Simple Ways to Leave a Legacy
Interested in ways you can give to support the future work of the Foundation? Here are some ideas to help you make the best decision for your financial and estate plan. For specific advice, please consult a qualified professional adviser.
Gift Options
Wills and Trusts
You can direct a specific asset such as property, dollar amount, or percentage of your estate’s value to the Foundation and other organizations through your will or living trust.
How to Give
Contact an attorney for help drafting a will or, if you already have one, you can complete a simple document called a codicil to update your will with your wish to give to charity.
Sample Language for Your Will, Codicil, or Trust
"I hereby give, devise and bequeath [Bequest Amount/Percentage of Estate/Specific Asset] to Lexington Medical Center Foundation, a non-profit organization located at 2720 Sunset Blvd. West Columbia, SC 29169, Federal Tax ID: 57-0906045, for Lexington Medical Center Foundation's general use and purposes."
Beneficiary Designations
Add the Foundation as a beneficiary on a certificate of deposit, brokerage account, individual retirement account, 401(k)/403(b) or other retirement account.
Potential Tax Benefits
This gift may provide estate and other tax benefits, which may allow donors to give other types of tax-advantaged assets to their heirs.
How to Give
Contact your financial institution for guidance on how to update your account beneficiaries. Be sure to provide the full legal name, address, and Tax ID number of any charitable organizations you list.
Life Insurance
A gift of life insurance provides an opportunity for a larger gift with less upfront cost. If you have a policy that is paid-in-full and no longer needed, you can give the policy to the Lexington Medical Center Foundation by transferring ownership of the policy. You can also add the Foundation as a beneficiary of all or a percentage of an existing life insurance policy’s proceeds.
How to Give
Work with your insurance vendor to update the owner and/or beneficiary. We encourage you check back with the vendor to verify the changes are in place.
Real Estate and Life Estates
You can transfer ownership of real estate, such as a vacation home, farmland or commercial property to the Foundation.
A life estate is another method of donating real estate and receiving a tax benefit now, while allowing you to retain use and enjoyment of the property for life. This approach enables donors to take advantage of a needed tax benefit in the year in which they establish the life estate.
Potential Tax Benefits
You may be able to receive a deduction for the value of the gift. Plus, you’ll remove the asset from your estate while avoiding capital gains tax.
How to Give
The Foundation will work with you and your attorney to assist with your gift of real estate if establishing lifetime benefits.
Gifts That Provide Income
Some gifts enable you to receive income and provide tax benefits now and in the future.
Charitable Gift Annuity
A charitable gift annuity* can be created through a simple agreement between a donor and a charity. You can give cash or other assets such as appreciated stock or business interests to the Foundation and receive a charitable deduction now and guaranteed fixed payments for life.
Charitable Remainder Trust
A charitable remainder trust works in a similar way, but the assets are moved into a trust and invested for a period of time before the charity receives the gift. The donor (or other loved ones) may receive income from the trust for life or a period of years and elect to benefit more than one organization at the end of the trust term. This technique can help diversify income in retirement or provide for others after you are gone.
Charitable Lead Trust
A charitable lead trust works differently in that the trust makes payments to benefit the charity during the term of the trust with the principal going to heirs or beneficiaries at the end—allowing the donor to control when loved ones receive the blessing of a gift.
How to Give
As with any planned gift, it is especially important to consult with and involve your financial advisers when establishing an income gift.
Legal Name and Address
To ensure efficient processing of your gift, please use the following information when referencing the Foundation:
Lexington Medical Center Foundation, Inc.
2720 Sunset Boulevard
West Columbia, SC 29169
Tax ID Number 57-0906045
Disclaimer
This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional adviser.
*California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association.
Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department.
South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
