Leave a Legacy
Many of our faithful supporters who attend events, offer gifts during the annual appeal, purchase tickets or serve as a board or committee member often wish they could give more, but feel there is just no more room in the family budget. With a little creativity, planned giving can allow these generous partners to make larger gifts than they had ever thought possible. With careful planning on your part, you can leave a legacy to the children and adults of McGuire Memorial, while increasing your own retirement income or reducing capital gains and estate taxes to your family. Some examples are listed below, but Foundation staff are available to help guide you in creating a legacy gift.
Wills and Family Trusts
Your estate can provide for our “Entrusted Treasures” with compassionate, holistic care. In your will you may decide to leave McGuire Memorial:
- A specific amount of money
- A percentage of your estate
- All or part of the residue of your estate, or what remains once you have provided for loved ones
A gift to McGuire Memorial Foundation in your will is a meaningful way to create a memorial that ensures that every person experiences life to the fullest in a supportive, nurturing environment.
You’d like to help, but need the income. Or you may have a highly-appreciated stock that pays a low dividend, but you don’t want to trigger the capital gain. Whether funded with cash or stock, a gift annuity will provide a handsome cash flow that may be partly tax-free. You’ll also get a partial tax deduction now. If you transfer your stock to the gift annuity, you can significantly reduce the capital gain and spread the rest of it out over a number of years. The best part is, after you’re gone, what’s left over will help continue to make a difference in the lives of individuals who are physically or intellectually disabled.
Minimum IRA Distribution after Age 70+
Are you forced to take money you don’t really need from your IRA accounts each year just so you can pay taxes on it? If so, you can provide person-centered services and perhaps ease your tax pain at the same time. Simply write a check for the same amount as your required IRA distribution to McGuire Memorial Foundation, and if you itemize, you may be able to eliminate some or all of your tax liability on the transaction.
Defusing the IRA Tax Time Bomb
If you hope to leave IRA or pension plans to your heirs, they could be in for a rude surprise. Some estates will suffer double taxation on these assets, and end up losing 50% or more to taxes!
If you are worried about this possibility, please discuss this with your accountant or attorney. Ask how you can preserve more of your estate for your family while ensuring that every person at McGuire Memorial experiences life to the fullest.
Life Insurance Policies
Many families own life insurance policies that have outlived their original purpose, and which can aggravate estate taxes if not treated with care. Often, these old policies can be used to bring new life to new programs at McGuire Memorial.
New Life insurance policies can sometimes be used to make giving a larger gift to McGuire Memorial more convenient and affordable.
Gifts can be made toward our greatest need or can be designated for a specific fund or campaign. Please contact the Director of Advancement of the McGuire Memorial Foundation (725-843-0365) to discuss planned giving options that interest you.
Planned Giving allows you to make generous gifts to your favorite charities, receive a charitable deduction now, and leave a lasting legacy to the charitable organization of your choice.