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Planned GivingPlanned Giving provides you with several options and opportunities to include support of Wellmont in your overall financial and estate plans. Planned gifts are generally gifts or commitments made in the present with the benefit to Wellmont "deferred" until a future date. However, planned gifts may include outright gifts of appreciated property (securities and real estate) or gifts of tangible personal property. We realize that, as you consider a planned gift to Wellmont Foundation, you must balance your family's needs, your personal lifestyle, and your financial resources with your desire to contribute to the health care needs of our region today and in the future. Keeping this balance requires careful planning, and the development staff at Wellmont Foundation stands ready to help you make the most informed decision possible. Planned Giving Online Information Life Insurance and Tax Deferred Retirement Accounts Annuities and Trusts (Gifts with Life Income) Contact UsIf you would like to discuss the possibility of a planned gift or the specific gift language please contact Todd Norris at 423-230-8556 or Todd.Norris@Wellmont.org. We do not provide legal advice. Please consult with your attorney or CPA. Your inquiry is confidential and involves no obligation. Planned Giving Online InformationTo learn more about making contributions through estate planning, please visit our informative Planned Giving Information pages. Please note that for this link Wellmont Foundation has contracted with Stelter Inc., a private vendor, to provide most accurate and up-to-date information for prospective benefactors. Estate Planning ConsultationsWellmont Foundation is pleased to announce that we have partnered with Thompson & Associates of Nashville, Tennessee to provide expert guidance in estate planning. This affiliation gives us important new resources to offer our friends in the community and because their fees are covered by the foundation, their valuable service will be offered to individuals at no charge. For more information and available dates... In your willIncluding the foundation in your will is a very simple process. You may use your will to benefit the hospital or medical area of your choice by instructing that the foundation receive a specific amount, a percentage of your estate, or a remainder amount. A will provides an opportunity to express your values and to create a legacy. The development staff at Wellmont Foundation looks forward to being of assistance to you and to your professional advisors as you prepare an estate plan that will be consistent with your wishes and the needs of the hospitals. Since we cannot predict future medical needs, we recommend that your bequest be unrestricted or designated to a particular hospital so that your gift may be directed to the area of most need at the time we receive your bequest. Below you will find various types of bequests. If you wish to be anonymous, your gift will remain confidential. With your permission, we would appreciate recognizing your gift so that it may inspire others to follow in your footsteps. Specific language that may be incorporated into your estate planning document(s) could be as follows:
EndowmentYou may wish to create a permanent endowed fund in your name or in the name of a loved one or of someone you greatly admire. Your fund's principal will be held and its income distributions directed in support of a particular area of Wellmont Health System that holds special meaning for you. As an alternative, you may choose to permit Wellmont Foundation to make the decision as to which area or areas will benefit most from your endowed fund's distributions. Your endowed fund would be a legacy that lives on in perpetuity. If you do wish to restrict your gift we suggest additional phrasing such as: “If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Wellmont Foundation Board of Governors may redesignate the purpose to adhere as closely as possible to my original intent.” If Wellmont Foundation or a related hospital entity is a designated charity in your will, trust or other estate planning document, you may consider forwarding a copy of the document, or the relevant pages of the document, to the development officers at Wellmont Foundation. If you are in the process of drafting your estate documents, it is often wise to discuss your bequest with our development staff. This will allow the Foundation or its related hospital entities the opportunity to confirm that it is able to fulfill your wishes and help to ensure that your wishes are carried out to the fullest extent. Stocks and other propertyGifts of appreciated securities offer tax advantages including forgiveness of the tax on capital gain and an income tax charitable deduction for the fair market value of the securities. You also can make gifts of property such as real estate, life insurance, retirement accounts, works of art, jewelry and valued collections. These gifts provide tax advantages and may require independent appraisals to meet Internal Revenue Service (IRS) guidelines. Life Insurance and Tax Deferred Retirement AccountsNaming the foundation as a beneficiary in your life insurance policy is a simple way to make provision for our mission, as your life insurance needs change and policies are no longer needed to fulfill their original purpose. You may also list the foundation as a beneficiary of tax deferred retirement accounts. This strategy can help in the avoidance of significant taxes on unused retirement funds. Annuities and Trusts (Gifts with Life Income)Annuities and trusts are designed so that you can make provision for the foundation while recognizing current benefits. These vehicles allow a means for you to reduce the taxable portion of your estate, provide a source of income for you and your family, create a current income tax deduction, and benefit healthcare. These instruments are particularly attractive when funded with appreciated assets. Retirement PlansRetirement Funds, such as IRAs and tax-deferred assets, are subject to both income tax and estate tax after one's lifetime. Using such assets as charitable gifts may be a wise choice. You can avoid both income and estate taxes by naming the foundation as a beneficiary. Financial advisors may indicate that this is an excellent way to achieve your charitable goals. Gifts with Life IncomeAnnuities and trusts are designed so that you can make provision for the foundation while recognizing current benefits. These vehicles allow a means for you to reduce the taxable portion of your estate, provide a source of income for you and your family, create a current income tax deduction, and benefit healthcare. These instruments are particularly attractive when funded with appreciated assets. |
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