A legacy gift provides the resources to preserve the future for Kaplan Medical Center.
There are many legacy giving options, including naming Kaplan Medical Center as a beneficiary in your will, and other giving vehicles that can accomplish your charitable intentions while costing you less, saving on taxes, passing assets on to heirs, and even earning income for your lifetime.
We welcome the opportunity to discuss potential legacy giving options with you.
Making a legacy gift in your will or trust is one of the easiest and most popular ways to ensure the future success of Kaplan Medical Center.
Here are the ways that most people give this lasting gift to KMC:
When you make a gift for Kaplan Medical Center from your retirement plan, insurance plan or other assets, you ensure that Israelis have access to the best medical care in the Middle East.
It's as simple as contacting the firm that holds your assets and asking for a beneficiary form to fill out.
Retirement Funds Gift: Many people choose to name Kaplan Medical Center as a beneficiary of a retirement plan to reduce their taxes while they help Israelis get the medical care they deserve.
To name Kaplan Medical Center as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.
Life Insurance Policy Gift: If you have a life insurance policy that has outlasted its original purpose, you can use it to fund a legacy gift while also enjoying tax savings during your lifetime.
Savings Bonds: If you have bonds that have stopped earning interest and that you plan to redeem, you will owe income tax on the appreciation. In the end, your heirs will receive only a fraction of the value of the bonds in which you so carefully invested. Since Kaplan Medical Center is a tax-exempt institution, naming us as a beneficiary ensures that 100 percent of your gift will go toward the patients we serve.
CDs, Bank Accounts, and Brokerage Accounts: Naming Kaplan Medical Center as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to help contribute to the future success of Kaplan Medical Center.
Donor-Advised Fund Residuals: Final distribution of contributions remaining in a donor-advised fund is governed by the contract you completed when you created your fund. We hope you will consider naming Kaplan Medical Center as a “successor” of your account or a portion of your account value.
You can receive income for life while ensuring that all families have access to the best medical care possible. If you are considering this type of gift, we recommend that you consult with your financial advisor.
Charitable Remainder Trust: You can receive income for life and reduce your taxes while supporting Kaplan Medical Center by transferring assets to fund the trust. Not only does this pay income to you or your beneficiaries for life, but you also receive an income tax deduction the year you transfer assets to the trust. The remaining portion of the trust, after all payments have been made, goes to Kaplan Medical Center.
Charitable Gift Annuities: You can transfer assets to a charitable gift annuity and receive income for life. This plan allows you to give a substantial donation to Kaplan Medical Center while receiving tax-favored income for life. Charitable gift annuities offer attractive payout rates for those who want to receive income and provide families the opportunity to receive the best medical care in the Middle East.
Some legacy gifts made to Kaplan Medical Center can have substantial tax savings.
Retirement Plan Gift: You can reduce or even eliminate tax liabilities on your retirement plan by naming Kaplan Medical Center as direct beneficiary. The entire amount of your IRA, 401(k) or other retirement accounts may be taxed if you leave them to your heirs. Instead, consider giving them less tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift with Kaplan Medical Center.
To name Kaplan Medical Center as a beneficiary of your retirement plan, contact your plan administrator to see whether a change of beneficiary form must be completed.
Life Insurance Plan: If you have a life insurance policy that has outlasted its original purpose, you can use it to reduce your taxes and create a legacy gift for Kaplan Medical Center.
Gifts of Real Estate: You may decide that the greatest gift you can make is to leave your home or farm to Kaplan Medical Center. This kind of gift is ideal for people who intend to continue living in their home or property through their lifetime, but still want to make a charitable gift. You can leave this generous gift by signing an agreement with Kaplan Medical Center about maintaining the property so you can use it throughout your lifetime. You may even receive a tax deduction for your gift.
Gifts of Stock: Stocks, bonds, and mutual funds that have appreciated in value are among the best ways to ensure that Kaplan Medical Center can continue its mission. You may receive a charitable income tax deduction for the full market value of the stock up to a maximum of 30 percent of your adjusted gross income and avoid paying the capital gains tax on any increase in the value of the stock.
Savings Bonds: When you redeem savings bonds, you or the person to whom you leave your bonds will owe income tax on the appreciation. You can eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem. Since Kaplan Medical Center is tax-exempt, 100 percent of your gift of savings bonds will support our mission.
The following language may help you and your attorney when drawing up a bequest that meets your needs.
General Bequest: If you intend to leave an outright gift of cash, securities or other property by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to Kaplan Medical Center to be used for general purposes:
“After taking care of all expenses, debts and other provisions, I give, devise and bequeath ___ percent of the rest and residue [or $___ if a specific amount] to Kaplan Medical Center, an Israeli-based charitable organization [Tax ID# 99-9999999] currently with administrative offices at (address here).”
Specific Bequest: If you intend to make an outright bequest for a specific purpose, such as particular medical equipment or a naming opportunity:
“I, [name], of [city, state, ZIP], give, devise and bequeath to Kaplan Medical Center [written amount or percentage of the estate or description of property] for its charitable purposes, including but not limited to ___________ use and purpose.”
Contingency Bequest: If you wish to make a contingency gift so that Kaplan Medical Center will receive a portion of your estate if your named beneficiary does not survive you:
“If any of the beneficiaries named in this will should die before becoming entitled to receive their distributive share of my estate, I direct my trustee to pay or transfer the share to which such beneficiary would otherwise be entitled, to Kaplan Medical Center for its unrestricted use and purpose.”
If at any point in time and for any reason, you wish to make changes to include Kaplan Medical Center will, you can easily amend it by using a Codicil. A codicil is a document your attorney can prepare to amend your will or trust without rewriting the entire document. The codicil adds a new gift to Kaplan Medical Center while reaffirming the other terms of your will.
Please contact us at LBalcher@AFKMC.org or 215.932.2974 if you have any questions.
Then, consult with your tax advisor and lawyer to determine which planned gift strategy is best for you.