A little planning goes a long way. The Health Foundation of Greater Indianapolis, Inc. offers many planned giving options. A planned gift is a charitable donation provided for during your lifetime but not available to the Health Foundation until sometime in the future. Planned gifts promote the Foundation’s enduring mission of supporting health initiatives in Indiana, while at the same time maximizing your personal estate and financial goals. Following are descriptions of the various types of planned gifts for you to consider:
Bequest by Will
An outright bequest to The Health Foundation of Greater Indianapolis, Inc. in your will is the simplest means for providing for your community. You may provide for a specific dollar amount of a percentage of your estate.
Example Bequest Language: “I give, devise, and bequeath the (sum of/ percentage of/ residue of my estate) to The Health Foundation of Greater Indianapolis, Inc., a not-for-profit corporation with principal offices located in Indianapolis, Indiana, to be utilized for the benefit of The Health Foundation of Greater Indianapolis, Inc. [as specified in an agreement on file at said Foundation.”
IRA or Qualified Plan
If you are 70 1/2 or older, you may direct funds from your IRA distributions to the Health Foundation. Doing so reduces your taxable income by the amount given. In addition, at death, retirement plan or IRA balances are included when figuring estate and income taxes to your beneficiaries – often up to 85 percent. Funding a charitable bequest with an IRA or retirement plan prevents the bequest from becoming a liability of your estate, and the gift is made with pre-tax dollars.
Charitable Remainder Trust or Lead Trust
A charitable remainder trusts provide income to a beneficiary with the remainder to the Health Foundation. Conversely, charitable lead trusts provide a portion of the trust’s income to the Health Foundation with the remainder to the beneficiary.
Life Insurance Policy
Donating your life insurance policy to the Health Foundation gives the Foundation the policy’s value. Policies that were never used for their original purpose can make excellent gifts when given to the foundation. Some donors find they can make a much larger gift by purchasing a life insurance policy and naming the foundation as owner and beneficiary.
To see a comparison of the various types of giving, please click HERE. For a sample Planned Giving Gift Agreement, please click HERE. For more information on how you can make an estate or planned gift to the Health Foundation, please contact Jason Grisell at (317) 630-1805 or firstname.lastname@example.org and your personal financial planner or attorney.