Did you know that depending on your current age, a newly documented planned gift or bequest may have 100% credit toward Lawrence General’s current development campaign? Please review our Planned Giving Valuation Policy for more information on this topic. All we need to document this future gift today is a gift letter completed, signed, dated and returned.
We deeply appreciate your assistance, and we try to make philanthropy as rewarding for you as it is for us. That’s why we want you to know about some of the financial tools you can use to plan your gift to Lawrence General so that the gift also returns some benefits and tax advantages to you and/or your family.
Here are some of the most common planned gift vehicles used currently by our Lawrence General donors:
Wills and Trusts
You can make a gift that costs you nothing during your lifetime – make us a beneficiary of your will or trust, or a beneficiary of your retirement plan, and leave your cash flow and current financial planning uninterrupted.
Please include this language in your will to make an estate gift to Lawrence General Hospital:
“I give, devise, and bequeath (describe dollar amount, property to be given or percentage of your residuary estate), to Lawrence General Hospital, a not for profit, 501 (c) (3) organization, located at 1 General Street, Lawrence, MA 01842, to be used by said organization to meet the immediate or future needs of the hospital, as determined by the Lawrence General Hospital Board of Trustees.”
Please be sure to let us know if you have included us in your estate plans so we can thank you now and help us plan for future improvements and expansions at Lawrence General Hospital thanks to your thoughtful generosity. We can even book a future gift or bequest today in the current campaign – just complete this gift letter and return to us.
Retained Life Estate Gifts
You may donate a residence, or a % of the residence, to Lawrence General Hospital while retaining the right for you and/or a spouse to live in the house for life. You receive an immediate charitable income tax deduction for your ultimate gift to Lawrence General and effectively remove the property, or a portion of the property, from your estate. Furthermore, a gift in the form of a retained life estate does not prevent you from relocating at a later point.
You don’t have to use cash to make your gift — you can give us appreciated securities instead, and use an asset that costs you less than the tax deduction you’ll get for it. To make a transfer to Lawrence General, call Kristin Conklin at 617-217-6136, or by email here. Be sure to let us know at Lawrence General that a gift is in process so we can match your name to the securities transferred as a gift and direct the gift to the proper fund (these transfers arrive at Lawrence General anonymously.)
IRA Charitable Rollover Gifts
You may be eligible to make a tax-free gift directly from your individual retirement account (IRA), but you must act before January 1st each year. This type of gift is dependent on Congress approving (which typically occurs in December, so donors need to be ready with their advisors to move quickly.)
Legislation passed by Congress allows individuals who are age 70 ½ or older to make a distribution from your IRA directly to charity. Although this direct gift to charity counts toward satisfying your required minimum distribution requirements, the amount of the distribution is excluded from your taxable income.
Guidelines and Qualifications:
~ Donor must be age 70½ or older at the time of the gift.
~ Donor may transfer up to $100,000 directly from their IRA in a given year.
~ Donor must transfer the funds outright to one or more qualified charities. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities or supporting organizations.
~ Because this gift technique expires on January 1, you must complete your transfer to Lawrence General by December 31.
Assets & Collections
You may be holding assets that would benefit the Hospital more than they do you — such as a life insurance policy that you no longer need, a parcel of real estate like a second home or undeveloped land or condo, or a collection of books or artwork that you no longer have room to display.
Annuities, Trusts & Real Estate
You can make the Hospital a partner in your giving – for example, you can deed us your home (or a portion of your home) but continue to live there, you can sell us property at a charitable discount, or you can make a gift that pays you lifetime income.Or you can set up a charitable trust, which may pay you and/or your spouse income during your lifetime, and also relieve tax burdens for your family.
These tools are called planned gifts, and we are glad to discuss options with you so you can understand how planned gifts work and how they can stretch your giving ability, and help Lawrence General in significant ways. For advice or assistance in specific cases or whether to make certain a contemplated gift fits well into your overall personal circumstances, the services of an attorney or other professional advisor should always be obtained. But we are glad to discuss gift planning options anytime.
If you are ready to hear more, or have tax issues you’d like to address via philanthropy, call us at 978-683-4000, ext. 2020.