Hasbro Children's Hospital
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Planned Giving at Hasbro Children's Hospital

Hasbro Children's Giving Wall
Planned giving provides a meaningful opportunity to support Hasbro Children’s Hospital. This philanthropy enables the hospital to focus on our unyielding pursuit of excellence in patient care, pioneering research and medical education, and technology.

Leave a Lasting Legacy

Bequests

Bequest Benefits

A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

Types of Bequests

Specific Bequest. A specific bequest involves making a gift of a specific asset or dollar amount.

Percentage Bequest. A percentage bequest involves leaving a specific percentage of your overall estate to charity.

Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity.

Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave a specific percentage of your estate to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the percentage will go to the Hasbro Children’s Hospital.

Bequest Language

In order to make a bequest, you should speak with your attorney. We have provided some basic bequest language to assist you and your attorney.

1. Bequest of a Specific Dollar Amount

I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Rhode Island Hospital Foundation for the benefit of Hasbro Children’s Hospital, the pediatric division of Rhode Island Hospital located in Providence, RI, income and principal to be applied in its discretion for its general uses and purposes.

2. Percentage Bequest

I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Hasbro Children’s Hospital, the pediatric division of Rhode Island Hospital located in Providence, RI, income and principal to be applied in its discretion for its general uses and purposes.

3. Residual Bequest

I hereby give, devise and bequeath to Hasbro Children’s Hospital, the pediatric division of Rhode Island Hospital located in Providence, RI, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate, income and principal to be applied in its discretion for its general uses and purposes.

4. Contingent Bequest

If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Hasbro Children’s Hospital, the pediatric division of Rhode Island Hospital located in Providence, RI, DESCRIPTION OF PROPERTY, income and principal to be applied in its discretion for its general uses and purposes.

Restricted Bequests

If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.

If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Hasbro Children's Hospital flexibility should it no longer be possible for us to use your gift as you originally intended:

If, in the judgment of the Board of Directors of the Hasbro Children's Hospital, it shall become impossible for the Rhode Island Hospital Foundation to use this bequest to accomplish the specific purposes of this bequest, the Rhode Island Hospital Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.

Charitable Gift Annuity

 How It Works

Through a simple contract, you agree to make a donation of cash, stocks, or other assets to Hasbro Children's Hospital Foundation. In return, you or a loved one receive a fixed amount each year for the rest of your lifetime.

Below is an example based upon a donor 72 years of age establishing a $10,000 immediate payment charitable gift annuity with cash.

Benefits

  • Immediate. Charitable income tax deduction of $4,240.
  • Annual. Annual payments of $540 for life of annuitant, age 72, $397 tax-free for the first 14.5 years.
  • Future. Hasbro Children's Hospital will receive remaining principal when annuity ends. May reduce estate taxes and costs.

In addition to providing a gift to Hasbro Children's Hospital Foundation and receiving fixed payments for life, you also receive these benefits:

  • You receive an immediate charitable income tax deduction for a portion of your gift.
  • Your charitable gift annuity payments are partially income tax–free throughout your estimated life expectancy.
  • Your payments are not affected by fluctuations in the economy.
  • The gift annuity can be for one or two people, so your spouse or another loved one can also receive payments for life.
  • If you use appreciated stock to make a gift, you can usually eliminate capital gains tax on a portion of the gift and spread the rest of the gain over your life expectancy.

If You Don't Need Extra Income Right Now...

Deferred Payment Charitable Gift Annuity

How It Works:

You make the contribution to us now, securing a current income tax charitable deduction. Starting at least one year after your gift, Hasbro Children's Hospital provides you or a loved one with fixed payments for life. This is especially advantageous if your tax bracket is higher now than it will be later when you retire. The rate depends on your age now and your age when the payments will begin. Because payments are deferred, the rate is considerably higher than with an immediate gift annuity. Your charitable deduction is larger, too, when you choose to defer the start of your payments.

In addition, for many people, contributions to IRAs, 401(k) plans and other retirement plans are limited. The deferred payment gift annuity is a good way to provide the additional retirement income you desire.

Below is an example based upon a cash gift of $10,000 for a donor 55 years of age who defers the start of his payments for ten years.

Benefits

  • Immediate. Charitable income tax deduction of $3,597.
  • Annual. Annual payments of $650 starting in 2024 for life of annuitant, age 55, $322 tax-free for the first 19.9 years.
  • Future. Hasbro Children's Hospital will receive remaining principal when annuity ends. May reduce estate taxes and costs.
Charitable Remainder Unitrust

What is a Charitable Remainder Unitrust?

With a charitable remainder trust, you or other named individuals can receive income each year for life or a period (not exceeding 20 years) from assets you give to the trust you create. Payments can be either variable or a fixed amount. After the life of the named individuals or the set period of years, the balance in the trust goes to support Hasbro Children's Hospital.

A charitable remainder unitrust can be arranged for gifts of $100,000 or more.

Benefits include:

  • Steady income for you or your chosen beneficiary for a fixed term of years, or for life.
  • Up-front capital gains tax avoidance.
  • A one-time charitable tax deduction for a portion of your gift.
  • Potential for increased income.

Benefits

  • Immediate. Charitable income deduction of $34,481.

  • Annual. First year payments of $5,000. Payments will vary in future and continue for lives of beneficiaries, ages 65 and 66.

  • Future. Hasbro Children's Hospital will receive remaining principal when trust ends. May reduce estate taxes and costs.

Charitable Lead Trust

This gift option is the opposite of a charitable remainder trust. A donor places assets in a trust to generate annual income for Hasbro Children's Hospital, usually for a fixed number of years.  When the term of years ends, the trust terminates and the assets pass to the donor’s heirs.

Features of a Charitable Lead Trust

A charitable lead trust:

  • Provides initial annual support for Hasbro Children's Hospital
  • Allows you to transfer assets to your heirs with sharply reduced gift or estate taxes
  • Can be established either during your lifetime or through your will

 

Cash, Securities, and Real Estate

Cash

Cash is the easiest of all assets to transfer in order to fund a life income gift to Hasbro Children's Hospital. Ordinarily, the receipt of your check by the hospital concludes the transaction with the postmark on your envelope as your official date of gift. A life income gift (such as a charitable gift annuity or a charitable remainder unitrust) is likely to provide higher income than either a certificate of deposit or a savings account.

Securities and Mutual Funds

Many donors who own highly appreciated securities are reluctant to sell because of the capital gains tax on the appreciated portion of the assets. Using securities and/or mutual funds to fund a life income gift is a way to avoid incurring up-front capital gains tax liability.

Real Estate

In reviewing their assets, donors often find that real estate, whether their primary residence or vacation home, has appreciated more than their other assets. A gift of real estate to Hasbro Children's Hospital can offer significant benefits to both the donor and the hospital. There are several options for making a real estate gift:

  • Outright Gift of Real Estate: A gift to the hospital results in a charitable income tax deduction based on the fair market value of the property at the time of the gift. In addition, the donor is able to avoid any capital gains tax liability.
  • Life Income Gifts of Real Estate: A gift of real estate can be structured to provide a life income (usually through a trust or a deferred payment gift annuity). Whatever gift vehicle is chosen, the donor receives a charitable income tax deduction (for a portion of the gift's value) in the year the gift is made.
  • Gift of Real Estate with Retained Life Estate: A donor may decide to make a gift of their principal residence or vacation home to the hospital and retain the right to live in the house for their lifetime. The donor receives a charitable income tax deduction for a portion of the fair market value of the home in the year of the gift and retains rights and duties of ownership for life.

Hasbro Children's Hospital has suggested guidelines to ensure that real estate gift transfers go smoothly: property should be readily saleable so that the hospital does not incur undue carrying expenses; a qualified appraisal must be provided by the donor to substantiate the value of the property; and the real estate should be mortgage-free.

The Living Heritage Society

Hasbro Children's Hospital’s Living Heritage Society honors our generous donors who have made a planned gift, or included the hospital as a beneficiary of their estate plan, retirement account, or life insurance.

If you have already designated Hasbro Children's Hospital as a beneficiary of your estate plan, retirement account, or life insurance; please let us know so that we can welcome you as a member of the Living Heritage Society.

Membership benefits include:

  • Recognition in hospital publications.
  • Invitations to attend exclusive Living Heritage Society and other hospital events.
  • Subscription to hospital publications to provide you with the latest hospital updates.
  • Invitation to a VIP hospital tour.
  • The knowledge that you are ensuring excellence in healthcare for future generations.

For more information about planned giving, please contact Chris Josephson at 401-444-6412 or email  chris.josephson@lifespan.org.

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.