Peace Harbor Medical Center Foundation

Frequently Asked Questions About Planned Giving

Q: What is planned giving?

A: Generally speaking, a planned gift is made using the assets of your estate -- as opposed to giving cash from your salary or income. Planned giving is also referred to as charitable estate planning and is often done in conjunction with your estate planning with your financial and legal advisors.

Q: What’s the most common planned gift?

A: A bequest is the most common planned gift, by which the donor names a charity or charities for a specific percentage or dollar amount in their will or living trust. A specific bequest is a gift of a particular item or sum of money. A residuary bequest gives all or a portion of the donor’s property after all debts, taxes, expenses and other bequests have been paid. A contingent bequest will take effect only if the originally named beneficiary does not survive the donor.

Q: What’s a life income gift?

A: This is a popular planned gift where the donor retains an income stream for the rest of his or her life from the asset(s) that has been donated. Common examples include the charitable gift annuity, pooled income fund, and a variety of charitable remainder trusts.

Q: Why have planned gifts become so popular?

A: Planned gifts often provide a donor with a way to give much more than they thought possible, while at the same time providing income where none existed before. Additionally, the recent performance of the stock market grew people’s estates to the point where they must seriously consider how much they may want to pass on to their heirs. No one wants to destroy the work ethic or the entrepreneurial spirit of an heir by leaving so much that they don’t have to be responsible or productive.

Q: What about the estate tax?

A: That’s become another concern with the great stock market returns of the past decade. Many more people are liable for this tax than in previous generations. By developing an effective estate plan that includes charitable planning, people can "zero out" their estate tax, pass significant assets to heirs and make their own decisions about which organizations they wish to support, rather than allowing the government to decide via taxes.

 

For more information, contact Michele Douglass, at (541) 997-1470.

 

The mission of the PeaceHealth Peace Harbor Medical Center Foundation, a tax-exempt 501(c)(3) philanthropic organization, is to improve the health and lives of community members by providing charitable support to PeaceHealth Peace Harbor Medical Center.