What does it mean to Leave a Legacy?
In simple terms, it means leaving a gift from your estate to a charitable organization of your choice. You may have heard this described as deferred giving. Generally, such gifts go into effect upon the donor's death, but many provide a lifetime income stream to the donor. Planned gifts come in all sizes. A bequest in your will of any amount would be greatly appreciated by St. Mary's Medical Center.
How important is a will in leaving a gift?
Your intention to leave a gift should be stated in your will or trust. Without a will, you lose control over your belongings after death. Your property and finances will be settled according to state laws, regardless of family wishes. Unfortunately, less than 25 percent of all people have a will or trust.
Some planned gifts can be made by simply naming the charity as a beneficiary of an IRA or insurance policy.
How do I leave a gift for St. Mary's Medical Center?
The most common way to leave a gift is through your will or trust. Many people set aside a certain dollar amount. Others leave a percentage of their entire estate or assets left over after family needs are met. Some leave their home, paid-up life insurance policy or other financial investments.
Contact your professional advisor for help with a will or trust. You do not have to completely revise your will to leave a bequest. Simply ask your attorney to add a codicil to include the St. Mary's Medical Center Foundation in your bequest. Your attorney and other advisors can make sure you are getting the maximum tax and legal advantages allowed for your gift.
You can also use your retirement plan as a type of planned gift by simply filling out the beneficiary form naming the St. Mary's Medical Center Foundation as the beneficiary of your tax-deferred IRA or other plan. Bank accounts and life insurance policies can also be designated as planned gifts by filling out a beneficiary form.
Can I leave a gift in memory of a person or for a specific purpose?
Yes. A memorial gift is a wonderful way to perpetuate the values and ideals of loved ones. Such gifts can be left in your will or trust. Gifts for specific purposes can also be arranged. Gifts can be designated for an area of greatest need for the hospital or they can be designated for areas such as nursing education, indigent care, medications for patients in need, cardiac care, oncology, spiritual care, equipment and technical advances or other needs.
How do I contact the Foundation about planned giving?
Call Dorene Shipley at 816-943-2678. She will be pleased to assist you with questions about planned giving and about specific funding needs at the hospital.