Planning a future gift to support the Seton Medical Center Foundation

Planning a Bequest
A will can be a creative vehicle through which to make a thoughtful gift. By including the Seton Medical Center Foundation in your will or living trust, you can ensure your legacy will support future generations. Your support will go beyond the gift itself. It will encourage and sustain the Foundation as well as continue the tradition of compassion and caring. You may choose one of several ways to benefit the Seton Medical Center Foundation. A gift at any level will provide vital support. By having your attorney revise your will or add a simple amendment, you can make a gift of a dollar amount, a specific property, a percentage of your estate, or what is left after your loved ones have been taken care of.

Sample Bequest Language
When you discuss including the Seton Medical Center Foundation in your will or living trust, you should ask your attorney to include the following wording in the will so that the Foundation will be remembered in the proper way:

Seton Medical Center Foundation
Tax ID Number: 94-2824033

“I give, devise, and bequeath to the Seton Medical Center Foundation (specific dollar amount, article, stock) OR (a fraction or percentage of the residue of my estate)."

Gifts from an IRA or Qualified Retirement Plan
If you have established an Individual Retirement Account (IRA) or participated in a company pension plan, you may want to consider including the Foundation as the beneficiary of your plan. This could be an easy and convenient way to make a gift that would perpetuate the work of the Foundation.

Utilize Your IRA to Contribute in 2009
For tax year 2009 donors to the Seton Medical Center Foundation who are 70 and older are eligible to contribute up to $100,000 each year from their IRA plan tax and have the amounts count toward your Required Minimum Distribution (RMD).  Although the funds are not tax deductible, the RMD will not be included in your taxable income.  The funds must move directly from your IRA to the Foundation.  Your plan administrator can assist you with this transfer process.   After you reach your RMD you can continue to donate funds from your IRA in the same manner although these funds will not count toward your RMD.

Life Insurance
Life insurance is an ideal means for a charitable gift. By designating the Seton Medical Center Foundation as owner and beneficiary of a new or existing life insurance policy, you will be able to make a meaningful gift without depriving your family or depleting your estate. You will also receive significant tax advantages. A gift through life insurance is a wonderful opportunity for you to provide a living memorial for yourself, your family, or someone you love.