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A gift made by cash or personal check is one of the most popular ways to make a gift to Ransom Memorial Health Charitable Association. With your gift, you will receive a full tax benefit if you itemize deductions. Checks should be made payable to Ransom Memorial Health Charitable Association or RMHCA. Download Donation Form
Memorials and Tribute Gifts
Honor a special person, pay tribute for accomplishments, or to express appreciation with a memorial or tribute gift. If you would like to direct memorial contributions to RMH following the death of a loved one, please contact Kaci Brady (785) 248‐2911 or email her at firstname.lastname@example.org.
Wills and Living Trusts
A charitable bequest is a simple, flexible, and versatile way to make a gift through your will or living trust. By including a bequest to the Ransom Memorial Health Charitable Association in this way, you are entrusting that we will continue our mission for years to come. Consider naming Ransom Memorial Health Charitable Association to receive a certain amount, percentage, or to receive the “residue” of your estate. Your gift may also entitle your estate to a federal estate tax deduction. Suggested wording to use to include a charitable bequest for Ransom Memorial Health Charitable Association:
“I give and bequeath [specific amount, percentage or residue of the estate] to Ransom Memorial Health Charitable Association, a corporation organized and existing under the laws of Kansas and having an office at Ottawa, Kansas, for its general purposes. All Charitable gifts, bequests and devises should be made to the extent possible from assets that constitute income in respect of a decedent as that term is defined in the Internal Revenue Code.”
You can name the Ransom Memorial Health Charitable Association as a beneficiary on such assets as retirement plans and life insurance policies. This can be entirely separate from your Will. It is an easy way to give as well as being flexible – you aren’t locked into the choices you make today. You can review and adjust designations anytime you want.
A tax‐deferred retirement plan [IRA, 401(k), 403(b), etc.] is an excellent way to provide for your retirement years, and reflects wise financial planning. However, much of the remaining principal value can be highly taxed upon death when a natural heir or other person is named as a beneficiary. Donors who select the Ransom Memorial Health Charitable Association as the beneficiary avoid those taxes, and can leave other, lower‐taxed assets to family members. Your plan administrator can provide the beneficiary designation forms needed.
U.S. Savings Bonds
These are ideal assets to bequeath to the Ransom Memorial Health Charitable Association because, like qualified retirement plans, they are subject to income taxes in the hands of those who inherit them, unless they are given to charity.
You don’t need a large estate to make a significant gift. A current or new life insurance policy can be an ideal asset for funding a charitable gift larger than you might have thought possible. There are several options you can consider:
- Name Ransom Memorial Health Charitable Association as beneficiary Naming RMHCA as the primary or contingent beneficiary of a life insurance policy is easy to do. Simply request a beneficiary designation form from your life insurance company and name Ransom Memorial Health Charitable Association as beneficiary. If, in the future, your personal or family needs change, you can always replace the named beneficiary with a new one.
- Transfer ownership of an existing policy to the Ransom Memorial Health Charitable Association
- You may have a life insurance policy that you simply no longer need. If you have paid all premiums owed (a paid‐up policy), or you’ve paid all premiums due and more will be owed in the future (a partially paid‐up policy), you might consider transferring ownership of the policy to Ransom Memorial Health Charitable Association.If you make the Charitable Association the owner, you can claim a charitable income tax deduction. The deduction will be equal to the policy’s replacement value or its basis, whichever is less. If premium payments are still owed (a partially paid‐up policy), and you make annual cash gifts to the Charitable Association equal to the premium amounts as they become due, you will be entitled to an income tax deduction equal to each of those premium payments.
- Make the gift of a new policy to the Ransom Memorial Health Charitable Association
- Another option to consider is taking out a new policy making the Ransom Memorial Health Charitable Association the policy owner and beneficiary. Your annual gifts to the Charitable Association will be applied to premium payments and will entitle you to charitable income tax deductions for those gifts.
A gift of personal property is a way to make a difference at Ransom Memorial Health at little cost. If you donate a work of art or other tangible personal property that can be used or sold by the Charitable Association, you can take a charitable deduction and reduce future estate taxes.
Life Income Gifts
An irrevocable, binding contract between the donor and the Charitable Association, this gift allows donors to support Ransom Memorial Health ‘s Mission while receiving fixed payments for life. Not only does this gift provide you with regular payments while benefitting the RMH Charitable Association, you can also receive tax benefits. Life income gift options:
- Charitable Gift Annuity – the donor transfers cash or other liquid assets, such as stocks and bonds, to the Charitable Association in exchange for regular payments for life. The amount of each payment is determined, in part, by the donor’s age at the time the annuity agreement is established. The older the designated annuitants are at the time of the gift, the greater the fixed income the Charitable Association can agree to pay. In addition, a portion of the income may be tax‐free.
- Charitable Remainder Trusts – pay the donor or a beneficiary on an annual basis for a fixed number of years, or for life. A charitable remainder annuity trust pays the beneficiary a fixed amount annually, regardless of the trust’s investment performance. In a charitable remainder unitrust, the donor receives a set percentage (determined at the outset depending on personal needs and situation) of the value of the trust assets. This value is re‐determined each year, providing the donor with protection against inflation. In both trust types, the remainder of the trust may be given to the Charitable Association.
- Charitable Lead Trusts – provide specific income to the Charitable Association for a set number of years, then return all trust assets to the named beneficiary. These trusts make it possible for donors to reduce the size of their estates, while passing assets on to the next generation and benefiting RMH.
Stocks, Bonds, and Mutual Funds
Consider transferring your appreciated marketable stocks or mutual funds to the Ransom Memorial Health Charitable Association. An appreciated gift of this sort, will provide a significant benefit to Ransom Memorial Health and healthcare in Franklin County. It also offers the donor the potential of important tax benefits. With this gift you will not incur sales expenses and you will not generate a taxable capital gain. Have securities that have decreased in value since you acquired them? It may be to your advantage to sell them, report the capital loss deduction and donate the proceeds. If you currently hold highly appreciated but low‐yield stocks, consider using them to fund a charitable remainder trust or a charitable gift annuity at the Ransom Memorial Health Charitable Association. You can receive a long‐term income stream while minimizing your taxable capital gains.
Real Estate: Thinking of selling your home? Commercial building? Investment Property? Enjoy tax benefits, generate income, and help Ransom Memorial Hospital with a gift of real estate.
A concern of real estate owners with property that has significantly appreciated in value is that much of their profit from a sale will be consumed by capital gains taxes. If this sounds familiar, you may want to consider making a charitable gift of your real estate instead of selling it. By giving property to Ransom Memorial Health Charitable Association, the donor will not have to pay capital gains tax, may be able to take a substantial income tax deduction,
Life Estate in Personal Residence – here the donor actually gives the property to the Charitable Association but retains the right to use the property for the lifetime of a designated person or persons.
Charitable Association but retains the right to use the property for the lifetime of a designated person or persons.
If you have questions or would like additional information, please contact Kaci Brady at (785) 248‐2911 or email@example.com