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The impact
of your gifts
through
the Mid-Florida
Medical Services
Foundation
Every gift no
matter how large
or small touches
every aspect
of our health
service organization.
In recent years
local and regional
donors have helped
our organization's
nurses receive
scholarships
and pursue advanced
training. Other
donors have provided
funds to purchase
state-of-the-art
medical equipment.
Several major
donors have made
possible many
essential services
and advancements
at Winter Haven
Hospital, and
the Regency Medical
Center. Some
of our donors
have chosen to
make these advancements
possible in a
very public fashion
while others
have chosen to
help improve
our organization's
ability to deliver
high quality
healthcare very
quietly. The
Mid-Florida Medical
Services Foundation
is proud to acknowledge
gifts according
to our donor's
wishes. Recognition
can come through
our various publications,
at appreciation
and social events
and by the naming
of facilities
and through endowments
made possible
by our donor's
vision and generosity.
Our donors
determine how
they want their
gifts to be applied
The Mid-Florida
Medical Services
Foundation welcomes
discussion with
donors about
their preferences
for the use of
their gifts.
Whether a donor
has an interest
in a specific
disease (e.g.
heart or cancer)
or they are interested
in a service
area (e.g. women's
services, emergency
services, rehab
services), we
are devoted to
assuring your
gift will be
applied in the
way you desire,
and to make the
biggest impact
for the communities
we serve.
Unrestricted
Giving
(for the most
current needs
of our organization)
An unrestricted
gift gives the
Foundation the
ability to direct
resources where
the need is most
urgent, to focus
resources where
the opportunities
are greatest.
Making an unrestricted
gift allows you
as a donor to
have a part in
every project,
every educational
initiative, and
every patient's
care through
the wide spread
daily operations
of Mid-Florida
Medical Services.
Unrestricted
gifts impact
everything our
health service
organization
does.
Gifts to
help purchase
medical equipment
To insure our
not-for-profit
health service
organization
will have the
best equipment
available for
diagnosis, treatment,
and therapy,
our organization
invests hundreds
of thousands
of dollars a
year to maintain
its technological
leadership. A
significant portion
of that annual
investment needs
to come from
private philanthropic
sources in the
form of funds
to be used for
the purchase
of vital healthcare
equipment.
Gifts to
enhance departments
and service areas
Many donors wish
to dedicate their
gifts to a fairly
specific part
of our organization.
Each of our hospital's
service areas,
departments,
sections, nursing
units, and technology
divisions are
all pleased to
receive and recognize
gifts in support
of their activities
and work. Many
elements of our
organization
have established
gift and endowment
funds. Donors
who have a specific
idea or would
like some suggestions
in this area
should contact
the Foundation
at 863-293-1121
Ext. 5826.
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Donors determine
when their gifts
will be used
by our organization
As a donor you
may choose the
timing of your
gift for the
impact you find
most desirable.
Immediately
for current needs:
Some donors wish
to designate
their gift for
current uses.
In this way their
gift will go
directly to work
right away in
a crucial area
of need.
For a specific
period of time
Many donors like
to make a multi-year
pledge to fund
a project or
program for a
specific amount
of time. Examples
might include;
a three year
pledge to provide
funding to help
operate the Level
II Neonatal Intensive
Care Unit at
the Regency Medical
Center or a five
year pledge to
help with Nursing
education, recruitment
or retention.
In perpetuity
through an endowment
Some donors like
the idea of leaving
a permanent legacy.
Through this
type of giving
donors may wish
to have their
gift added to
the Foundation's
permanent endowment
or they may wish
to create and
name an endowment.
Thus providing
support for the
project of their
choice for generations
to come.
There are
many ways to
give and continue
to meet your
goals
The quickest
and simplest
way to provide
a gift is to
write a check
or give cash.
However, other
asset types may
provide greater
advantages to
you in terms
of short-term
tax savings,
net cost, eventual
charitable impact,
and long term
estate planning.
The Foundation
encourages donors
to consult with
their legal and
financial advisors
to determine
the optimal way
to fund a gift.
The Foundation
staff is always
happy to meet
with donors and
their advisors
to make a donor's
wishes become
reality.
Gifts of
Cash
A gift of cash
can be made either
as a one-time
contribution
to the Foundation
or as a pledge
to be paid on
a schedule of
the donor's determination.
If you wish to
make a gift in
the future and
would like a
reminder at that
time, please
let us know and
we will follow-up
accordingly.
Gifts of
Securities
Many donors find
it preferable
from a tax standpoint
to provide gifts
of securities
(stocks or bonds)
that have appreciated
in value since
the time they
were acquired.
Providing gifts
of such "appreciated"
securities: have
two advantages:
donors can deduct
the full value
of the securities
on the day they
are given and
avoid capital
gains taxes.
Some donors have
securities with
sentimental value
(a family company
stock or a favorite
holding). The
Foundation encourages
donors to talk
to their advisors
about how to
give such securities,
take a deduction,
and buy the securities
back later on
a "stepped-up"
basis to decrease
tax exposure.
There are traditionally
two ways to make
gifts of securities:
donors can speak
with their broker
or mutual fund
company agent
and have them
transfer these
assets directly
to the Mid-Florida
Medical Services
Foundation, or
they can have
them mail "unendorsed"
assets to the
Foundation. In
either case we
encourage donors
to call the Foundation
beforehand to
make sure the
transfer is completed
effectively.
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Gifts of
Real Estate and
Personal Property
Personal property
that has appreciated
in value since
acquired (such
as real estate
or art collections)
can be a very
effective way
for donors to
make a gift.
Federal tax laws
support such
gifts but are
quite complicated.
Please call the
Foundation and
we will work
closely with
you and your
advisors to ensure
your wishes are
implemented.
Many donors make
very important
gifts in this
way, especially
through gifts
of real estate.
The following
is an example
of a creative
way to provide
such a gift:
a donor gives
their home to
the Foundation,
they take a substantial
tax deduction
right away and
stay in their
home for the
rest of their
life. In addition,
a donor can designate
the future use
of their gift
for the project
of their choice.
Gifts of
Retirement Assets
Gifts of retirement
assets often
make better financial
sense to donors
than gifts of
cash, securities,
or personal property.
The Foundation
encourages donors
to talk with
their advisors
before making
such a gift.
Retirement funds
such as IRA's
and 401K's are
typically a very
significant part
of most donors'
estates. These
assets are taxed
more aggressively
by the federal
government than
others. To some
donors it makes
more sense to
commit all or
part of these
assets to the
Foundation so
we can help improve
local quality
of life rather
than letting
a significant
percentage of
the assets go
undesignated
to the Internal
Revenue Service.
This is a very
important consideration
with some donors
due to the fact
that in some
cases, estate
and retirement
funds can be
subject to taxes
as high as 80%,
leaving little
for heirs. As
always, the Foundation
encourages donors
to get advice
on what to give
and which assets
are better to
keep for heirs.
Gifts of
Insurance
Many donors have
reached a point
in their life
where they don't
need life insurance
anymore. The
insurance coverage
they have developed
over many years
may now actually
cause them to
be subject to
significant estate
taxes. If such
policies are
passed on to
heirs, this may
cause heirs to
incur high tax
liability. A
gift of life
insurance provides
some donors with
a particularly
appealing way
of making a substantial
gift to the Foundation.
Such a gift lets
the Foundation
acknowledge and
recognize donors
now. It also
allows donors
to make a larger
gift than they
might normally
be capable of
through their
current income.
Providing gifts
through insurance
also allows donors
to make good
use of these
types of assets
now that they
are becoming
less important.
To ensure such
gifts are deductible,
donors must make
them "irrevocable"
and the Foundation
must be named
the owner and
beneficiary of
the respective
policy. If a
donor's gift
is from a "paid-up"
(e.g. there are
no additional
premiums to be
paid) life insurance
policy, donors
can receive an
immediate income
tax deduction
generally equal
to the sum of
the premiums
paid. For policies
that donors are
still paying
premiums on,
deductions are
different but
still can be
very beneficial.
The Foundation
encourages donors
to think about
future uses of
such gifts applied
to facility and
endowment naming
opportunities.
Another important
consideration
with life insurance
is "wealth
replacement".
If a donor makes
a substantial
gift to the Foundation
they are often
reducing the
amount of their
estate assets
that will go
to their heirs.
Increasingly
many donors are
using some of
their tax savings
(from their charitable
deduction) to
purchase an insurance
policy on their
own life and
designate their
heirs the owners
and beneficiaries
of that policy.
When properly
constructed such
a wealth replacement
strategy can
permit both a
larger gift and
a larger inheritance
for donor's heirs.
A strategy
for providing
a gift today
and receiving
income
for life
The Foundation
encourages donors
to think about
making a "life
income"
gift by transferring
assets into a
charitable agreement
which provides
substantial benefits
for both the
donor and the
Foundation. Through
such an arrangement
donors can receive
income from these
assets for life.
When the donor
or their beneficiaries
pass away the
Foundation receives
the assets. Donors
may designate
how their assets
will be utilized
by the Foundation.
Donors will also
receive an income
tax deduction,
an estate tax
reduction and
perhaps avoid
capital gains
taxes through
such a strategy.
As always, donors
should consult
with their legal
and financial
advisors and
with the Foundation
to see what options
might work best
for them.
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Giving through
a charitable
remainder trust
Donors may transfer
assets in the
form of cash,
securities, or
property to a
trust. In so
doing, donors
can name a trustee
or agent to manage
their trust assets
and make distributions
in accordance
with their wills.
Trusts can be
designated to
generate income
distributions
to donors and
if specified,
to a second beneficiary
each year. After
a donor passes
away the trust
assets can be
transferred to
the Foundation.
In view of the
fact that such
trusts are irrevocable
they often offer
specific advantages
to the donor:
capital gains
taxes are eliminated
with the transfer
of the gift;
trust assets
are managed by
an estate planning
professional,
and in many cases
the trust will
produce substantially
more income than
was produced
by the assets
that were used
to create it:
for example,
low yielding
securities can
be transferred
to the trust
which can in
turn sell them
to purchase high
yielding securities
while avoiding
capital gains
taxes.
Giving through
a charitable
remainder unitrust
A unitrust pays
the beneficiary
a fixed percentage
of the trust
assets as valued
annually. The
dollar amount
paid to the beneficiary
depends on the
performance of
the trust investments.
For example,
if a donor creates
a 7% charitable
remainder unitrust
and transfers
$50,000 to the
trust, the beneficiary
would receive
$3,500 ($50,000
times 7%) the
first year. If
the assets of
the trust appreciated
during the second
year to $60,000,
the trust would
pay the beneficiary
$4,200 ($60,000
times 7%). Should
the assets in
the trust depreciate
in future years,
the amount paid
to the beneficiary
will be lower.
A donor's income
tax charitable
deduction is
based upon several
considerations:
(1) the amount
of the gift,
(2) the percentage
pay out selected
by the donor,
(3) the ages
of the beneficiaries.
Giving through
a charitable
remainder annuity
trust
An annuity trust
pays a fixed
amount to the
beneficiary annually.
For example,
a donor transfers
$50,000 worth
of low yielding
securities to
an annuity trust
and stipulates
that he or she
desires to receive
$4,000 annually.
The trust is
obligated to
pay the $4,000
each year. The
"overage"
is added to the
trust principle.
Conversely if
the trust earns
less than the
stipulated $4,000,
the shortfall
would be made
up by invasion
of principle.
The beneficiary
is guaranteed
a $4,000 annual
income as long
as the trust
has assets.
Giving through
a charitable
gift annuity
Many donors wish
to make a gift
of cash or appreciated
securities to
the Foundation
which guarantees
by written contract
to pay a donor
(and secondary
beneficiaries
if appropriate)
a specific amount
quarterly for
life. A portion
of the income
gained may be
tax free. If
appreciated securities
are used to make
the gift there
is a capital
gain liability
which can be
spread over the
actuarial life
of the donor.
The amount of
the income and
the charitable
deduction is
based upon the
amount of the
gift and the
age of the donor.
Giving through
a charitable
lead trust
A lead trust
in many ways
is the opposite
of a remainder
trust, which
was discussed
above. Donors
can place assets
into a lead trust
and designate
the income from
these assets
to be used by
the Foundation.
At the end of
the trusts operation
(donor's lifetime
or term of years)
the assets revert
to the donor
or to a beneficiary
of the donor's
choosing. A lead
trust is a great
way for a family
to transfer assets
(especially in
a family owned
business) to
the next generation
without incurring
estate taxes.
If donors have
assets they want
their heirs to
have and they
don't need the
income from these
assets now, a
lead trust can
be a good estate
planning strategy.
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Providing
a gift through
your will
While the vast
majority of donors
provide gifts
to various charitable
causes during
their lifetimes,
many miss the
opportunity to
leave a permanent
legacy. A significant
number of Americans
for whatever
reason pass away
without a will
and thus never
get around to
designating how
their estate
assets will be
divided after
their passing.
Many donors are
more comfortable
with the idea
of retaining
control of their
assets during
their lifetime
and leaving charitable
commitments to
their will executors.
The Foundation
is grateful to
know that many
donors have included
the Foundation
in their estate
plans through
their wills.
If you as a donor
have been kind
enough to acknowledge
the Foundation
in this way,
please tell us
so we can say
thanks, to understand
and honor your
intentions and
so that we can
recognize you
in the Foundation's
Society.
Recommended
Will Language
If you wish to
make a gift in
this way, you
may name specific
beneficiaries
of your estate
such as family,
friends, and
the Foundation.
If it is your
pleasure to include
the Foundation
in your plans,
the following
language may
be helpful: "I
___________ bequeath
(or give) to
the Mid-Florida
Medical Services
Foundation, a
not for profit
501C3 corporation,
(the sum of $________)
(____% of the
residual and
residue of my
estate) to be
used at the discretion
of the Board
of Trustees of
the Foundation
for the benefit
of the Mid-Florida
Medical Services
Foundation, Inc.
If you as a donor
or your attorney
prefers alternative
language, you
may call the
Foundation and
alternatives
will happily
be arranged.
Utilizing
a bequest to
endow an annual
gift
Many donors have
made yearly gifts
to the Foundation's
annual fund over
the years. Some
donor's desire
to continue their
annual giving
for generations
to come by endowing
it through a
bequest. For
information on
this giving option,
please contact
the Foundation.
Ensuring
your heirs are
adequately provided
for
Many donors are
understandably
reluctant to
provide gifts
from assets that
could potentially
benefit their
heirs. Federal
tax laws and
good estate planning
provide ways
for donors to
restore the value
of certain types
of assets to
their heirs.
For example:
if a donor's
estate is greater
than $625,000
per spouse it
is subject to
estate taxes
that begin at
37% (on the first
dollar over $625,000)
and rise to 55%
(and sometimes
more) on estates
over three million
dollars. IRA
and other retirement
plan assets are
included in a
taxable estate.
In addition,
your house and
other investments
may have appreciated
substantially
over the years.
Millions of people
in the U.S. have
an estate large
enough to be
taxable and do
not realize it,
what's more they're
not prepared
with an estate
plan. The assets
donors intend
to leave to their
heirs cannot
reach them until
they have passed
through estate
tax requirements
(Probate). When
a donor provides
a charitable
gift they may
experience a
reduction in
several types
of taxes; Income
taxes, capital
gains taxes,
gift taxes, and
estate taxes
can all be affected.
Restoring the
value of bequeathed
charitable assets
to heirs can
be accomplished
by purchasing
an insurance
policy on yourself
and giving it
to your heirs.
If your heirs
own it or if
you put it in
a trust it is
not considered
part of your
taxable estate
by the IRS. Donors
or their heirs
can pay for it
at least in part
with a tax savings
from the charitable
gift. The amount
of insurance
bought need not
equal the amount
of the charitable
gift. For practical
purposes it can
equal the amount
heirs would have
gotten if the
asset given were
taxed as part
of the donor's
estate. With
this same line
of reasoning
it is considered
better to make
a charitable
gift at an age
early enough
to ensure cost
effective rates.
This strategy
also gives the
donor time to
enjoy the impact
of their generosity.
Another effective
strategy for
ensuring heirs
are provided
for is implementation
of a charitable
lead trust, which
was previously
discussed.
Mid-Florida
Medical Services
Foundation Naming
Opportunities
One of the best
philanthropic
traditions in
the United States
is "naming".
The Mid-Florida
Medical Services
Foundation is
proud to recognize
the generosity
of it's current
and historical
donors through
naming appropriate
Winter Haven
Hospital, Regency
Medical Center,
and other system
facilities, endowments,
and programs
in their honor.
It is a fact
that others are
inspired by seeing
the legacy of
past donors.
To this extent
the Foundation
wants to remind
everyone that
the healthcare
they receive
today is better
due to yesterday's
philanthropists.
When properly
planned the impact
of a named gift
lasts for many
future generations
benefit. Providing
a named gift
is one of the
few things you
can do that will
out last your
lifetime. It
is also one of
the best ways
donors or their
loved ones can
be remembered
for their good
deeds and works
for ages to come.
Donors may wish
to name something
for themselves
in honor of their
parents, their
family, their
favorite nurse/physician,
or some significant
other person
in their life.
The Foundation
staff is always
happy to talk
with you about
the endless possibilities.
For more information
please call the
Foundation at
863-293-1121
Ext.5826.
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