Everyone interested in improving life for people in our community should have the opportunity to support high-quality, compassionate healthcare. Through simple methods planned giving allows everyone to give . . . and every gift matters. Yours for Life, below, offers key suggestions for everyone to consider.
| Planned giving is also about tax-wise, financial planning. Along with comprehensive financial planning, some charitable strategies can assist certain people to give at levels that could transform healthcare delivery in our region. Charitable Strategies for Increased Impact, below, includes additional information for families able to make larger contributions. |
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The Baystate family would like to continually express our gratitude to people who make planned gift commitments. When we learn of your plans, whether or not we assist in the design, we will extend an invitation to join a group of like-minded individuals who have arranged similar gifts. If you prefer, we can ensure your anonymity, even as you join.
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Yours for Life The following planned giving techniques allow everyone the opportunity to support quality healthcare without sacrificing financial security during life.
- Wills
- Trusts
- Annuity plan beneficiary designations
- Life insurance beneficiary designations
- Retirement plan beneficiary designations
- POD bank accounts, and
- POD brokerage accounts.
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With these methods your needs are met first, for all of your life, and the lives of your spouse and family, if necessary. Only then will the contribution come to Baystate in support of the program(s) you selected in the gift making document. For more information, including suggested gift making language, please email Susan Toner or call her at 413-794-4288.
Charitable Strategies for Increased Impact
Gifts in support of the public good - like quality healthcare - are actively encouraged in the United States through tax incentives. These incentives make possible powerful planning opportunities that serve the financial goals of people interested in making a difference.
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The following advantages can be yours through tools designed to harness the power of charitable tax incentives:
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- Increase income for you and your spouse
- Avoid capital gains tax erosion on the sale of appreciated assets
- Receive tax-free income or income taxed at favorably low rates
- Defer income until retirement, above and beyond retirement contribution caps
- Divert income to a parent, child, sibling, or friend in a lower tax bracket
- Preserve estate tax exemptions
- Link philanthropy with the costs of a known future event like a child's education
- Avoid gift taxes
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- Provide a hedge against inflation
- Reduce estate, probate and other settlement costs
- Use a home, vacation home, or farm to achieve substantial income tax savings without changing your living arrangements
- Diversify assets from cost-incurring, no yield, low-yield, or concentrated positions without capital gain tax costs
- Preserve wealth during inter-generational transfers
- Gain professional oversight and administration of investments
- Model positive values associated with wealth by engaging family members in philanthropic decision-making
- Achieve tax-free compounding of investments for future use
- Control flow of accrued or distributed income according to current need
- Central to any charitable gift is the desire to do good things for others and that goal is readily achieved through a planned gift.
The charitable tools available to you have ungainly names but are worth looking into. Contact Susan Toner by e-mail or call her at 413-794-4288 and ask which tools will help you achieve your goals.
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The tools available for charitable planning include:
- Charitable remainder unitrusts
- Charitable remainder annuity trusts
- Charitable gift annuities
- Deferred gift annuities
- Charitable lead annuity trusts
- Charitable lead unitrusts
- Retained life estates
- Pooled income funds
- Private foundations
- Donor advised funds.
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