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Honor/Tribute Gifts Honor/Tribute Gifts recognize and celebrate the special occasions or accomplishments that you or your family, friends or colleagues have received. This is a thoughtful way to honor achievements or milestones in one’s life such as a wedding, anniversary, new arrival, promotion, birthday, retirement, or to express appreciation for someone’s kindness or service.
The Milford Hospital Foundation will acknowledge your gift by sending a letter to the person whom the honor/tribute was made for. The amount of the gift will not be mentioned and a separate letter of thanks will be sent to you. To make a gift please complete the Secure Online Donation Form and indicate in the NOTES box the name of the person who you want to honor as well as the name and address of whom you would like to receive the acknowledgement letter for your gift. Or you can download the Honor/Tribute Form and mail it to the Milford Hospital Development Office with your check or credit card.
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Memorial Gifts Memorial Gifts are a lasting remembrance of a loved one or a respected friend or colleague who has made an impact on you during his/her life. The Milford Hospital Foundation will acknowledge your gift by sending an appropriate letter to the family or friend whose name the Memorial Gift was made for.
The amount of your gift will not be mentioned and a separate letter of thanks will be sent to you. To make a gift, please complete the Secure Online Donation Form and indicate in the Notes box the name of the person who you want to memorialize as well as the name and address of whom you would like to receive the acknowledgement letter for your gift. Or, you can download the Memorial Form and mail it to the Milford Hospital Foundation Development Office with your check or credit card information.
Bequests Perhaps one of the most important documents you will ever make is a Will. It is your last opportunity to remember your loved ones or leave a legacy to a charity like Milford Hospital and make sure that your assets are distributed as you want them to be.
The following language is for donors wanting to support Milford Hospital by leaving a bequest whether it be a set amount or percentage of your estate. To Bequeath a Specific Amount: “I give, devise and bequeath to the Milford Hospital Foundation for Milford Hospital a charitable non-profit corporation located in Milford, Connecticut, the sum of $_____________, in support of the Hospital’s mission of service to continue to provide the highest quality of healthcare facilities, programs and services for the community it serves.” To Bequeath A Percentage: “I give, devise and bequeath to the Milford Hospital Foundation for Milford Hospital a charitable non-profit corporation located in Milford, Connecticut, ________% of my residual estate, both real and personal, for use to support the Hospital’s mission of service to continue to provide the highest quality of healthcare facilities, programs and services for the community it serves.”
For additional information on this or any other types of deferred giving, please contact: Richard Popilowski, Director of Development, Milford Hospital Foundation, (203) 783-1143 or via e-mail.
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Outright Gifts This is the most popular form of giving to support the programs and services at Milford Hospital. All contributions are tax deductible to the extent allowed by law and may be unrestricted and used to support the entire mission of Milford Hospital or restricted for a specific project, program or service at the Hospital. There are many types of outright gifts including:
· Cash Gifts: This is the easiest way to give to support Milford Hospital and your gift is deductible in the year given. You can mail a check directly to the Milford Hospital Foundation, 281 Seaside Ave., Milford, CT 06460 or use our Secure Online Server to send a check from your account.
· Credit Card. Credit Cards are a convenient way for our donors to make a contribution to support Milford Hospital. You can go online to our Secure Online Donation Site or download the forms from our Online Site to mail to the Milford Hospital Foundation. Or, contact the Development Office of the Milford Hospital Foundation at (203) 783-1143 to make your gift by phone.
· Securities. There can be a substantial tax advantage for utilizing your appreciated securities to support Milford Hospital. You will pay no taxes on the gain in shares that you donate plus you will be able to deduct the fully appreciated amount of your shares as a charitable contribution to the Milford Hospital Foundation.
· Matching Gifts. Many corporations will match your contribution to the Milford Hospital Fund. Please contact your employer (usually the Human Resources) or, if you are retired, your former employer to get the appropriate forms to process a matching gift to the Milford Hospital Foundation.
· Real Estate. This is a wonderful way for a donor to make a significant gift. A gift of real estate will enable you to have major capital gains and tax benefits while at the same time helping Milford Hospital. Property that has been held for a long time makes an excellent charitable gift and gives you several advantages: You avoid the hassle of selling the property; Your donation frees up the expenses that you would need to pay for upkeep and taxes; You will generally get a charitable deduction equal to the full fair market value of the property instead of the lower cost basis; You will avoid tax on the property’s appreciation; The transfer will help reduce your taxable estate.
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Life Insurance Put your life insurance to use by helping Milford Hospital. Most people purchase life insurance to secure their families financial future; but, as time moves on, many people no longer need this asset. You may wish to make a gift of an old policy by assigning the Milford Hospital Foundation ownership, thereby being able to help your hospital and also be eligible for an income tax charitable deduction. You may also be interested in helping the hospital by purchasing a new life insurance policy and naming the Milford Hospital Foundation as your beneficiary. This is a great way to maximize your generosity to support the hospital without affecting other assets and your general estate. If you would like additional information on how you can usee insurance to help support Milford Hospital, please call Richard Popilowski at (203) 783-1143, Director of Development, Milford Hospital Foundation. Life Income Gifts Life Income Gifts allow you to provide significant assets to support Milford Hospital while receiving annual income from your gifts investments. Life Income gifts may take many forms such as: · Charitable Gift Annuities. This is a contract between you and the Milford Hospital Fund to provide you a guaranteed income for life. The payment rate on the annuity is based on age of the donor(s) at the time the gift is made. · Deferred Gift Annuity. This is a very useful method for those who need to benefit from a current income tax deduction, while deferring the income until some point in the future (usually at retirement). The amount you receive each year (rate of return) depends upon your age now and your age when the payments are set to start. · Charitable Remainder Trusts provides a way for you to make a gift that benefits you, your family and Milford Hospital. Here the donor creates a trust drafted with the help of an advisor and then transfers assets to set up the trust that is managed by the person setting up the trust or a designee. Each year income that is derived from the assets in the trust is paid to you or other beneficiaries that you name. Since you made a gift that will ultimately be distributed to help Milford Hospital, you will receive an income tax deduction in the year the trust was funded. Payments continue to you and your beneficiaries until the trust “matures” upon your death or the death of the last beneficiary or it can mature after a stated period of years. When the trust matures, the remaining assets become a gift to the Milford Hospital Fund. When setting up the trust, you can decide to get a fixed pay-out each year, unchanging income or fluctuating income that will vary with performance of the assets being invested. A Charitable Remainder Unitrust provides income that fluctuates with the value of the trust assets. When the trust is established, you determine the annual fixed percentage that you will receive annually of the trust’s assets and these assets are revalued each year depending on the value of the assets. You may add to the trust and a tax deduction is allowed for a part of each addition. A Charitable Remainder Annuity pays a fixed percentage (at least 5%) of the initial value of the trust to the donor at least once a year. The payment is context regardless of the change in assets. A Charitable Lead Trust is the opposite of a Charitable Remainder Trust. The donor places the assets into the trust and has income going to the Milford Hospital Fund for a specified number of years. Upon termination of the trust, the principal assets return to either the donor or someone the donor designates. · Retained Life Estate. This is a great way to make a major contribution in support of the mission of Milford Hospital while retaining the use of your home for the rest of your life. By deeding your home to the Milford Hospital Fund, with the provision stated above, you can still obtain valuable tax savings and avoid estate taxes as well. To find out more about how you can make a difference for Milford Hospital utilizing any of these forms of giving, please contact the Development Office at (203) 783-1143 or send an e-mail to Dick Popilowski, Director of Development.
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Retirement Plan Assets
There may be a better option for your retirement plans assets – a charitable gift to support Milford Hospital. A bequest of your IRA assets to the Milford Hospital Foundation avoids all estate and income taxes. Special legislation allows charitable gifts from your IRA while you are living. Under the Pension Protection Act of 2006, you may be eligible to make a gift while you are living using funds from your IRA without incurring any undesirable tax effects. Prior to the new law, you would have to report any amount taken from your IRA as taxable income. You could then take a charitable deduction for the gift, but only up to 50% of your adjusted gross income. In effect, this caused some donors to pay more in income taxes than if they didn’t make the gift at all. ·
Tangible Personal Property Gifts. Personal property gifts like art, jewelry, cars, rare books and collectibles generally can be deducted at the assets current fair market value. The IRS requires that you get an appraisal on items valued at $5,000 or more.
If you are younger than 70 ½, you can still make a charitable gift to the Milford Hospital Fund from your IRA during your lifetime, but that gift will have some tax consequences. Specifically, distributions from your IRA will trigger taxable income to you in the year of distribution and must be reported as such on your income tax returns. However, the advantage of making this gift to us is that there will be a charitable tax deduction for your gift to the Milford Hospital Foundation.
Fortunately, from now until Dec. 31, 2007, these IRA gifts can be accomplished simply and without tax complications. To be eligible for the special tax treatment, you must be at least 70 ½ years old on the day you make the gift. The maximum amount you can give from your IRA is $100,000. Your spouse can also give $100,000 if he or she is 70 ½ or older and has an IRA. You can easily make this gift by contacting your IRA Administrator to make a direct transfer from your account to the Milford Hospital Foundation with a check sent to us at 281 Seaside Ave., Milford, CT 06460.
There may be a better option for your retirement plans assets – a charitable gift to support Milford Hospital. A bequest of your IRA assets to the Milford Hospital Foundation avoids all estate and income taxes. Special legislation allows charitable gifts from your IRA while you are living. Under the Pension Protection Act of 2006, you may be eligible to make a gift while you are living using funds from your IRA without incurring any undesirable tax effects. Prior to the new law, you would have to report any amount taken from your IRA as taxable income. You could then take a charitable deduction for the gift, but only up to 50% of your adjusted gross income. In effect, this caused some donors to pay more in income taxes than if they didn’t make the gift at all. Did you know that your retirement plan assets are facing double taxation? If you leave retirement assets to your heirs, you’ll generate “income in respect of a decedent.” So, not only is the amount diminished by estate taxes, but the recipient also must pay income taxes on it. The assets may also be subject to generation skipping transfer taxes.
· Donor Advised Funds. Donors may create a separate, non-profit entity similar to programs offered by some community foundations and brokerage firms. The donor makes an irrevocable gift to his/her Donor Advised Fund and then may make recommendations on what charitable organizations like the Milford Hospital Foundation will receive gifts. Did you know that your retirement plan assets are facing double taxation? If you leave retirement assets to your heirs, you’ll generate “income in respect of a decedent.” So, not only is the amount diminished by estate taxes, but the recipient also must pay income taxes on it. The assets may also be subject to generation skipping transfer taxes.
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