Some donors may wish to give Providence St. Mary Foundation a future interest in their estates, real estate holdings, pension benefits, and life income agreements.
Historically, Providence St. Mary Medical Center has benefited from gifts made through donors’ estates. To ensure we honor your intentions, the Foundation would appreciate having a copy of the portion of your will or living trust that pertains to Providence St. Mary. Bequests to Providence St. Mary typically avoid all estate tax. A bequest to Providence St. Mary can be included in the body of your will, living trust document, or its codicil. Your will or living trust may designate to Providence St. Mary Foundation a specific gift asset or amount, all or a percentage of your estate, or all or a percentage of the remainder of your estate after specific amounts are distributed to your heirs.
“I give, devise, and bequeath to Providence St. Mary Foundation, a Washington Non-Profit Corporation, Tax ID 45-2841492, the sum of $ ______ (or to ___% of the estate)(or all the rest, residue, and remainder of my estate or trust) to be used for carrying out its mission (or for a specific program or intent).”
Naming Providence St. Mary Medical Center as beneficiary of your IRA, 401(k), corporate pension, or other qualified retirement plan is an effective way to make a significant gift. At death, retirement plans are taxed heavily – income, estate income, and estate taxes can drastically reduce the amount transferred to your heirs. Most taxes are avoided if retirement accounts designate Providence St. Mary Foundation as the remainder beneficiary.
A donor who transfers ownership of his or her residence to Providence St. Mary Foundation can make a current gift to the Foundation and retain the right to live in his or her home. Upon the death of the donor, Providence St. Mary Foundation takes possession of the home. The donor receives a current charitable tax deduction and removes a large asset from his or her estate. If the donor decides not to live at the home, the residence may be sold and the donor will receive a payment equal to the value of his or her life estate interest. Any major improvements to the home may qualify for additional charitable deductions.