South County Hospital

Planned Giving to South County Hospital

401 788-1492, Office of Development

Throughout its history, South County Hospital has benefited from the generosity of many friends who have provided support through their bequests and other forms of planned or deferred gifts. Planned gift arrangements offer “win-win” structures that help you provide for the Hospital while advancing your own financial and personal objectives.What is Planned Giving?
A planned or deferred gift is a type of charitable gift that requires some planning, usually with the assistance of a financial advisor and development officer. A donor may fund his or her gift with cash or other assets. When you create a planned gift, you potentially increase your income, reduce taxes, avoid capital gains tax, pass assets to family at a reduced tax cost, and make a substantial donation to a charity. Planned gifts include bequests, trusts, real estate, charitable gift annuities, and retirement assets.

Benefits of Planned Gifts:

  • Maximizing your charitable contribution
  • Allowing advantageous tax deductions under state and federal law
  • Turning appreciated assets into an income for yourself and/or others

Bequests

Including South County Hospital in your will or trust is one of the simplest ways to support continued excellence in healthcare after your lifetime. A bequest can be structured to suit your family needs, such as providing income for a loved one, before it is distributed to South County Hospital.

The value of your charitable bequest is deductible for estate tax purposes and may offer significant tax savings, depending on the size of your estate.

Language for General Purpose Unrestricted Bequest:

I give and bequeath to South County Health, a Rhode Island corporation,

the sum of $__________

(or) the following described property__________

(or)__________ % of my estate

(or) the residue of my estate

Federal Tax # 05-0445136

South County Hospital is happy to work with donors and their legal advisors on the phrasing of a specific bequest or creating a named fund through a bequest. If you would like additionally information regarding bequests, please contact Claudia Swain, Vice President of Development, at 401 788-1608 or cswain@southcountyhealth.org.

Charitable Gift Annuities

A gift annuity is an agreement between an individual and South County Hospital. The donor transfers assets, cash, appreciated securities or other property, and receives a guaranteed fixed income for life, or the life of a loved one. The rate of return is determined by your age(s) at the time the gift is made. Charitable gift annuities offer the security of an income, as well as tax benefits since part of the transfer is treated as a gift.

Benefits include:

  • Satisfaction in knowing that your gift will make a difference at South County Hospital
  • Guaranteed, fixed payments for life
  • Attractive rates of return
  • A substantial income tax deduction
  • A portion of each payment is tax-free for a period of time

If you would like additional information regarding Charitable Gift Annuities, please contact Claudia Swain, Vice President of Development, at 401 788-1608 or cswain@southcountyhealth.org.

Life Insurance

Many individuals have life policies that can be used to benefit charities when the insured dies or in some cases, during the insured’s lifetime. Life insurance can be used to benefit charities in two primary ways:

Name South County Hospital as a primary beneficiary or as a contingent beneficiary. Changing your beneficiaries is easy. Simply contact your insurance carrier and request a beneficiary form.:

Benefits:

  • Easy to give – involves little effort or paperwork
  • Continued ownership
  • Revocable – may change beneficiaries during lifetime
  • No income tax benefits, but will circumvent estate tax

Policy owner can irrevocably assign the ownership and beneficiary designation to the South County Hospital, guaranteeing that the death benefit will pass to the charity. If the policy has cash value, the Hospital would have the option of either holding until the maturity date or surrendering and receiving the policy’s present cash value.

Benefits:

  • Donor may be entitled to an immediate charitable income tax deduction equal to the fair market value or the adjusted cost basis the donor has in the policy
  • Proceeds will pass free of estate taxation to the Hospital when the insured

The Flagship Society

We like to honor donors who include South County Hospital in their estate plans with induction into The Flagship Society. The Society was established in 1994. If you have made a planned gift to South County Hospital, please let us know so that we can thank you.

For more information about planned giving, contact Claudia Swain, Vice President of Development, at 401 788-1608 or cswain@southcountyhealth.org.