able to make a difference in helping people along the road to recovery."

Ann: "I feel like we really have accomplished something good!"

Setting all the emotional rewards aside, this was a wise financial move. First, there were some immediate tax benefits on the initial gift based not on the cost of the stock, but on its appreciated value. Second, their estate will benefit by having a write-off to charity through the bequest (see bequest information).

There is some additional information available about the benefits of utilizing a charitable bequest and how bequests enable you to keep control of your assets.

Using funds from a retirement account to make bequests is often a good strategy. If there is a balance in your retirement account at your death, not only is there a potential income tax burden, but there may be estate taxes as well. Estimates are that taxes could eat up as much as 70-75% of retirement assets under certain circumstances. Careful planning concerning retirement funds needs to be done. Some additional information regarding retirement assets is available.

Another option to consider in making a gift is to use life insurance policies that are no longer needed or necessary. There are some different ways to make a gift of life insurance.

Ann and David found their experience enriched their hearts and lives. Often donors are surprised by just how wonderful the giving experience is.

Now click here to meet Joyce.

Sheppard Pratt Health System
Office of Philanthropy
Marguerite O. Kelley, Director of Major Gifts and Planned Giving
410-938-4018
For more information, email mkelley@sheppardpratt.org