Planned giving: Leaving a legacy
Many individuals have a desire to support a favorite charity but are unable to help as much as they would like. Are you one of these people?
You might be surprised to learn that there are ways in which you can help the Norton Healthcare Foundation while minimizing your taxes and still being able to leave an inheritance to your loved ones.
Planned giving options
- Charitable gift annuity Irrevocably transfer an asset (property or stocks) to the Norton Healthcare Foundation and, in return, receive an annual payment for life with rate of return based on your age. A portion of the payment you receive may be tax-free. Upon death, payments end and the asset goes to the foundation.
- Bequest: Designate property (that will not be subject to federal estate tax) to the Norton Healthcare Foundation by including a bequest in your will, naming the foundation as the beneficiary upon your death.
- Beneficiary designation: Name the Norton Healthcare Foundation as recipient of the proceeds of your life insurance policy, retirement account or savings account upon your death.
- Charitable remainder trust: You and any named beneficiaries receive a set income, and the Norton Healthcare Foundation receives the remainder of the funds at a designated time.
- Charitable lead trust: The Norton Healthcare Foundation receives income and then you and/or others named receive the remainder at a low gift or estate tax cost.
- Securities: When you donate stocks and/or mutual funds, you avoid paying capital gains taxes.
- IRAs: Since IRAs are taxed at a very high rate, original values decrease dramatically when they are passed to heirs. Instead, name the Norton Healthcare Foundation as a beneficiary of your IRA or trust to reduce taxes while still giving a charitable gift.
- Life estate reserved: Designate property (e.g., personal residence or farm) to the Norton Healthcare Foundation while retaining the right to live in and use the property for life. By creating a deed transfer with a “life estate,” you will receive an immediate tax benefit for your planned gift.
Learn more about these and other options.
Have you named the Norton Healthcare Foundation in your estate plans? Let us know!
The 1881 Society
The 1881 Society honors the unending generosity of The Rev. John N. Norton, whose name Norton Healthcare carries, as well as the generosity of living individuals who include the Norton Healthcare Foundation in their estate and financial planning. If you’ve included the Norton Healthcare Foundation in your estate plans, notify the foundation to become a member of the 1881 Society.
Does your estate include plans to donate $100,000 or more?