Planned giving is the process of making a donation of estate assets to one or more qualified non-profit organizations.
An estate does not necessarily equate with a high degree of wealth; it simply means all of the assets someone owns. A planned gift is a donation that requires consideration and planning, in light of the donor’s overall estate.
Planned giving can offer unique tax-savings and/or income-producing benefits to donors of charitable organizations. By selecting a plan that best fits your particular situation, you can provide for your needs now or in the future, or for the needs of your loved ones or others you designate.
Special Feature: Audio Track: 7:36
How Charitable Giving Can Benefit You and Your Family
Featuring Jennifer Walker, Leach and Walker, LLC, Attorneys at Law, Monterey, Calif.
Explains three commonly used charitable giving instruments: Charitable Remainder Trusts, Charitable Gift Annuities, and Remainder Interests in Real Estate.
Discusses how these instruments can help produce income, provide tax-saving benefits, and fulfill your charitable goals. Covers the advantages and disadvantages of each instrument.
If you are considering a gift to support hospice and/or end-of-life care services through the Hospice Foundation’s estate planning program, we offer services at no charge to help you and your advisors choose a plan that most closely meets your needs and desires. To explore how charitable planned giving works and its benefits to you, select from the choices in the box below to learn more about them. This information is not intended to constitute tax, accounting or legal advice. Potential donors should consult with their own tax, accounting or legal advisors in connection with planned giving.
What is a Planned Gift?
Gifts made as part of your overall financial or estate plan that can benefit you and your loved ones now and the Hospice Foundation later, are known as planned gifts.
The Benefits of Gift Planning
- With certain planned giving vehicles, you are not taking any assets away from your loved ones.
- With certain planned giving vehicles, you can still change your mind if a need for the assets arises.
- You can provide a stream of income to loved ones, and retain the assets.
- You can pass assets on to your loved ones or other individuals and reduce your taxes.
- You can sell your business (or turn it over to other family members) and avoid a potentially heavy tax burden.
- Through your will or trust, your assets will go where you have designated.
About Beneficiary Designations
Designating a charitable organization such as Hospice Foundation in your living trust or a plan which permit beneficiary designations such as an insurance policy, IRA, Keogh Plan, 401-K or other qualified retirement plan, can reduce estate taxes significantly and still benefit your loved ones.
Advantages of Beneficiary Designations
- They are revocable which means that you can change your mind at any time.
- They are easy to set up and change. Changes in revocable trusts can be done by a simple amendment. There is no need to change the whole trust.
- In the case of retirement plan balances or an insurance policy, designating the Hospice Foundation as a beneficiary can be achieved by contacting the insurance company or plan administrator and submitting a change of beneficiary form. Our legal name is “Central Coast Hospice Foundation.”
- The cost of the gift may be reduced substantially. There may be no estate tax on the gift. In the case of gifts of qualified retirement plan balances, income taxes may also be reduced or avoided. This could result in a gift that costs as little as 25 percent of the amount given. The Hospice Foundation will receive this money with no tax!
If you would like more information, please call (831) 333-9023 or send an email to Lisa Bennett, Director of Development.