| Naming GRMC in Your Will
Make a Gift through Your Estate
Most people would like to make their mark on the world—to do something that leaves the earth a better place. Your contributions to GRMC’s future make a statement about your thoughtfulness. Why not continue that support through your estate plan?
Consider a bequest. Gifts through your will can be of a particular item, dollar amount, or a percentage of your estate. They can be contingent (passing to the medical center only if another beneficiary dies before you) or in trust, providing income to your spouse or children before passing for the medical center’s benefit.
Give life insurance. You can name GRMC as the beneficiary of a policy on your life or contribute an old policy that you no longer need. Tax savings are excellent. You can also name the medical center as the co-beneficiary or a contingent beneficiary of your life insurance. Another idea may be to transfer actual ownership of the policy to GRMC, or buy a new policy for the medical center. Such a gift would entitle you to an income tax deduction and future premium payments would be tax deductible.
Leave bank accounts. Ask your account manager how savings or checking accounts, C.D.s, or other financial accounts can be made payable to GRMC upon your death.
Consider a trust or savings bonds. Include GRMC as a beneficiary of your revocable living trust. U.S. savings bonds are a splendid selection for a charitable gift by will, but they cannot be left through a beneficiary designation. Such a bequest saves income taxes as well as federal estate taxes.
Think about your retirement savings. IRAs, pensions, 401 (k) plans and other retirement savings arrangements provide for death beneficiaries, which can include charitable organizations (a spouse’s consent will be necessary if the account owner is married). This type of gift can save both “death taxes” and income taxes that would have been owed by a person who received the death benefits.
Leave tax-burdened property. Your estate can save both income taxes and estate taxes if you make GRMC a beneficiary of part or all of your IRA or other retirement account. Family members might keep only 30 cents on the dollar, after taxes, from these assets.
Planning a Will that is Practical . . . and Deeply Satisfying
GRMC has received many bequests—gifts by will—from thoughtful people who considered it only fitting to provide the medical center something from their estates. Their bequests were simply a continuation of the support they had provided all their lives.
Your bequest can be of a stated dollar amount, or you can leave the medical center a specific property. Some of benefactors prefer to bequeath a certain percentage of the “residue” (the amount that remains after paying all inheritances, debts, and costs). There are special arrangements by which your bequest can provide financial benefits to your family and later be used in GRMC programs.
How to Get a Will
Obtaining a will is as simple as 1-2-3.
- Call your attorney. Make an appointment to plan your will. If you do not have an attorney, ask a friend or a relative to recommend one, or call your local bar association.
- Prior to the appointment, sit down and write out all the goals you would like to accomplish through your will.
- Follow your will planning through to completion. Store your will in a safe place and examine it periodically to assure that it is up to date with your family needs and personal desires.
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