- December 3, 2013
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One of the easiest ways to benefit the Hospice Foundation is to include a bequest in your will. Bequests provide you flexibility in making your estate plans and are a very effective way to accomplish many goals. There are several ways to make distributions in your will. The following language may assist you and your financial advisor:
- Percentage of Estate: Allows for flexibility and changes in estate assets over time. “I give, devise, and bequeath to Palliative CareCenter and Hospice Foundation of Catawba Valley _____% of my estate.”
- Specific Dollar Amount: Allows you to reach a specific gift level. “I give, devise and bequeath to Palliative CareCenter and Hospice Foundation of Catawba Valley the amount of $________.”
- Specific Property: Identifies specific property or items you wish to give - "I give, devise, and bequeath to Palliative CareCenter and Hospice Foundation of Catawba Valley the following property ________." (be sure to identify locations)
- Residue of Estate: Whatever is left after other bequests have been granted. “All the residue of my estate, including real and personal property, I give, devise, and bequeath to Palliative CareCenter and Hospice Foundation of Catawba Valley.
Consult your attorney for advice and assistance in preparing any legal documents.
Life insurance can be used to make a charitable gift by naming the Foundation as the owner and beneficiary of a life insurance policy. Such a gift provides you with a charitable income tax deduction equal to the current value of the policy or net premium payments, whichever is less. It is also possible to purchase a new policy, naming Palliative CareCenter and Hospice Foundation of Catawba Valley as owner and beneficiary.
A gift of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or pension plan is another way to benefit the PCHCV Foundation and enjoy significant tax savings. Donors maintain complete control over their retirement funds while living, but at their death the balance remaining in their funds becomes the property of the PCHCV Foundation free from both estate and income taxes.
IRA Charitable Rollover
The Pension Protection Act of 2006 includes a provision for IRA Charitable rollovers from traditional and certain Roth IRA accounts. This provision allows individuals who have reached age 70 ½ to make gifts directly to the Palliative CareCenter and Hospice Foundation of Catawba Valley.
Trusts & Life Income Gifts
These gifts should always be made in consultation with your attorney and/or financial advisor.
1. The Charitable Remainder Unitrust is an irrevocable transfer of property to a trustee that provides both a lifetime income and a charitable income tax deduction. Income is a predetermined percentage of the annual fair market value of the trust. Additional contributions can be made to a unitrust. As the trust’s assets increase, so does the payment to the donor.
2. The Charitable Remainder Annuity Trust pays a fixed, guaranteed dollar amount, regardless of the trust’s investment performance. The income rate is established at the time the trust is funded. No additional gifts can be made to an annuity trust.
3. The Charitable Lead Trust is created by transferring ownership of assets (cash, appreciated stock, real estate, etc. into an irrevocable charitable trust. Income is paid to the PCHCV Foundation for a period of years chosen by the donor (up to 20 years) at which time trust assets are returned to the donor or other named chosen beneficiaries.
Each gift to hospice helps make it possible for us to be there for everyone who needs us!
Palliative CareCenter and Hospice Foundation of Catawba Valley
3975 Robinson Road
Newton, NC 28658