Remembering Penn Medicine Lancaster General Health in your future gift plans allows you to make a lasting impact on the health and well-being of our community, while experiencing some of these benefits:
- Sizable tax breaks are a major advantage to making a planned gift. The specifics will vary according to a range of factors, so you will need to evaluate the best option for you.
- The power is in your hands. You can detail how you would like your gift to be used.
- Mark your legacy by making your largest gift when life expenses won’t interfere.
Bequests and Estate Plan Gifts
- A bequest costs nothing now, yet gives you the satisfaction of knowing you have provided for the health of our community in the future.
- You retain control of and use of your assets during your lifetime.
- If you let the Lancaster General Health Foundation know of your plans, we will be able to thank you now and recognize you as a member of our 1893 Society.
It is easy to make a gift to Lancaster General Health through your will. Most donors do not need to re-write their will—a simple codicil is usually sufficient and leaves your other estate plans in place.
Charitable Gift Annuities
A charitable gift annuity allows you to give cash or stock to Lancaster General Health while providing yourself or others with lifetime payments. This is possible through the transfer of securities, cash, or other property to the Foundation.
In exchange for an irrevocable outright gift of $10,000 or more, the Lancaster General Health Foundation agrees to pay a fixed amount each year to you and/or another annuitant for life. The amount of the annuity payment will depend on the ages of the annuitants and the value of the assets donated. Annuitants must be at least 55.
- Receive fixed, annual payments for life
- Receive tax-free income
- Federal, and possible state, income tax charitable deduction
- Reduce or eliminate estate taxes
IRA and Other Retirement Plan Gifts
A retirement plan can be a tax-efficient and simple way of including LG Health in your will. The best method is to name LG Health as a beneficiary on your beneficiary designation form. Most retirement plans (other than Roth IRAs) are subject to income taxes if left to a non-spouse beneficiary; however, a charity that is named as the beneficiary does not pay income or estate taxes on the distribution.
IRA Charitable Rollovers
A gift to LG Health through distribution from your Individual Retirement Account (IRA) also allows you to take advantage of tax savings. Under The Protecting Americans from Tax Hikes Act of 2015, Americans over the age of 70½ can distribute up to $100,000 in a calendar year from an IRA to the Foundation or other charities, tax-free.
If you own an IRA and direct your IRA plan administrator to distribute an amount to charity, the distribution counts toward your Required Minimum Distribution (RMD), but is not included in your income for income tax purposes. Although you will not be entitled to a charitable deduction for the distribution, your gift will benefit LG Health.
How It Works:
- You must be 70½ or older at the time of distribution.
- You may distribute any amount up to $100,000 in a calendar year to charity, as long it is completed by December 31 of the year in which you intend to make the charitable distribution.
- Your IRA administrator must make the distribution directly to the charity, or you may write a check payable to the charity from your IRA checkbook.
- If you make a gift to the LG Health Foundation from your IRA, please include written instructions on how you would like to designate your gift by making a note on your IRA check.
Certain restrictions and requirements must be followed when making this type of gift. Before proceeding, you should also consult with your financial advisor to discuss your particular situation including any impact of your state's tax laws.
You can provide now for a future gift to LG Health by naming LG Health as owner and beneficiary of a fully paid-up whole life insurance policy. LG Health then cashes out the policy and applies the proceeds to an area you have designated. This is an easy way to make a significant gift from an unneeded asset, and build the future financial strength of LG Health.
Depending on your personal goals and financial situation, you might wish to talk with your financial advisor about other giving vehicles that might provide benefits for you, your family, and LG Health such as a charitable trust.
Knowing about your planned gift intention allows us to help match your gift to what matters to you the most. Contact us today to talk about the next steps.
Major Gifts Manager