When you think about giving to Akron Children’s Hospital, do you hesitate because you are concerned about needing assets in the future for you or your family? Would you like to help, but are hesitant to make a donation because of the economic uncertainties we all face? A gift in your will, called a bequest, could be an excellent option for you.
A bequest allows you to support Akron Children's mission in the future without parting with any of your assets today. Your generosity will continue long after you are gone. And, bequests have many benefits, including:
Flexibility - A bequest lets you balance your philanthropic goals with your concerns about your future. Because you are not actually parting with assets today, you don’t need to worry that you won’t have enough to live on in the future. Plus, you can change your mind at any time.
Sensibility - Your gift can be made as a percentage of your estate, allowing you to benefit your favorite causes and loved ones in relative proportion.
Tax Benefits - In December 2010, President Obama signed into law legislation which provides that the federal estate, gift and generation-skipping transfer tax exemptions will be “unified” at $5 million. Gifts and bequests over $5 million are taxed at the 35 percent rate.
However, this $5 million exemption and the 35 percent tax rate only are in effect for 2011 and 2012. After 2012, the exemption amount returns to $1 million and the tax rate jumps to 55 percent.
What does that mean?
If your estate, which includes your home, retirement funds, savings accounts, stock portfolio and other assets, exceeds $1 million, more than 55 percent is paid to the federal government via the Federal Estate tax. And, for individuals residing in Ohio, you pay an additional estate tax to Ohio, further diminishing your distributable estate.
A bequest to Akron Children’s Hospital avoids these taxes and allows you to give to the charity of your choice, rather than to the government.
Generosity - A bequest allows you to benefit a program, department, service or any other function of the hospital you choose. The individuals in the Akron Children’s Hospital Foundation can assist you with creating a bequest gift that will fulfill your desire to help and benefit families into the future.
Akron Children’s Hospital continues to be a leader in providing world-class health care to every child who comes through our doors. We are only able to do that with your help. A gift via your will or trust helps us fulfill our mission: treat every child as we would our own, treat every family as we would want to be treated, and turn no child away.
If you have questions about establishing a bequest or gift in your will or trust, or questions about creating a planned gift for Akron Children’s Hospital, call Gretchen Corp Jones, director of principal giving, at 330-543-4167 or email@example.com.
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