Planned Giving at The Miriam Hospital
Planned giving is a way of making a charitable gift to The Miriam Hospital where some thought and some assistance are needed to complete the donation. The assistance can come from an attorney, stockbroker, tax advisor, insurance agent, or gift planning officer. The thoughtfulness comes from what you want your gift to accomplish for patient care, clinical education, and medical research.
How The CARES Act Impacts Charitable Giving
This recently passed law includes several provisions to encourage charitable giving including:
- A new deduction for donors who do not itemize when filing their tax returns. If you do not itemize but make a cash gift to qualified charities like The Miriam Hospital, you will be allowed to deduct up to $300 to potentially reduce your tax liability.
- An increase in the charitable deduction limit up to 100% of a donor’s adjusted gross income for gifts. Previously, the deduction was capped at 60% of annual income. If you make a gift to support The Miriam Hospital you may be able to deduct more this year than in previous years.
Leave a Lasting Legacy
Planned giving offers many options to help you make a charitable gift while deriving financial benefits, including income for life for you or another, and an immediate one-time charitable income tax deduction for a portion of your gift (in the year of the gift.) In many cases a planned gift can allow a donor to make a stretch gift and receive an income stream in return.