Now is the time to plan!
Over the years, half of the charitable dollars that have come to Hospice Giving Foundation have come from donors who cared enough to take the time to plan their gifts. Planning your gift can result in a real win-win situation, with significant benefit to both you and the Foundation.
Why does this work? The Federal government wants to encourage people to give to charity, so it has set up tax incentives for many kinds of charitable gifts beyond leaving a bequest through your will. Here are some examples. These gifts and tax incentives include:
- Gifts from overfunded retirement accounts – you can avoid income tax on mandatory withdrawals.
- Charitable trusts - can provide additional income during your life, get you an income-tax deduction, and leave a significant gift to your favorite charity later.
- Unneeded real estate - can help you simplify your holdings and get you an income-tax deduction now.
- Your own home – you can give your home to Hospice Giving Foundation and retain the right to live in it for the rest of your life, generating an income-tax deduction now.
How does this work? The tax benefits differ for each kind of planned gift and depend on your personal situation: your charitable goals, your family’s financial needs, and how your assets are invested now. First of all, you should be able to answer “yes” to these questions:
- Do I want to help make compassionate end-of-life care available for generations to come?
- Even if they are not liquid at this time, do I have some assets that I could sell, transfer into a trust, or leave in my will?
If you answered the above questions “yes,” then here are some questions that can lead to the right planned gift decision:
- Do I need income-tax relief now?
- Am I concerned about having enough retirement income?
- Is it important to provide no-worry income for my spouse or someone else close to me?
- Do I hesitate to sell stock that has grown in value because of the capital-gains tax?
- Do we have a second home that has become a burden?
The Westland-Hermann Legacy Society is Hospice Giving Foundation’s way of recognizing donors who include us in their estate plans. It recalls Helen Westland and Sarah T. Hermann, two great ladies whose legacy of hard work and extraordinary generosity has helped make local end-of-life care available to thousands.
I’d like to include you in my will. How should I go about this? You may make a new will, modify your current will, or include Hospice Giving Foundation in your revocable trust. Please include your family and lawyer in this process.
Here is some wording to consider:
“I hereby give, devise, and bequeath to Hospice Giving Foundation, Monterey, California, for its general purposes [choose one]
“______ percent of all the rest, residue, and remainder of my Estate after all other bequests have been made.”
* Please make sure you include our Tax ID #94-2404634
It is important to contact Hospice Giving Foundation to notify us of your action so we can protect your interests when you are no longer there to do so. Our phone number is 831-333-9023.
What should I do next? Hospice Giving Foundation is prepared to work with you and your financial advisors to find the best structure for your charitable giving. Our staff can produce examples of how it might work for you. Gift planning is very personal, so please call 831-333-9023 for more information.