Additional Giving Options
There are a number of ways you can make a gift to Overlake Medical Center Foundation and secure financial benefits for yourself and/or others:
• With a charitable gift annuity, the Foundation pays a fixed amount to you – or to any one or two persons – each year for life. See an example of a gift annuity.
• A charitable remainder trust makes annual payments to one or more persons for a period of time before distributing its assets to one or more charitable organizations.
• A charitable lead trust features annual payments made first to Overlake for a number of years, after which the remainder goes back to you or passes to another person designated by you, such as a child or grandchild.
• A retained life estate arrangement allows you to give your residence, vacation home, or farm to the Foundation but retain the right to use the property.
• With a bargain sale, you literally sell an asset to the Foundation but for a bargain price, i.e., something less than what the asset is worth.
You can also be creative in making a current, outright gift by contributing assets such as appreciated securities, real estate, life insurance policies, and interests in closely-held businesses.
Why make a “dual purpose” charitable gift?
• Convenience – A single transaction accomplishes multiple objectives.
• Tax deductibility – Typically you receive an income tax deduction for part of the value of the assets you use to make the gift, plus there can be estate tax and gift tax savings when compared with noncharitable alternatives.
• Increased cash flow – This often results from a charitable remainder trust or gift annuity.
• Capital gains tax avoidance/deferral – In most cases, using long-term appreciated assets to make a gift will produce less taxable capital gain than if the assets were sold.
If you have a question or wish to get in touch with someone at Overlake regarding a possible planned gift, please contact Stephanie Stewart, Director of Planned Giving, by email or at 425-688-5452.
The information on this website does not constitute legal, financial, tax, or estate planning advice and should not be relied upon as a substitute for such advice. Overlake encourages you to seek the counsel of your own professional advisors and values their involvement as you determine how you would like to proceed.