Making a gift in your will or living trust, known as a bequest, plans for the future and creates the legacy you wish to leave. It ensures your wishes are met and have a lasting impact.
Benefits to leaving Susquehanna Health Foundation in your will:
- Receive estate tax charitable deduction
- Lessen the burden of taxes on your family
- Leave a lasting legacy
- Improve local health care
Bequest options:
- Specific dollar amount or asset
- Percentage of your estate
- Balance or percentage of residue of your estate
- Contingent bequest allows you to name Susquehanna Health Foundation to receive a gift from your estate in the event one or more of the other named beneficiaries in your estate passes or cannot accept the transfer from your estate
Designation options:
- Unrestricted use (greatest need within UPMC in North Central Pa.)
- Restricted to a hospital, service line, fund, program, or endowment (new or existing)
Sample Language:
Specific Dollar Amount or Percentage Bequest Language – A specific amount or percentage bequest allows you to make a gift to Susquehanna Health Foundation of a set dollar amount, a specific asset, or percentage of the estate.
I give to Susquehanna Health Foundation, located at 1001 Grampian Blvd, Williamsport, PA, the sum of $ ___________________ (or _________ asset or percentage) to be used where it determines the need is greatest (or for the support of a specific hospital, service line, fund, or program. In the event this purpose is no longer practicable, then I direct this bequest be used by Susquehanna Health Foundation for a purpose as close as possible to my original intent).
Residual Bequest Language – A residual bequest benefits Susquehanna Health Foundation with all or a portion of your remaining assets, after your estate expenses are paid, and your specific gifts to family have been fulfilled. Residual bequests increase or decrease with the value of your estate over time so that you do not have to continually update your estate plan as your circumstances change.
I give to Susquehanna Health Foundation, located at 1001 Grampian Blvd, Williamsport, PA, all (or state a percentage) of the residue and remainder of my estate, both real and personal, to be used where it determines the need is greatest (or for the support of a specific hospital, service line, fund, or program. In the event this purpose is no longer practicable, then I direct that this bequest be used by Susquehanna Health Foundation for a purpose as close as possible to my original intent).
Contingent Bequest Language – A contingent bequest allows you to name Susquehanna Health Foundation to receive a gift from your estate in the event one or more of the other named beneficiaries in your estate passes or cannot accept the transfer from your estate.
If ____________ bequest cannot be fulfilled at the time of my death, I give to Susquehanna Health Foundation, located at 1001 Grampian Blvd, Williamsport, PA, her/his/its/their share to be used where it determines the need is greatest (or for the support of a specific hospital, service line, fund, or program. In the event this purpose is no longer practicable, then I direct that this bequest be used by Susquehanna Health Foundation for a purpose as close as possible to my original intent).
Identifying the best asset when making a charitable bequest:
In order to save your estate possible income taxes, if you have retirement accounts, savings bonds, or other assets subject to income tax at your death, we recommend discussing these benefits with your financial advisor and/or attorney.
Retirement Plan Beneficiary
Naming Susquehanna Health Foundation as the beneficiary of a qualified retirement plan asset, such as a 401(k), 403(b), IRA, Keogh, or profit-sharing pension plan will accomplish your charitable goals while having significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming a charity as a beneficiary of all, or a percentage of your retirement plan, you maintain complete control over the assets while living, but at your passing the remaining assets go to Susquehanna Health Foundation, free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy. Simply fill out a change of beneficiary form from your plan administrator and notify Susquehanna Health Foundation.
Life Insurance Policy Beneficiary
As with retirement plans, naming Susquehanna Health Foundation as the beneficiary of a life insurance policy or your donor-advised fund is as simple as filling out a change of beneficiary form from your plan/fund administrator. Be sure to let Susquehanna Health Foundation know you have named them as the beneficiary so the insurance company or fund can be notified at the appropriate time and put your gift to work as you intend.
