By making a planned gift, you can make a significant gift to Cape Cod Healthcare and gain financial and tax benefits for you and your family.
There are several types of gifts that first pay income to you, your family, and then ultimately benefit Cape Cod Healthcare. Below are various forms of charitable gift plans to consider. We would be delighted to work with you and your advisors in arranging planned gifts that best suit your family, financial, and philanthropic objectives.
Members of Cape Cod Healthcare's Beacon Society are those who are making a commitment that will benefit our organization in the future. Such charitable gifts include Bequests, Trusts, Charitable Gift Annuities and Pooled Income Funds. We are grateful to each member of the Beacon Society for supporting our vision and investing in the future of our health system.
Gifts That Pay You Income
Charitable Gift Annuity: The Charitable Gift Annuity is among the oldest, simplest, and most popular of the charitable life-income plans. In exchange for a transfer of cash, marketable securities, or, in some circumstances, real estate, we contractually guarantee to make specified annuity payments to you and/or another beneficiary for life. The payout rate depends on the age(s) at the time of the gift.
Charitable Gift Annuity Rates Information [pdf]
- Fixed payment for life (2 life maximum)
- Allowable federal income tax deduction
- Part of payment is tax-free for life expectancy
Charitable Remainder Trusts (CRT) : The growing popularity of charitable trusts can be credited to the financial- and estate-planning flexibility they afford. With a CRT, assets are placed into the trust which provides income to the pre-determined beneficiary or beneficiaries. At the end of the term of trust, "the remainder" distributes to Cape Cod Healthcare. The donor selects the rate of return and trustee of the trust.
Charitable Remainder Annuity Trust (CRAT) : Instead of a variable payout, the CRAT pays beneficiaries a fixed amount for the entire trust term. The donor selects the trustee and rate of return, as allowed by law. This is particularly suitable for a beneficiary who desires security of a specific fixed amount.
Pooled Income Fund: A fund managed by Cape Cod Healthcare's trustee (State Street Global Advisors) in which gifts are “pooled” for investment purposes with income shared proportionately among the participants. The rate fluctuates with the market. The donor avoids all capital gain tax with gifts of appreciated securities.
Remembering Cape Cod Healthcare In Your Will or Trust
Gifts through wills, trusts or retirement accounts have helped shape Cape Cod Healthcare into the nationally-recognized health system it is today. For many benefactors and friends of Cape Cod Healthcare, a charitable bequest is the easiest and best way to make a gift. You can name Cape Cod Healthcare as the beneficiary of a portion of your estate, or of particular assets in your estate.
Gifts of Retirement Plan Assets
Retirement plans now account for 36% of household wealth. Retirement plans are often used to make charitable gifts. A simple way to make a gift from your IRA, 401(k), 403(b) or other defined contribution plan is to name our institution as a beneficiary of all or a percentage of whatever might remain in the fund at the end of your life. You need only complete a change-of-beneficiary form, which you can obtain from your plan administrator. Such a gift could be a cost-effective way to make a charitable gift. Here’s why: These assets (unless from a Roth IRA) are subject to income tax when paid to a non-charitable beneficiary, and they may also be subject to estate tax, depending on the size of your estate. However, they are subject to neither tax when they distribute to Cape Cod Healthcare.
Attorney and Advisor Information
Cape Cod Healthcare Foundation welcomes the opportunity to work with you and your clients in arranging charitable gift plans to support Cape Cod Healthcare’s mission and your client's estate, financial and family goals. Please contact us directly for further information.
All charitable gifts should be directed to “Cape Cod Healthcare Foundation.” Also, please indicate whether the gift is for Cape Cod Healthcare or one of our entities - Cape Cod Hospital, Falmouth Hospital or the VNA of Cape Cod, and if the gift is for general purposes or should be restricted to a particular project or program.
Tax ID Number
Cape Cod Healthcare Foundation is a 501(c)(3) not-for-profit organization; Tax ID#: 04-3475950.
The IRA Charitable Rollover
Incorporating IRA charitable rollovers as part of your philanthropic support will certainly be beneficial to our mission and your transfer would not be counted in your adjusted gross income on your tax return.
Here are the requirements for making a gift from your IRA account:
- The donor must be 70 1/2 years of age or older on the day of the gift.
- The gift must transfer directly to us from the IRA.
- The gifts from the IRA cannot exceed $100,000 per person ($200,000 for a couple) in a given year.
- The gift can only be outright gifts. (Such gifts cannot fund a charitable trust or charitable gift annuity.)
- The gifts cannot be made to a donor-advised fund, a supporting organization or a private foundation
- No goods or services can be given in exchange for the rollover gift.
While you cannot claim a charitable deduction for IRA gifts, this distribution from your IRA counts toward your minimum required distribution for the account and does NOT trigger income tax for you. It is a tax-free transfer from the IRA account directly to the Cape Cod Healthcare Foundation (Tax ID: 04-3475950).
Please contact your IRA provider for exact instructions. Such transactions usually take a few weeks, but the provider should be able to fast-track such a transaction. We have attached a sample letter of instruction that you can edit and send to your IRA provider.
Sample Letter [pdf]