Page 34 - Healthcare News Senior Planning Guide 2022

“For individuals or families who want to carry on family values and/or honor a loved one, creating a gift to establish a named endowed fund can be very powerful. Many charities are actively seeking to build their endowments and will partner with donors to help create a meaningful gift.”
Giving
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6. Save taxes yourself by
making a gift.
If you are age 70.5 or older, you may likely benefit by using your traditional IRA to make a tax-free gift. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) allows you to give any amount up to $100,000 directly to charity. The gift can satisfy your required minimum distribution, and you will not pay taxes on the distribution. Furthermore,
the distribution will not count as income to you, which may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
For those who do not need all or some of their retirement assets to live on, the QCD is a tax-savvy way to give. Rather than taking the distribution and paying taxes on it, you can give directly to charity for your annual donation or to make a major gift to benefit a special project.
7. Get an income-tax deduction for
living in your house.
While some donors include a gift of their home
or other property to charity in their will or trust, other donors want the immediate tax deduction that comes with gifting their home through a retained life estate. The donor irrevocably donates their home to a charity, while retaining lifetime use and enjoyment of the property. In return, the donor receives a current income-tax deduction.
8. Reduce your tax liability when
selling a business.
For those who are planning to sell a business, they might consider a direct gift to charity of a private business interest. The costs to establish the business may have been low, which means the sale may trigger large capital-gains taxes. By donating some of the private business interest to charity before signing a purchase and sale agreement, the business owner receives a charitable tax deduction for the fair market
Options
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levels of care are offered, with residents paying more for higher levels of care.
Assisted-living residents usually live in their own apartments or rooms and share common areas. They have access to many services, including up to three meals a day; assistance with personal care; help with medications, housekeeping, and laundry; 24-hour supervision, security, and on-site staff; and social and recreational activities. Exact arrangements vary from state to state.
Nursing homes, also called skilled-nursing facilities, provide a wide range of health and personal-care
Hospice
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A focus on quality of life is of utmost importance, guiding everything with the aim of supporting patients and families. Staff and volunteers provide a vast array of additional support services. Our care plans decrease the burden on family and help family members celebrate life accomplishments of loved ones.
Arrangements can be made for patients to be cared for in a facility for short periods to provide respite for family caregivers. A loved one receiving care at home can easily transition to receive 24-hour care at the
value of the donated interest and minimizes capital- gains exposure.
9. Create a lasting legacy to carry on your name or that of a loved one.
For individuals or families who want to carry on family values and/or honor a loved one, creating a
gift to establish a named endowed fund can be very powerful. Many charities are actively seeking to build their endowments and will partner with donors to help create a meaningful gift.
An endowed fund is comprised of charitable investments established to last for perpetuity. Each year, a portion of the value of the fund is used to support its charitable purpose, while the rest of the funds remain invested so that the value of the gift grows over time.
Some donors include a gift in their estate plan to ensure their generosity continues into the future. Other donors are able to make an outright gift now to enjoy the impact of their endowed fund, while creating a matching gift or larger gift in their estate plan to build the fund in the future. Donors have the joy of knowing their named endowed fund creates a
services. Their services focus on medical care more than most assisted-living facilities. These services typically include nursing care, 24-hour supervision, three meals a day, and assistance with everyday activities. Rehabilitation services, such as physical, occupational, and speech therapy, are also available.
Some people stay at a nursing home for a short time after being in the hospital. After they recover, they
go home. However, most nursing-home residents live there permanently because they have ongoing physical or mental conditions that require constant care and supervision.
Continuing-care retirement communities (CCRCs),
Fisher Home residence if the need arises.
Hospice is about living life to the fullest. Anyone
with a life-threatening illness, or anyone whose family member or loved one has a life-threatening illness, can call the Fisher Home at (413) 549-0115 and become informed about hospice options and services provided to the local community.
In addition, anyone interested in giving back, building a community, and gaining new understanding can join members of the local community as a hospice volunteer. Trained volunteers are an integral part
lasting legacy and will provide continual support to the charity each year, every year, forever, for the purpose they choose.
10. Turn a piece of art into a gift.
Donating a work of art to a museum, college, or other organization that may display it in its collection is not the only charitable thing you may do with art. We worked with a donor who, inspired by Antiques Roadshow, brought a painting he had inherited to
an art gallery for valuation. His father had loved the painting; he and his family had different tastes. He learned that this painting, which had been sitting in
a basement, was actually worth $25,000. The donor was able to deed the gift of art to the Baystate Health Foundation, and the gallery sold the painting for
the foundation. The painting now lives in the home
of collectors who cherish it, and proceeds from the painting support care for pediatric patients at Baystate Children’s Hospital and the Sadowsky Family Pediatric Emergency Department. This was a win-win for everyone.
Other donors have gifted artwork, or other tangible personal property, to a donor-advised fund, sold the art within the fund, and used the proceeds to make a charitable gift.
These are a few of the many smart ways you may fold a charitable gift into your estate planning and enjoy personal and financial benefits while doing
good in the world. Talk to your family and professional advisors about what matters most to you and what assets might make sense to consider based on your overall goals and unique situation. Connect with a planned-giving specialist or other representative at the charities that matter most to you to explore ideas on how your generosity can make an impact. n
Kylie Johnson is the Planned Giving director for Baystate Health Foundation. She earned the Chartered Advisor in Philanthropy (CAP) designation from the American College of Financial Services and serves as
a board member for the Estate Planning Council of Hampden County. Information in this article is not intended as legal or financial advice.
also called life-care communities, offer different
levels of service in one location. Many of them offer independent housing (houses or apartments), assisted living, and skilled-nursing care all on one campus. Healthcare services and recreation programs are also provided.
In a CCRC, where you live depends on the level of service you need. People who can no longer live independently move to the assisted-living facility or sometimes receive home care in their independent living unit. If necessary, they can enter the CCRC’s nursing home. n
of the Hospice of the Fisher Home’s team at the hospice residence, in patients’ homes, and even in the hospice’s thrift store boutique in Amherst. Volunteer roles include providing support to patients and family members, support to veteran patients, and meal prep for the nine-bed residence. To learn more, visit www. fisherhome.org. n
46 AUGUST 2022
SENIOR PLANNING GUIDE
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