Leaving your Legacy
Your contributions make a difference in the lives of our neighbors by providing access to high-quality health care. Rush Memorial Hospital Foundation strongly encourages you to consult your financial advisor and your tax professional when considering legacy gift opportunities. For more information or any questions about the opportunities below, please contact Theresa Alexander at 765-932-7568 or theresa.alexander@rushmemorial.com
Create an Income Stream
Charitable gift annuities, charitable remainder trusts, and charitable lead trusts provide you with the opportunity to make a current commitment to your choice of charity or cause(s) and receive an income stream for yourself and/or your beneficiaries. These deferred gift vehicles allow you to avoid capital gains tax on a gift of appreciated property, receive an income tax deduction for a portion of the gift, and remove, for tax purposes, the asset from your estate.
Consider the following vehicles of giving as part of your retirement planning and wealth preservation:
- Charitable Remainder Trust: you or a loved one can receive a steady income for life and at your passing the “remainder” in the trust can make charitable gifts to Rush Memorial Hospital Foundation.
- Charitable Gift Annuity: this vehicle guarantees an income to you or a loved one for life and the charitable remainder left at your passing will be contributed to RMHF.
- Charitable Lead Trust: RMHF can receive a steady income for a period of time and, at the end of the trust period, the principle and growth is returned to you or a loved one.
Real Estate
Whether you wish to simplify your financial life by selling real estate such as vacation homes, rental buildings, lots and farms, contributions of real estate can be an attractive alternative. This can include remainder interests in your personal residence, vacation home, or farm.
Consider the following benefits:
- Avoid capital gains on the sale of the property and take a charitable tax deduction for the fair market value of the real property.
- Eliminate the burden and expense associated with a commercial sale.
- Some contributions of real property may provide a life income through a charitable gift annuity or charitable remainder trust.
- For years to come, health care needs in the community and at Rush Memorial Hospital receive support.
Charitable Bequest
As a form of giving, charitable bequests provide flexibility since they may be changed at any time. Through a bequest to Rush Memorial Hospital Foundation, you can improve the quality of healthcare for countless patients at Rush Memorial Hospital. Donors making a bequest to RMHF are recognized through the Purple Oak Society and have opportunities to select for special recognition throughout the facilities.
Qualified Retirement Plan
Currently subject to both estate tax and income taxes assessed to the individual recipients, your qualified retirement assets passed through your estate could be significantly reduced. Naming Rush Memorial Hospital Foundation as a beneficiary of a qualified retirement plan allows you to designate the total accumulation for charitable causes most important to you. Your spouse can waive survivor rights in favor of a charitable organization or a charitable remainder trust.
Unused Life Insurance Gifts
Life insurance is often purchased when people want protection for their family, business, or estate. However, in later years they often find they do not need all the insurance they did when they were younger. As a result, it may be desirable to use life insurance policies for charitable giving. If you want to achieve immediate tax benefits, consider irrevocably transferring an insurance policy to Rush Memorial Hospital Foundation by obtaining a change of ownership form from the issuing company. Or, you can name RMHF as a primary, successor, or contingent beneficiary of your insurance.
Purple Oak Society
The Rush Memorial Hospital Foundation’s Purple Oak Society honors individuals and families who have established Rush Memorial Hospital as a planned gift beneficiary. You are invited to become a member of the Purple Oak Society by naming the Rush Memorial Hospital Foundation in your estate planning. Special opportunities to be recognized for your gift are available throughout our facilities and are customized based upon you and your families’ wishes. Purple Oak Society Membership Form
Complimentary Estate Planning