Strategic Giving
Through the years, many individuals have found gift planning to be an excellent method of benefiting Hoag Hospital. In addition to personal satisfaction, such gifts offer major planning opportunities to minimize federal and state taxes, increasing the possibilities for effective distribution of assets. The wide degree of flexibility permitted in arranging a gift plan while still obtaining favorable tax benefits has contributed significantly to making such gifts popular and potent estate-planning tools.Life Income Plans There are several types of life-income plans, all of which combine an income stream for life (to one or more designated beneficiaries) with an ultimate gift to Hoag Hospital. Life-income plans are attractive to many individuals because they offer substantial tax benefits and may increase cash flow to the donor and/or another beneficiary. Gift Annuities
Charitable gift annuities are the simplest of the life-income plans. In exchange for a transfer of cash, marketable securities or, in some circumstances, real estate, Hoag Hospital Foundation contractually guarantees to pay a fixed sum to you and/or another beneficiary for life. The payment rate depends on the age of the beneficiaries. The older the beneficiary, the higher the payment rate. You can claim a charitable income tax deduction in the year you fund your gift annuity for the portion of the transfer that represents a charitable gift. Life-income payments may also be deferred if income is not needed immediately. For more information on how gift annuities work click here. Donor story: Felix and Flory Van Beek Charitable Remainder Trusts
Charitable remainder trusts are popular plans because of the financial and estate-planning flexibility they offer. A charitable remainder trust created during life takes advantage of income, capital gain, and estate tax savings. You simply transfer an asset you own such as securities or real estate to your charitable remainder trust, which provides an income stream to you and/or your family with the remainder interest passing to Hoag Hospital. Deferred Gifts Will or Bequest
Estate commitments allow Hoag Hospital donors to give in ways they may not have been able to during their lifetime. Bequests can take various forms: - A specific bequest directs that Hoag Hospital is to receive a specific piece of property.
- A general bequest directs that Hoag Hospital is to receive a specified dollar amount or percentage of your estate.
- A residual bequest is used to give Hoag Hospital all or a portion of whatever remains after all debts, taxes, expenses, and all other bequests have been paid.
While all of the above forms of bequests can be used to provide for unrestricted support of Hoag Hospital, they may also be designated for a specific purpose at Hoag Hospital.Because of the estate tax charitable deduction, a gift to Hoag Hospital can significantly reduce the tax burden on your estate. If you plan to make a bequest gift to Hoag Hospital, we recommend that you or your representative contact Hoag Hospital Foundation at (949) 764-7206 or email sharon.thornton@hoaghospital.org for additional information. For suggested bequest language, click here. Real Estate with Retained Life Estate
Let's assume you plan like to give your home to Hoag but would like to continue to live in your personal residence during your lifetime. By giving your home to Hoag now, you will receive an immediate charitable income tax deduction and still enjoy life occupancy. The amount of the deduction is contingent upon the value of the property and your age. You may also use the gift of your home to create an additional source of income. A gift annuity funded with the remainder interest in your home provides you with a substantial charitable income tax deduction as well a lifetime income stream. Donor story: Bill Bracey Life Insurance
Many people own some form of life insurance because of its unique ability to meet a variety of needs for financial protection. You can name Hoag Hospital as the primary beneficiary or as a successor beneficiary of a life insurance policy. Life insurance proceeds that are payable to a qualified charitable organization, such as Hoag, qualify for an estate tax charitable deduction. Retirement Plan Benefits
Since retirement plans are often subject to both income and estate taxes upon the death of a participant, they present an attractive option for a charitable gift. Hoag Hospital can be named as the beneficiary of all or part of the residual balance of qualified retirement plans leaving your assets that are taxed less heavily to your family and loved ones. For More Information
We have highlighted a variety of giving options, and other alternative plans are available to realize the greatest personal and financial satisfaction from making your charitable gift. Hoag Hospital will be delighted to work with you in arranging a gift plan that best suits your objectives. Please call the Hoag Hospital Foundation at (949) 764-7206 or email sharon.thornton@hoaghospital.org.
Hoag Heritage Society
Hoag Hospital recognizes the generosity and foresight of our thoughtful benefactors through membership in the Hoag Heritage Society. The Society's sole purpose is to thank those generous individuals who have provided for Hoag Hospital's future through their estate plans. Due to their support, our benefactors have created a meaningful legacy for present and future generations, thus ensuring Hoag's tradition of innovation and excellence in health care. If you have remembered Hoag Hospital in your estate plans, please let us know. We would be happy to acknowledge your generosity and foresight by welcoming you as a Hoag Heritage Society member. For further information about the Hoag Heritage Society, contact Hoag Hospital Foundation at (949) 764-7206 or email sharon.thornton@hoaghospital.org.
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