Cash Income tax deductions and credits for full amount of gift. Appreciated Stock Tax deductions; avoid capital tax gains Bequest of Cash (Name MHF in will or trust) Retain full use of assets during lifetime. Flexibility to change bequest. Estate tax savings. Bequest of IRA or other Retirement Plan Retain full access/use of assets during lifetime; flexibility; estate tax savings; income tax savings. Life Insurance Policy Create income tax deduction for gift value and insurance premiums; leverage of small annual premiums or one-time cash outlay. Create a Gift Annuity Receive high lifetime income (partially tax-free); capital gain tax savings on appreciated assets; estate tax savings. Personal Residence Retain use of property for life; receive partial income tax deduction; estate tax savings. Charitable Remainder Trust Receive lifetime income; receive immediate income tax deduction; avoid capital gains tax on sale of appreciated assets; flexible payout structure; flexibility to change beneficiary; estate tax savings; create a perpetual memorial in your name. Pledges Enabling donors to give a larger gift over time. Endowments An endowment is a self-renewing resource, allowing a donor’s charitable intent to be fulfilled for generations to come. The gift is preserved for all time by holding it in perpetuity, investing the principal and using only the income from that investment (interest) for the purpose specified by the donor for Mercy Regional Medical Center.
Tax Benefits! Mercy Health Foundation qualifies for Enterprise Zone State Tax Credit of 25% for cash donations of $250 or more. Donations may also be eligible for federal charitable donation tax deductions.
Please consult with your financial advisor or attorney for more information and details about the impact these and other Planned Gifts can make for you and your family.
Definitions of Common Terms Used in Wills and Estate Planning
Beneficiary~ One who inherits a share or part of a decedent’s estate. Bequest ~ A gift of personal property by will. It is synonymous with “legacy.” Bond~ A certificate of debt issued by a government to raise money. Codicil~ A document which serves as a written supplement to an existing will. It may explain, modify, add to, subtract from, qualify, alter, or revoke provisions in the will. Decedent~ The deceased person whose estate is being administrated. Decree~ An official order of the probate court. Estate~ Everything you own; all your assets, whether real property or personal property, and any liabilities. Estate Tax ~ Tax levied on the transfer of property as the result of death. Executor~ The fiduciary nominated by an individual in his/her will to administer the estate, except insofar as if it is to be held in trust according to law. Intestacy~ Dying without a legal will. Probate Court ~ The court which administers justice in all matters relating to decedent’s estate, etc. Testament~ A will. Testate~ Deceased, leaving a valid will. Testator~ The maker of a will. Trustee~ The fiduciary nominated by the testator or settler or appointed by the court to administer the trust properly.