Other Ways of Giving
Here are some other less frequent planend gift arrangements that might be of interest to you. We would be happy to discuss any of these options:
Consider donating valuable property such as: works of art, a coin collection, rare books, or jewelry. Ordinarily, Newton-Wellesley Hospital sells such items and uses the proceeds, thereby limiting your deduction to the property’s cost basis. (If the property can be retained and used by Newton-Wellesley Hospital, however, you will receive a deduction for the full fair market value.)
A gift of real estate, now or through your estate plan, can support Newton-Wellesley Hospital while providing you with significant tax savings. Such a gift made during your lifetime also can lighten the burden of an asset you no longer want or use, such as a second home or vacation property. You can even give us your residence now and continue to live in it for the rest of your life. There is something to be said for retaining control of the property should you need it to meet personal needs in the future. However, if you have other resources to rely on, there are definite advantages to consider in accelerating your gift.
Charitable Lead Trust
Charitable lead trusts are the reverse of charitable remainder trusts in that a stream of income is first paid to the Newton-Wellesley Hospital Charitable Foundation for a number of years (based on a term or a lifetime), after which the remainder goes back to you (the donor) or, more typically, passes to another individual designated by the donor, such as a child or grandchild. The stream of income that flows to the Newton-Wellesley Hospital Charitable Foundation is either a fixed amount or a percentage of the value of the trust property, as revalued annually. The minimum gift amount required is $100,000.
Many donors use a charitable lead trust to reduce or eliminate the gift tax cost of transferring wealth to children or grandchildren and to give appreciated property to heirs without further gift or estate tax liability. A charitable lead trust can be established during a donor’s lifetime or by a provision in the donor’s will.
For more information, please contact Liz Gianakos at (617) 243-6751 or NWHCF@partners.org.