Planned Gifts through Estates

Remember Covenant Foundation with a bequest in your will. You will create a tradition of giving while helping to provide the region with comprehensive health care for generations.

With trusts and other estate planning tools, you can also become eligible for other benefits, including capital gains tax savings and an ensured income for your loved ones.

Here are some options for planning a gift from your estate:

1. Specific bequest —Contribute a specific dollar amount, piece of property or percentage of estate to Covenant Foundation.
2. Residuary bequest —After the distribution of specific bequests and payment of debts, taxes and expenses, Covenant Foundation receives the remainder of the estate or a stated percentage.
3. Contingent bequest —Certain circumstances govern how much Covenant Foundation receives from the estate.
4. Trust established under a will —Provide for both Covenant Foundation and other beneficiaries.
5. Endowed scholarships —A minimum of $10,000 is required to establish a Covenant School of Nursing scholarship.
6. Charitable Lead Trusts--- With a charitable lead trust, you can defer a gift to the Covenant Foundation until after your lifetime and ensure income for you or your loved ones while support the Mission of the Covenant Health System.
7. Life Income --- A life income gift helps you improve the quality of life for patients by donating to the Covenant Foundation through a trust or annuity.  In return, you will receive tax savings and regular payments.  With a minimum donation of $10,000, you can help provide the latest medicines, treatments and technological advances for our patients.  You could also reduce your estate and capital gains taxes.  Other possible benefits include :
   • A higher yield than those from current investments
   • The opportunity to establish an endowed fund in your name or the name of a loved one.
   • A charitable income tax deduction
   • Membership in a leadership club

                  Life Income donation options include:

• A deferred gift annuity:  Like a charitable gift annuity, except that payments are dererred to a future date.  Receive an income tax deduction the year in which the gift is made.
• Charitable remainder trust:   Choose from an annuity trust, which will pay a fixed, guaranteed dollar amount to the donor regardless of investment performance, or a unitrust, which pays a predetermined percentage of the fair market value of the trusts's annual assets.
• A charitable gift annuity:  Make a gift to Covenant Health System Foundation.  Receive payments for life, part of which are nontaxable. 

        8.    Life Insurance--- You can help support the Covenant Health System when you are gone by making the Covenant Foundation the sole, or a co-beneficiary on a life insurance policy.

              Suggestions for using life insurance as a tool for contributing include:

• Donate an existing life insurance policy
• Establish a new policy, nameing the Covenant Foundation as the owner and beneficiary
• Use life insurance to replace the value of gifts to the Covenant Foundation.

        9.    Real Estate Gifts--- By donating land, you can provide Covenant Health System with sound investments for the future and provide yourself with tax breaks and the use of the property.  Depending on the way you make your donation, you could:

•    Inhabit or farm the land during your lifetime
•    Use the property as an asset to fund a trust
•    Receive income of life estate tax deductions
•    Earn life income

 

For your Planned Giving questions or ideas, please contact:

Mikell Bollinger at 806-725-0569 or by email at  Bollingerm1@covhs.org                        

 

Give. Donate . Volunteer . Explore our site by using the navigation on your right and discover all of the ways you can help. To make a donation, or for more information, contact us or call 806.725.6089 today.