Beneficiary Designations
 
 

Beneficiary Designations

Bequests or Living Trusts
A simple way to leave a substantial gift

A bequest is the most common planned gift because of its simplicity, flexibility, and versatility. A bequest allows you to defer a gift until after your lifetime, retain the right to modify your decision should your circumstances change, and ensure your family is protected first. Naming the Winter Haven Hospital Foundation as a beneficiary in your will or revocable living trust may also provide valuable estate tax savings.

You can bequeath a specific asset, a certain dollar amount, or a percentage of your estate (most common) to the Winter Haven Hospital Foundation knowing that your thoughtful foresight will help further our mission in years to come. The flexibility of a bequest allows you to designate your deferred commitment as either spendable or endowed funds, for the Foundation’s restricted or unrestricted use, or in honor or memory of a loved one.

If you already have a valid, up-to-date will or trust, you can direct your attorney to prepare an amendment – called a codicil – naming us as a beneficiary without having to rewrite your entire estate planning document(s).

Life Insurance Policies
Leverage your philanthropy

A simple way to leverage your philanthropy and make a significant contribution is by naming the Winter Haven Hospital Foundation the owner and beneficiary of a permanent, cash value life insurance policy. Life insurance policies can be issued on a single life or on two lives (i.e. husband and wife).

You may have a policy that you no longer need for family protection or might be looking to reduce the size of your estate. You might rather consider establishing a new* policy for the sole benefit of supporting the Foundation’s mission. (*Please note that special considerations may apply based on a number of factors: the insured(s) health history, the donor’s giving history to our organization, other insurance protection currently in force, etc.)

Income tax benefits are available for certain cash values inside an existing gifted policy and for future premium contributions made to keep a charitable insurance policy in force. Similar to the flexibility of a bequest, you can designate the use and direction of the policy’s proceeds in a number of ways that will impact the future of quality patient care at the Winter Haven Hospital.

The Foundation has established guidelines for the acceptance of life insurance gifts; therefore coordinating the transfer of ownership and beneficiary designation with our office is very important. You or your insurance advisor should contact Elizabeth A. Ponder, Senior Director of Major and Planned Gifts, at (863) 297-1781 or elizabeth.ponder@baycare.org to explore how to leverage your philanthropy with a gift of life insurance.

Retirement Assets
A gift with no out-of-pocket expenses today

Including the Winter Haven Hospital Foundation as a full or partial beneficiary of retirement assets allows you to make a gift today with no out-of-pocket expenses that will strengthen the Foundation’s capabilities in the future. It’s as simple as completing a change of beneficiary form with the trustee or administrator of your retirement account and including us as a primary beneficiary for a percentage (from 1 - 100%) of the plan’s assets.

Because the designation is revocable, you maintain control of the account over your lifetime should you or your spouse need all of the funds for your retirement years. Retirement assets include qualified plans such as IRAs, Roth IRAs, 401(k)s, 403(b)s, 457s, ESOPs, tax-sheltered annuities, etc.

Many tax experts recommend using retirement funds in your charitable planning as doing so shields your heirs from the potential two-fold taxation (income and estate taxes) on these assets and then enables you to give them other assets that are not as heavily taxed. Naming the Winter Haven Hospital Foundation directly on a retirement plan also expedites the distribution to our organization and avoids the probate process.

Bank and Investment Accounts
A convenient way to gift assets you need today

Pay on Death (POD) plans (i.e. for bank accounts such as checking, savings, money market, and CDs) and Transfer on Death (TOD) plans (i.e. for investment and securities accounts) offer a convenient way for you to pass certain nonretirement assets to the Winter Haven Hospital Foundation outside of probate. You retain full control of the assets during your lifetime and we receive the remainder of the account upon your passing. Similar to other planned gifts, the proceeds of POD and TOD beneficiary designations can be designated for the Foundation’s use in a variety of ways.

We encourage you to consult your legal advisor before incorporating a POD or TOD designation into your charitable estate plan to ensure that your plan leaves sufficient liquid resources to pay your estate’s debts and expenses. Be careful that these beneficiary designations do not conflict with your will, trust, or other legal documents.

Please note that the charitable giving information included on our website is provided for educational purposes only and is not intended to be legal, tax, investment, or insurance advice. The Winter Haven Hospital Foundation encourages you to always consult your professional advisors for all legal, tax, investment, and insurance advice unique to your personal situation and in consideration of your philanthropic, financial, and estate planning goals.