GIVING OPPORTUNITY
Explore your options
A little planning can go a long way .
lanning for retirement and beyond can be overwhelming — confronting difficult decisions about your own life , your loved ones , and the things about which you are most passionate . Luckily , a myriad of planned giving options can help you meet all your priorities . Read on to learn about how real donors * like you created a plan to address both their own financial needs and philanthropic goals .
Early in 2022 , John received the devastating news that he had a rare type of aggressive cancer with very few treatment options . He needed to put his affairs in order quickly .
John had no heirs and wanted to minimize the stress his loved ones would endure after his passing , particularly with the sale of his real estate properties . He decided to donate those assets to Baylor Scott & White Central Texas Foundation in honor of the care he received .
In one instance , John donated his property outright , maximizing the impact of his gift and easing the burden on his loved ones . He received an immediate income tax charitable deduction equal to the full appraised value of his gifted real estate .
For another property , John sold the asset to the Foundation in a “ bargain sale ” at less than its appraised value . He received a tax deduction for the difference between the selling price and appraised value as well as an immediate cash payment , which he plans to use for his medical expenses .
Through these two different types of real estate gifts , John was able to provide for his own care , give comfort to his loved ones , and help ensure future patients continue to receive quality healthcare .
A gift of real estate could be right for you if you have any of these goals : f You own real estate for which you no longer want to be responsible . f You are willing to donate your home if you can continue to live in it . f You own real estate that you are willing to sell to us for a bargain price . f You own real estate that you are willing to donate if you get income in return . f You want to save on income taxes .
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Sophia knew she was getting older and would need to designate where her assets would go and who would manage them after her passing . With no family to take on the task , she turned to the Foundation .
Foundation staff connected Sophia with a local attorney who helped her draft her will , and a third-party organization that could act as her executor . Having received great care in the past , she decided to donate her entire estate to Baylor Scott & White Health . Sophia says it felt like a weight was lifted off her shoulders not only to have a plan in place but also to use her worldly goods to benefit others .
A bequest could be right for you if : f You want the flexibility to change your mind . f You want continued access to your wealth , should you need it . f You are concerned about outliving your resources .
THE COMPASS / SUMMER 2022