Legacy gifts are made when donors doing gift planning as part of their financial and/or estate plans wish to include support for one of the University Healthcare Foundation. Assets may include (but are not limited to) cash, securities, tangible personal property, life insurance policies and real estate.
Your participation can be an inspirational experience for you personally, and may also encourage others to look toward the future and how they too may have an enduring impact on the causes they care about.
Legacy giving does not require a large income or vast estate. It only requires a thoughtful intention to make a difference by identifying a charitable organization in your will or estate plan.
Legacy gifts have been integral to the growth of University Healthcare. The Dorothy A. McCormack Center exists because of the visionary gift of Leonard McCormack in memory of his wife, Dorothy.
When making a legacy gift in this planned way, a donor can achieve objectives such as earning more income, avoiding capital gains tax, reduced income taxes, an opportunity to provide children with assets at a later date, and reduced gift or estate taxes.
Gift planning methods include:
Provisions made in a Will or Living Trust to transfer funds/securities to the Foundation after death.
A gift to the Foundation in return for payment to you (and/or another) from an annuity, as well as an income tax deduction. The annuity may be payable over the lives of one or two living individuals.
Charitable Remainder Trust
A tax-exempt trust divided into income and gift portions.
Charitable Lead Trust
Allows the donor to transfer assets to future generations of family members while allowing the University Healthcare Foundation to use the investment income for a limited period of time.
Gifts of a personal residence, all or part of a vacation home, commercial property, farm or other real estate either as an outright gift or as part of a life-income plan.
The Foundation may be named as the owner with full ownership rights of a paid up life insurance or in-force life insurance policy.
To leave a tax-deductible gift to the University Healthcare Foundation, we encourage you or your legal advisor to contact the planned giving staff to discuss the legal language you plan to use in your will or trust document. Some individuals choose to support something specific or create an endowed fund to honor or memorialize someone special. If either of these concepts is of interest to you, please contact us so we can assist you further. This confidential service is available to you without obligation.
Please note all gifts should be prepared designating the University Healthcare Foundation as the beneficiary. The Foundation is the official organization which receives and administers gifts on behalf of the member hospitals.
This information is intended as a general guide for the use of attorneys. It is not offered as, or intended to be, legal advice. We hope you will tell us when you have named the University Healthcare Foundation in your will or trust. We would very much like the opportunity to thank and recognize you for your generosity.
Sample bequest language:
I give, devise and bequeath [the sum of $______________ in cash] or [___ shares of stock in _______________] or [all of my interests in the following described property: ________________] or [all or ________ percent (____%) of the residue of my estate] to [University Healthcare Foundation, Inc.], a West Virginia nonprofit corporation, having its principal office at 2000 Foundation Way, Suite 2310, Martinsburg, West Virginia, 25401, to be used to further the general purposes thereof.
Beneficiary designation of life insurance policy, retirement plans or financial accounts:
Provide insurance company, administrator of retirement plan, or financial institution with the required form and complete the beneficiary designation section as required using the following information:
University Healthcare Foundation, Inc.
2000 Foundation Way, Suite 2310
Martinsburg, WV 25401
Tax ID #31-1118075
To learn more about legacy giving at University Healthcare, call 304.264.1223 or email firstname.lastname@example.org. Gifts may be restricted to the Berkeley Fund (in support of Berkeley Medical Center) or the Jefferson Fund (in support of Jefferson Medical Center).