After caring for his wife throughout a long illness , Charles felt like Baylor Scott & White was almost a second home and a second family . He wanted to honor the care his wife received through a charitable gift , but didn ’ t feel like he had the resources to make a real difference .
After talking with Foundation staff , Charles decided to designate Baylor Scott & White as a beneficiary of the remainder of his retirement plan after his lifetime . This gift is simple because there is no need to modify your will or living trust . All you need to do is complete a beneficiary designation form with your plan administrator . With this kind of gift , Charles was able to honor his wife and the care she received , and make a larger impact than he thought was possible .
A gift of retirement plan assets could be right for you if : f You have an IRA or other Qualified Retirement Plan such as a 401 ( k ) or 403 ( b ). f You do not expect to need all of your retirement plan assets during your lifetime . f You have other assets — such as securities and real estate — that you want to pass to heirs . f You want to provide income or payments to loved ones after you are gone .
Phillip was inspired by the care his late wife received at Baylor Scott & White during her fight with cancer . He wanted to honor her life by making a gift to the oncology and hospice departments that compassionately cared for her and their family .
However , Phillip was just entering his retirement and wasn ’ t sure his resources would cover his own expenses as well as a donation . After talking with the Foundation about these competing priorities , he decided to establish a charitable gift annuity that would provide him with a fixed income and tax benefits , and make a significant difference for patients and families in their fight against cancer .
A charitable gift annuity could be right for you if : f You want to maintain or increase your cash flow . f You want the security of fixed , dependable payments for life . f You want to save income taxes or capital gains taxes . f You would like income that is partially tax-free . f You are considering a gift amount of $ 10,000 or more . f You are at least 65 years of age .
Why planning is important :
f With careful planning , you can enjoy your retirement years with the resources you have earned throughout your lifetime , as well as provide for yourself , your loved ones , and the causes that mean the most to you .
f If you do not have a will or living trust upon your passing , the state will impose a distribution plan for you , which may or may not match your wishes . Your efforts now will make things easier for your loved ones if something happens to you .
f When you include organizations that are important to you in your planning , your generosity can make a difference now and long after your lifetime .
* Donors ’ names have been changed to protect their privacy .
Please consult your legal or tax services provider regarding the implications of a planned gift based on your personal facts and circumstances . Baylor Scott & White Central Texas Foundation does not provide legal or tax advice .
11
THE COMPASS / SUMMER 2022