Making a gift to LG Health through your will is simple. Most people don’t need to rewrite their entire will—a quick update, called a codicil, is usually enough and keeps your other plans the same. Here are some benefits of leaving a gift in your will:
- It costs nothing now but allows you to know you’re helping the future health of your community.
- You keep full control of your assets and can use them during your lifetime.
- You can designate your gift to support a specific program or department at LG Health that you are passionate about.
- If you share your plans with the Lancaster General Health Foundation, we can thank you now, confirm how you would like your gift to be utilized, and recognize you as part of our 1893 Society.
If you are 70-½ years or older, you can give any up to a maximum of $108,000 this year from your IRA directly to a qualified charity such as the LG Health Foundation without having to pay income taxes on the money. This popular gift option is commonly called an IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short. Why consider this gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- If you are 73 years or older and required to take minimum distributions (RMD), you can use your gift to satisfy all or part of your obligation.
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Your IRA plan administrator must send the gift directly to the LG Health Foundation, or you can write a check from your IRA checkbook.
You may need the following information:
- LG Health Foundation EIN #: 20-5767147
- LG Health Foundation address: 2110 Harrisburg Pike, Suite 205, Lancaster, PA 17601
Be sure to include instructions with your gift and consult your financial advisor to ensure you meet all of the requirements.
A donor advised fund (DAF) gives you the flexibility to recommend how much and how often money is granted to the LG Health Foundation and other qualified charities. You can recommend a grant or recurring grants now to make an immediate impact or use your fund as a tool for future charitable gifts.
You can also create a lasting legacy by naming the LG Health Foundation as the beneficiary of the entire fund or a percentage of the fund. Contact your fund administrator for a beneficiary form.
A charitable gift annuity allows you support LG Health by giving cash or stock while receiving lifetime payments for yourself or someone else. You can do this by transferring cash, stocks, or other property to the LG Health Foundation.
When you make a permanent gift of $10,000 or more, the LG Health Foundation will pay you or another person a fixed yearly amount for life. The payment amount is based on the age of the person receiving payments and the value of the gift. The recipient must be at least 55 years old. Benefits of giving this type of planned gift may include:
- Guaranteed yearly payments for life
- Tax-free income
- Federal (and possibly state) income tax deductions
- Lower or no estate taxes
Using your retirement plan to support LG Health can help you save on taxes and is easy to set up. You can name LG Health as a beneficiary on your plan’s form. Most retirement plans (except Roth IRAs) are taxed if left to someone other than a spouse, but charities don’t pay these taxes, making your gift go further.
You can leave a lasting gift by naming LG Health as the owner and beneficiary of a fully paid life insurance policy. LG Health will cash out the policy and use the funds to support the area you choose. This is a simple way to make a big impact using an asset you may no longer need.
Depending on your financial situation and goals, you might consider other options, like charitable trusts, that can benefit you, your family, and LG Health.
Let us know about your plans so we can help ensure your gift supports what matters most to you.
Contact us to explore how your gift can make a lasting impact.
Phone: 717-544-5956
Email: crystal.mills@pennmedicine.upenn.edu