Gift Planning

What Is Gift Planning?

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To learn how you can support our mission while ensuring your family’s financial security. Please call (740) 356 – 5660.

Gift planning is finding ways to make charitable gifts now or after your lifetime while enjoying financial benefits for yourself. Unlike cash donations, they are typically made from assets in your estate rather than disposable income, and come to fruition upon your passing. The most common planned gift is a request in your will or living trust. A misconception is that gift planning is only for the “wealthy.” The truth is, even people of modest means can make a difference through gift planning.

Major Gifts

You can donate cash, appreciated financial assets or tangible personal property as a major gift. You can also receive a charitable deduction for an outright gift of cash. Avoid capital gains tax by donating appreciated stock. Consider giving paid-up life insurance policies or donating personal property. You can personalize your philanthropy through SOMC’s Directed Gift Opportunities which lets you choose what your gift will support, from nutrition services to the continued education of nurses, to patients who are burdened with a financial struggle during an illness. We invite you to explore every opportunity of giving as there are many needs in our community. To personalize your philanthropy, contact Mary Arnzen at arnzenm@somc.org or (740) 356 – 5609.

Explore our planned giving opportunities…

Beneficiary Designations

You can support the mission of the SOMC Development Foundation by naming the SOMC Foundation as a beneficiary on your:

  • Life insurance policy
  • Deferred annuity
  • IRA
  • Qualified retirement plan (401-k or 403-b plan)
  • Bank Account (called Payable on Death account)
  • Investment Account (called Transfer on Death account)

Gifts of Stocks

One of the best ways to support the SOMC Development Foundation is with a gift of securities. You can donate shares of stock, bonds and mutual funds directly to the Foundation. For many people, this is an excellent way to make a charitable gift.

Gifts of Real Estate

You can make a substantial contribution to the mission of the SOMC Development Foundation by donating real estate. You may donate a home, a vacation home, a condominium, a lot, farmland or a commercial building. This may be an excellent way to help support our critical mission in the community.

Charitable Trusts

Charitable trusts are remarkably flexible planned giving arrangements that provide a wide variety of tax benefits to the donors. These trusts are fairly complicated and require drafting by a skilled attorney. Because of the set-up costs, they are used mostly for gifts of $500,000 or more. There are two basic types of charitable trusts: Charitable Remainder Trusts and Charitable Lead Trusts.

Charitable Lead Trusts

A charitable lead trust (CLT) is usually used to reduce or eliminate estate taxes. After a donor transfers assets to a CLT, the trust will make annual payments to the SOMC Development Foundation for a term of years, usually 15-25. At the end of the term, the trust assets then pass back to family members, usually children or grandchildren. The annual payouts to the foundation provide an estate tax deduction and greatly reduce the estate tax that would otherwise be levied on the assets placed in the trust.

Charitable Remainder Trusts

You may fund a charitable remainder trust (CRT) with many different types of assets, including cash, stock, real estate and even closely-held business interests. The CRT, which has been specifically approved by the United States Congress, is an irrevocable trust. Once you fund the trust, you will receive income payouts from the trust for life. At the end of your life, the assets in the trust will go to the SOMC Development Foundation. Because the trust is irrevocable, you receive an income tax deduction when you fund it, even though you enjoy the income for life. You can also defer capital gains tax and often reduce or eliminate estate tax

Legacy Society

We invite you to become a part of the SOMC Development Foundation’s Legacy Society, a recognition program for donors who arrange a planned gift. A planned gift is a future contribution from your will or estate that costs you nothing now. Planning a charitable gift takes into account the needs and benefits of your heirs and family members, but it still allow you to support SOMC for generations to come.

We invite you to help us build an endowment to meet the needs of our community members and future generations to come. Your gift enables us to make sure that we can carry out our mission in the future and continue to be there for our community.