A bequest can be a specific dollar amount, a percentage of your estate, or a specific asset(s) given to KSB Hospital in support of its various programs and endeavors after your lifetime. A bequest may also be a gift of the remaining assets of your estate.
Bequests leave a legacy by providing for our mission for years to come. They may also reduce or eliminate estate tax if applicable. Make a gift through a will, trust or retirement plan without making financial sacrifices during your lifetime.
To receive sample bequest wording and join the Judge Solomon Society of those contributing a portion of their estate to KSB Hospital, please call our Foundation office at 815-285-5901.
Charitable Gift Annuity
The charitable gift annuity (CGA) is a simple agreement between you and KSB Hospital Foundation and provides you with guaranteed income for life. You donate cash, stock, or real estate directly to the KSB Hospital Foundation in return for a promise to pay a fixed amount to you during your lifetime. The payout rate is determined based on your age at the time of the gift and when payments are to begin. The older the beneficiary, the higher the rate.
The payments are fixed and backed by the general assets of the Foundation. CGAs begin at $10,000 and may be funded, in some instances, with appreciated assets. The rate is proposed with the intention that this charity will retain approximately 50 percent of the donor’s original gift. Payments are usually made on an annual, quarterly or monthly basis.
Life Estate Agreement
The life estate is a simple agreement between you and the KSB Hospital Foundation. You retain control and the use of your home for your life, and deed the remaining interest in your property to the Foundation. By transferring the remaining interest in your home to and retaining the life estate, you can make a significant gift to further our mission, lower your income taxes, and control and use your home during your lifetime.
The donated property does not have to be a principal residence, which means the donor’s farm, vacation home, or other real estate may be used in making the gift.
Charitable Remainder Trust
The charitable remainder trust (CRT) is a highly flexible vehicle. You donate highly appreciated stock or real estate to a CRT and the asset is sold without the recognition of capital gain taxes, thereby increasing the amount of funds available for future investment and growth. The payout rate is flexible based upon the amount of income you need.
The use of CRTs has become an increasingly popular way to make a generous charitable contribution, receive tax savings and generate income for you and your family.
A gift of your life insurance policy is an excellent way to make a gift to KSB Hospital Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your policy to receive a charitable income tax deduction and to further our charitable work.
To learn more about giving programs, please contact:
Foundation Executive Director