Charitable Gift Annuity The minimum gift investment to set up a gift annuity is $5,000. The donor transfers cash or appreciated assets to the Foundation, and in return the Foundation makes guaranteed, fixed annual payments to the donor for a specified time, usually the lifetime of the donor. If the donor desires, a two-life annuity can be written to provide for both the donor and the spouse. The dollar amount that the donor receives is determined by the donor's age and the age of any other beneficiary designated at the time the gift is given.Charitable Remainder Trust The charitable remainder trust, also known as a CRT, is an individually designed life income arrangement. Setting up a CRT is great for donors who want to increase current income while decreasing taxes. These trusts enable donors to make significant gifts to the future health care of their community while they're still living. Under the terms of the trust, the donor receives a lifetime income from the trust that may continue to be paid to one or more beneficiaries. Upon the death of the donor or the remaining beneficiaries the remaining trust assets become property of the charitable organization.Bequests A bequest is the most common and easily understood type of planned gift. It's a gift by will that may not be possible if made during a person's lifetime. When you make a bequest to the Centra Health Foundation, your taxable estate is reduced by a 100 percent deduction for the amount of a cash gift, or by the fair market value of the appreciated assets.A bequest enables you to ensure Centra Health will meet the health care needs of Central Virginia citizens in the future. You can ensure that the Centra Health Foundation is included in your will by using any of the following statements:"I bequeath the sum of $ (insert amount) to the Centra Health Foundation, a not-for-profit organization, established to support the health care needs of individuals in our community (or insert a specific project or program)."or"I bequeath the (insert percentage) % of my estate to the Centra Health Foundation, a not-for-profit organization, established to support the health care needs of individuals in our community (or insert a specific project or program)."or"I bequeath the residue of my estate to the Centra Health Foundation, a not-for-profit organization, established to support the health care needs of individuals in our community (or insert a specific project or program)."Don't Forget To Notify Us If We Are In Your Will If you or your attorney have any questions about the needs of the hospital system or how to include us in your will, please call the Centra Health Foundation office at (434) 947-4791.Life Insurance GiftsLife insurance gifts are an attractive option for donors who have life insurance policies with a matured value that are no longer needed to protect dependents. Life insurance also can be used to enable donors to make a larger gift than would otherwise be possible. Additionally, life insurance can replace an asset that has been given to a charitable organization.Life Estate Instead of giving cash or securities now to the Centra Health Foundation to fund a gift, you might want to give the Foundation the ultimate ownership of your permanent residence or vacation home, retaining life use for yourself and your spouse. You might also want a survivor (perhaps your spouse) to continue to occupy your home for life. By deeding the property to the Centra Health Foundation, subject to your life possession, you benefit by a sizable current income tax deduction now.
For More InformationPlease visit our interactive Financial and Charitable Planning Web Guide, which features a glossary of terms, a reading room with current literature on planned giving and a gift calculator.
For more information on application guidelines and restrictions contact:
Kathryn M. Pumphrey, Ed.D.Kathryn.pumphrey@centrahealth.comExecutive Vice PresidentCentra Health FoundationLynchburg, VA 24501(434) 947-4791
