Planned Giving

What is planned giving?
You may have heard the term “planned giving” but aren’t sure what it really means. Simply, planned giving is planning to make a difference both for yourself and a cause you believe in, through a charitable gift.  Planned giving is often described as “leaving a legacy” because many gifts are created to make an impact for future generations.

Why give a planned gift?
Many individuals have found planned gifts to be an excellent vehicle for benefiting their favorite charitable organizations. In addition to personal satisfaction, such gifts offer major planning opportunities to minimize federal and state taxes while increasing the possibilities for effective distribution of assets. The wide degree of flexibility permitted in arranging a planned gift while still obtaining favorable tax benefits has contributed significantly to making such gifts a popular and potent estate-planning tool. There are many ways to make a gift to San Mateo County Health Foundation.

With a legacy gift to San Mateo County Health Foundation, it is possible to both give and receive. Here are four ways you can make a legacy gift that helps San Mateo Medical Center advance medical excellence in our community while providing many tax and income benefits to you and your family.

Bequest – the most popular legacy gift
Giving through your will is an easy way to make a legacy gift and is one of the most significant ways donors can benefit San Mateo Medical Center. Through a provision in your will or living trust, you can make a gift in the form of cash, securities or real estate. Your bequest can support a specific program or the Hospital’s greatest need. Bequests are exempt from estate taxes which will reduce the overall tax burden on your estate.

Sample language: “I bequeath _______ (amount or % of your estate or residual amount) to the San Mateo County Health Foundation, Inc. (Tax I.D. #: 94-3116070), 222 W 39TH Avenue; San Mateo, CA 94403-4364, to be used or disposed of, for the benefit of the San Mateo Medical Center.”

Life Insurance – an easy way to make a gift
If you have a life insurance policy that has served its original purpose and you no longer need it, consider contributing the policy to San Mateo County Health Foundation or naming the Foundation as the policy’s beneficiary. When you name the Foundation as an owner or beneficiary of your life insurance policy, you may also be entitled to a charitable tax deduction for the value of the policy or for premiums paid.

Retirement Plans – avoid double taxation
When you name San Mateo County Health Foundation as a beneficiary of your IRA, 401(K) or other qualified plan, your gift will pass tax free to support the Hospital. Your estate will avoid double taxation of estate and income taxes that would be imposed on it if your retirement assets pass to an heir.

Charitable Gift Annuity – guaranteed life income
A charitable gift annuity (CGA) is a contract between you and the San Mateo County Health Foundation in which you transfer cash or securities to the Foundation. In return, the Foundation pays you and/or your spouse a guaranteed income for life. You are entitled to an immediate charitable tax deduction and a portion of your income may be tax free. CGAs are particularly attractive for individuals with highly appreciated assets that are producing little or no income. CGAs can be established at age 60 for as little as $10,000.

For more information on Planned Giving, please contact Leslie Williams-Hurt, Development Director of San Mateo County Health Foundation at lwilliams-hurt@smcgov.org or call her at (650) 573-2670.