You can designate The Chester County Hospital Foundation as a beneficiary of part of all the remainder of your IRA or retirement plan.
Distributions from retirement plans at the death of the survivor of the account-holder can be subject to both estate and income taxes. In a large estate, these taxes can leave less than 30 percent of the value of the plan for your children or other heirs.
By naming The Chester County Hospital Foundation as the beneficiary of the remainder of your retirement plan, 100 percent of the plan's balance will be contributed to support Chester County Hospital, since the distribution avoids both estate and income taxes.
In order to take advantage of this type of gift, you must notify your plan administrator and fill out a simple "change of beneficiary" form.
You can make a gift to The Chester County Hospital Foundation of your paid-up life insurance policy, or you could open a new policy and name The Chester County Hospital Foundation as the owner and beneficiary.
With a gift of a paid-up life insurance policy, you can take a tax deduction of the cash value of the policy at the time of the gift. With the purchase of a new policy, which names The Chester County Hospital Foundation as owner and beneficiary, you can make annual gifts to Chester County Hospital to pay the annual cost of the premium, gifts which would be tax deductible for you.
For more information, please contact Colleen Becht-Foltz, Director of Development, at Colleen.Becht-Foltz@uphs.upenn.edu or by calling 610-431-5697.
Last Updated: 2/4/2016