Planned Giving

A charitable bequest is a written statement in your will or trust directing a gift be made to a qualified charity as part of the disposition of your estate. A charitable bequest is one of the most flexible estate planning tools because it can be changed at any time. This ability to remain in complete control of your property during life also makes a charitable bequest one of the most popular methods of giving available.

Once a donor has decided to make a contribution, the gift should be structured to obtain the maximum tax benefits.  Your attorney or financial adviser is an excellent resource.  A charitable contribution can:

• Reduce income taxes including capital gain taxes
• Reduce transfer taxes including gift and estate taxes
• Create income for yourself and others

The charitable deduction not only reduces the out-of-pocket cost of a gift but, in many cases, makes possible a larger contribution than originally planned.

Many friends would like to make a gift to Bethany Children’s above and beyond what they are able to contribute on an annual basis.  A practical way to accomplish this is to make a gift through a will or Revocable Living Trust. Bequests can be made in the form of a specific gift or cash or property, or a percentage of the remainder of an estate.

The following language might be helpful to your attorney when making a bequest to the Hospital:

I hereby give, devise and bequeath to Bethany Children’s Health Center, an Oklahoma nonprofit corporation, $____________ (or____% of the rest, residue and remainder of my estate) to be used for the general purposes of Bethany Children’s Health Center. (or for a particular program of the donor’s choosing).

Depending on your needs and objectives, one type of charitable bequest may be better suited for your estate plan than another.

• Gift of a specific cash amount
• Gift stocks and bonds
• Gift of a percentage of your estate
• Gift of a specific asset including real estate or personal property
• Gift of a farm or oil lease
• Gift of the residue of your estate (the assets that remain in your estate after other bequests, tax and administrative costs have been satisfied)

There are many ways to make a meaningful charitable gift using a will or trust.

Often a charitable gift is given in memory of someone—either the donor or a person loved by the donor.  We are pleased to honor such a request.

Certain types of assets are not subject to the probate process and pass outside the will by beneficiary designation. Non-probate assets are excellent candidates for charitable bequests and may save income and estate taxes. Some common non-probate assets include:

• A life insurance policy
• An IRA or other retirement account

It is possible to bequeath this type of asset, but you will need to do so by completing a beneficiary designation form. A provision in your will is not sufficient to alter the disposition of those assets at your death.

A charitable gift annuity (CGA) allows you to make a gift to support Bethany Children’s Health Center’s mission, which will, in exchange, provide a source of fixed income for life to you or the recipient of your choosing. The principal remaining upon your death goes on to benefit Bethany Children’s Health Center. Contact us for more information.

A charitable remainder trust (CRT) allows you to create a trust agreement and transfer cash or other assets to a trustee, who invests and manages trust assets. You and any beneficiaries you designate receive payments from the trust for life or any designated time period. The remainder of the trust then goes to Bethany Children’s Health Center. Contact us for more information.