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Bequests: Providing for a Lifetime
For more information or to make a donation to the Buffalo Hospital Foundation
Since the founding of our hospital decades ago, charitable bequests have been part of the philosophy of giving at the Buffalo Hospital Foundation. Many of our friends and supporters who have provided for us in this manner have considered this an important component in their overall estate plan.
Many find estate planning is an unpleasant task or even unnecessary, but there are a number of important issues to consider. It is vital that you discuss your estate plan with a qualified advisor to develop an understanding of the impact of taxes and tax deductions. There are many professionals whose sole task is financial and estate planning.
A well-planned will is the most important document in your estate plan. You may choose additional methods for distributing your assets, such as trusts, but a will coordinates your final wishes.
For many, the most practical and realistic method for providing a major gift to support Buffalo Hospital is through a will. Such bequests can be made in any amount and can significantly reduce estate taxes. You maintain the use, benefit, enjoyment and control of your assets for as long as you need them, for as long as you live. The Foundation then receives the gift from your estate to advance the hospital’s programs of patient care, education and community health initiatives.
There are a number of options available, no matter what the size of your estate. All gifts to us through your estate, whether by specific or residual bequest, qualify for a 100% charitable estate tax deduction.
The Foundation receives a designated amount or asset from the estate. This designated amount can be either a fixed dollar amount or a stated percentage of your estate. You may have a particular asset that is more appropriate as a charitable gift than as a gift to specific individuals. Often real property falls into this category. Generally bequests are found as the beginning of your will document and are distributed before the remainder of the estate.
After each specific bequest has been provided for, the Foundation receives all or a fractional portion of the estate residue. The most common form of residual bequest expresses the gift as a percentage of the residue. By stating the gift as a percentage, you allow for the increase and decrease in the value of your residuary assets. Thus, the designated gift portion remains constant, but the actual value fluctuates (hopefully increasing) with the value of the residue.
The Foundation receives all or a designated portion of the estate only in the event of the death of another beneficiary.
Trust Remainder Bequest
A trust can be created through a will or with an agreement that provides for a lifetime income to a loved one. The Foundation receives all or part of the remaining trust principal after the death of the income beneficiary.