Win-Win With A Charitable Remainder Unitrust

Win-Win With A Charitable Remainder Unitrust

Recently, a steadfast supporter visited our office to assure us that she would soon be making her very generous annual Generations gift. She hadn’t already done so because she was waiting for the stock market to settle. The gains and losses of the stock market can be very unnerving to our supporters who rely on their investments to provide income. Our solution to giving in such an environment? Charitable remainder unitrust.

Middle-class investors are facing federal and state income tax bills that could drain 25% or more of their 401(k), traditional IRA, and other tax-deferred retirement accounts, and many don’t even realize it. Establishing a charitable remainder unitrust (CRUT) is a wonderful solution for reducing income taxes during retirement and effectively increasing retirement income. CRUTs have existed in the tax code for decades. You can typically create one for $2,000 or less in legal fees, and they offer many investors the opportunity to save tens of thousands of dollars in income taxes.

When you set up a charitable trust, you receive an immediate deduction to use against your income taxes while you are alive. And a $2,000 outlay that saves you tens of thousands of dollars is a pretty good return on investment.

Here’s how they’re structured:

You, the donor, designate a portion of your retirement savings that you want to transfer into the charitable trust. You are then required to receive income back from the trust for the rest of your life. The amount of annual income you receive each year must be between 5% and 50% of the trust assets. You select the percentage at the time of the trust formation. That sounds like a good deal, right? When you pass away, whatever is left in the trust at that time goes to whatever nonprofit(s) you originally designated in the trust to receive the money.

When you first set up the trust, based on your age and the income percentage you elect to receive each year, you receive, while you are alive, an immediate deduction to use against your income taxes. Let’s take a look at an example.

Suppose you’re 65 years old and put $200,000 into a CRUT. Further suppose you choose to take 6% of the trust value as income back to yourself each year.

Based on your age (65) and the income percentage you choose (6% of annual trust value), the IRS actuarial tables dictate that you would receive an income tax deduction of approximately $77,000 on the $200,000 you put into the trust! The gift to Pardee Hospital Foundation would actually cost you $133,000 while you will receive $12,000 in annual income initially.

The charitable remainder unitrust is a tax- and income-smart solution for you if you have a stock portfolio with a high capital gains tax liability. You can transfer the entire portfolio to a CRUT, thereby reducing and spreading out any capital gains tax while receiving an immediate tax deduction and guaranteeing yourself and your spouse an income.

For more information, contact Jim Brewer, Major Gifts Officer, at 828-233-2710 or jim.brewer@pardeehospital.org.

Photo accessed via Flickr.
A Foundation On A Mission – Part One

A Foundation On A Mission – Part One

It is a daily occurrence here at our office to have folks stop by and ask for directions. Most people are looking for their doctors, but some need help finding their vacation rental, their lawyer, or even the nearest doughnut shop. (And really, don’t we all need to know where to find the nearest doughnut shop?) We have become a direction hub, and we’ve heard it all.

Two of the most common follow up questions after the direction inquiry are “So what ARE you all exactly?” and “What is it that you DO?” We’d like to answer these questions by sharing our mission.

By the books, the mission of Pardee Hospital Foundation is to
inspire and educate the community to support Pardee Hospital.

Established in 1953, Pardee Hospital is a 222-bed, not-for-profit community hospital that provides quality, compassionate care to improve the health of the communities it serves.

First, how do we inspire our community? For one of the best examples, register for our Women Helping Women luncheon on October 30th and see for yourself!

WHWSlider

WHW is a program that supports women in WNC by offering both financial and emotional support to those who need it. By attending and contributing to this event, you’ll support those who are without the means to pay for the screenings, treatments, and care they need.

Every year, Women Helping Women event speakers share powerful, inspiring stories. This year, Samantha Harris (of Dancing With The Stars and Entertainment Tonight) will share her triumphs and struggles overcoming an awful hurdle – a breast cancer diagnosis. Her positivity and energy are contagious, and you may leave with inspiration enough to save the world!

Check back in the next couple of weeks to hear more about the second part of our mission: educating the community.

If you’re already feeling inspired to get involved with PHF, let us know by contacting us, donating, or registering for the Women Helping Women luncheon. (We’re almost at half capacity, so reserve your seat soon!)

 

A Whatcast? A Podcast?

A Whatcast? A Podcast?

Those of you who have been on our website or are a friend on Facebook may have noticed the accumulation of some funny little things called “podcasts”. Maybe your friends have talked about them and you’ve nodded your head, hoping that nobody recognizes that you have no idea what they’re talking about. You’re happy for us to have them and for people to appreciate them, but all of this begs the question: what in the world IS a podcast?

podcasts

For you academics, we found a quick video with lots of information. To make a long story short for the rest of us, podcasts are (typically) audio files produced as a series, much like a radio show you can listen to online at your convenience! Podcasts can be about anything; just check out the list of podcasts that NPR has to see how many different topics only one radio station is covering. (We here at the office are big StoryCorps fans.)

PHF has partnered with local radio station WTZQ to share with our community all the best details about our Capital Campaign, with different stories running regularly. We’ve got scientific details with Dr. Eisenhauer, incredible cancer survival stories with the beautiful Marcia Caserio and everybody’s favorite math teacher, Rachel Willingham, plus administrative insight from our knowledgeable staff. Click on one of the links above and learn a little bit while you’re driving to work, doing the dishes, or brushing your teeth. You have to anyway!

Gala Honorees

For the third and twelfth year respectively, Pardee Hospital Foundation is honored to have recognized the Physician and Philanthropist of the Year at our Gala on Friday, June 19th. We already knew that our honorees, Dr. Stuart Glassman and Ms. Mary Ball Jackson, are dedicated and caring individuals, but we weren’t anticipating them being fantastic dancers as well!IMG_4421

Since we are so proud of our award recipients this year, we’d like to brag a little more about how great they are. Mary Jackson has been a member of our community for over 20 years, and during that time, she has given tremendously to the Hospital and Foundation. An Auxiliary member, past member and president of the Hospital Board of Directors, and past Foundation Board member, we can’t think of anything this woman can’t do. (We hear she’s a fantastic gardener to boot.) Mary, we are so grateful to you for your support and for sharing your beautiful family with us at the Gala!

 

IMG_4495Dr. Glassman has been practicing in Hendersonville for almost thirty years, and during his time with us, he has always moved Pardee Hospital towards higher standards and been an advocate for his patients. To quell the rumors, no, we did NOT script his acceptance speech the evening of the Gala. All of the laud for our hospital and articulate presentation was the product of Dr. Glassman alone!

The evening was a great success; over 385 attendees came to Blue Ridge Community College to enjoy cocktails and a huge silent auction, dinner by Corner Kitchen, dancing to music by Common Saints, and the much-anticipated raffle drawing. Most importantly, however, everyone in attendance worked together to raise over $100,000 to benefit Pardee Hospital’s Operating Room Integration Project. IMG_4673

Special thanks go out to our fearless leader/special event coordinator, Tammy McCurdy, and our fabulous committee chairs who put in endless effort: Lisa Hamlin, Bill Gold, Deanna Ellis, and Kandi Hendricks. The following businesses made the magic happen:

AAA Vacations

Flowers by Larry

Lindsay Cromartie

Empire Distributing

Jaguar Land Rover Asheville

Diamond Rush Jewelers

Pat Lance with Spintastic Sounds

U-Rent-A-Plant

Shelley’s Jewelry

See more photos by Julie Mallett here!

Consider A Tribute Gift For Dad This Father’s Day

Consider A Tribute Gift For Dad This Father’s Day

Father’s Day is quickly approaching. Even if the old man rivals these stories or this level of embarrassment, he still deserves something special! What if you lay off the neckties this year and give Dad something a little more meaningful? Making a tribute gift to Pardee Hospital Foundation is a great way to honor your loved ones while supporting your favorite non-profit. Whether it’s to celebrate a momentous birthday, a newlywed couple, or just to say thank you, tribute gifts can be made at any time by calling our office at 233-2700 or filling out this form on our website. When you make tribute and memorial gifts to PHF, the honoree will receive acknowledgement that a gift has been made in their honor. But, just like taking off the price tag before gift-wrapping in the store, we don’t disclose the amount of your gift.

Giving Back

Although it may feel a bit macabre to think about now, writing in your obituary or estate plans that you would like PHF to be the recipient of memorial gifts can unburden family members and offer friends the opportunity to remember you in a substantial way. Sometimes that can be the best thing you can give to your loved ones in this season of gift-giving. We realize no one likes to work on things like this, so we’ve made it easy for you. Just copy and paste this into your obituary: “In lieu of flowers, the family suggests a memorial gift to Pardee Hospital Foundation (http://pardeehospitalfoundation.org/donate/) or mailed to 561 Fleming St. Hendersonville, NC 28791.” There! Done! You’ve done something great for your family and PHF, so you can stop thinking about your mortality! Go have a cup of tea.

 

"Playing in the Grass" by Chris Gladis is licensed under CC BY 2.0