FoundationAnnualReport2022

Including a bequest in your estate plan to The Foundation for Firelands is a wonderful opportunity to create a meaningful legacy and leave a lasting impact on the health of our community. A bequest is a gift from your estate — a transfer of cash, securities, or other property made through your estate plans to benefit a favorite charity or organization, such as Firelands Health. Once a plan to provide for their families has been established, many of our donors have chosen bequests to support the mission of Firelands Health to provide excellent healthcare, promote community wellness, and improve the lives we serve. Through a bequest to The Foundation for Firelands, donors can ensure the future of quality and comprehensive healthcare in our community and lessen the burden of taxes on your family and estate. With the help of an advisor, you can include language in your will or trust specifying a gift to be made to family, friends, or charity as part of your estate plan. COMMON TYPES OF BEQUESTS A bequest may be made in several ways: • Gift of a percentage of your estate • Gift of a specific asset • Gift of the residue of your estate A charitable bequest is written in a will or trust that directs a gift to be made to a qualified exempt charity, such as Firelands Health when you pass away. A charitable bequest to Firelands Health can help reduce estate taxes by providing your estate with a charitable deduction for the value of the gift while ensuring the future of quality healthcare in our region. With careful planning, your family can also avoid paying income taxes on the assets they receive from your estate. A retirement asset like an IRA account makes an excellent bequest to charity. If the IRA were given to your family, much of the value would be depleted through estate and income taxes. By designating a charity as the beneficiary of part of your IRA, the gift’s total value is transferred tax-free at your death, and your estate receives a charitable deduction. If you wish to leave your IRA to your spouse at the end of your life, you may also designate a charity as the secondary beneficiary of your account. An insurance policy can also be given as a bequest to charity. As an asset of your estate, an insurance policy is taxable at your death. If the policy is gifted to charity, your estate avoids paying tax on the policy’s value and receives a charitable deduction for the gift. You may generally name anyone as a beneficiary of your insurance policy and change your designation at any time. Planned Giving: BEQUESTS Have you considered including The Foundation for Firelands in your will or trust? A bequest to benefit Firelands Health leaves you free to use your assets throughout your lifetime. An example of bequest language you can use is: “I give and bequeath to The Foundation for Firelands (the sum of $ or %) to support its mission (or a specific area to support may be designated). You may make a gift in memory of, in tribute to a loved one or caregiver that made a difference in your life, while positively impacting the lives of patients cared for at Firelands Health. 36