Planned Giving

If you wish to make a gift, but are concerned about preserving your current income, you can remember Stamford Hospital in your will by "making a bequest." Here’s how it works:

• You can make a bequest of cash, securities, real estate, or personal property such as art or jewelry through your will.
• You may designate your gift as "unrestricted" so that it can be used to meet the areas of greatest need, or you can consider directing it to a specific program or department.
• A bequest can reduce the taxes that would be levied against your estate in the same way that contributions during your lifetime entitle you to charitable income tax deductions.

Sample Bequest Language

The following is a sample of bequest language:

“I hereby give, devise and bequeath [identify a specific sum or asset or a portion of the residuary estate], to Stamford Hospital of Stamford, Connecticut, a non-profit corporation existing under the laws of the State of Connecticut, to be used for its general charitable purposes [or as an alternate, to be used specifically for describe the primary purpose for your bequest, such as the greatest needs of the Hospital or the greatest needs of the Bennett Cancer Center etc.”

“If it is determined by the Hospital that for any reason the gift or any portion thereof cannot be used for the stated purpose, then such gift or portion of the gift may be used for other related purposes, which the Hospital deems to be in its best interests giving due consideration to the original purposes described above.”

Life income gifts serve a dual purpose of benefiting both the giver and the receiver. Gift annuities and charitable remainder trusts can provide donors with an income stream, significant tax savings, and Stamford Hospital with long-term resources. Gift options include:

Gift Annuities

A charitable gift annuity is a way for a donor to transfer a gift of cash, securities or property to Stamford Hospital and realize regular fixed payments for life. At the creation of the gift annuity, these payments are established at a fixed rate and can benefit both you and/or another beneficiary. The older you are, the higher the payout rate you receive. Additionally, the gift will generate an immediate charitable income-tax deduction.

Charitable Remainder Trusts

Charitable remainder trusts may take one of two forms:

Charitable Remainder Annuity Trust

This option provides fixed annual payments for life to the designated beneficiary or beneficiaries. The funds are kept in a separate trust invested to provide the donor with annual payments equal to at least 5%of the initial fair-market value of the trust. Upon the death of the last beneficiary, the trust principal is distributed to Stamford Hospital. In addition to the income received from the trust, the donor is also entitled to a charitable income-tax deduction for the value of our remainder interest in the trust assets. Charitable remainder trusts generally begin in the amounts of $20,000 or more.

Charitable Remainder Unitrust

This option also provides for annual payments to the designated beneficiary or beneficiaries of a specified percentage – at least 5 percent of the value of the trust as it is valued each year. Since the value of trust assets may vary from year to year, payments from a unitrust will fluctuate. At the death of the last income beneficiary, the trust principal is distributed to Stamford Hospital. In addition to the income you receive from the trust, you will also be entitled to a charitable income-tax deduction for the value of our remainder interest in the trust assets.

Financial or personal circumstances may change and you may find you no longer need a life insurance policy for its original intent. For example, your investments might provide unexpected income and security which could lead you to consider this arrangement.

One of the easiest ways to make a significant future gift to Stamford Hospital is to designate the Hospital as the recipient of all or part of the proceeds of a life insurance policy that is no longer needed for family protection. Donating a paid-up policy during your lifetime can result in a charitable deduction for an amount approximately equal to your policy’s cash surrender value.

Another way of making a special gift over a period of time is to purchase a new life insurance policy in which you name Stamford Hospital as owner and beneficiary or co-beneficiary. Such arrangements may result in a contribution that is much larger than its cost.

When thinking about making a charitable donation to Stamford Hospital, consider a Qualified Charitable Distribution (QCD).

What is a qualified charitable distribution?

Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. See Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) for additional information. (IRA FAQs IRS.gov)

Retirement-plan benefits include assets remaining in Individual Retirement Accounts (IRAs) and assets held in accounts under 401(k) plans, profit sharing plans, Keogh plans and 403(b) plans.

Significant tax savings could result from making annual gifts using funds withdrawn from retirement accounts, eliminating income tax that would be realized otherwise. Also, naming Stamford Hospital as the beneficiary to your retirement plan may save your family from paying income tax on those same retirement funds.

The Clason Guild was established in 1992 and is named for Judge John Clason who made a significant gift in 1892 to create Stamford Hospital. Judge Clason's request was ". . . that it provide the best possible treatment to all patients of the community regardless of race, color, national origin, ancestry, age, sex or religion."

The Clason Guild recognizes those contributors who choose to include our hospital in their estate planning. To become a member of the Clason Guild, name Stamford Hospital as a charitable beneficiary in your will, trust, or insurance policy. You can also enter into a charitable gift annuity or make a gift of personal property.

Clason Guild members are recognized for their philanthropic caring with lifetime membership in The Clason Guild. Through their estate gifts, they help ensure the well-being of the community and underscore a commitment to the future and mission of Stamford Health.

To become a Clason Guild member, please contact Gayle Alswanger at 203-276-5944 or email [email protected].