PLANNED GIVING

By remembering Sherman Health Foundation in your estate plans, you can leave a meaningful mark on the hospital’s work that extends beyond your years. Many donors find that through bequests they are able to make a significant philanthropic commitment more comfortably than doing so during their lifetime. There are also many other types of planned and life-income gifts that can offer benefits to donors and their families in addition to the support these gifts provide to the hospital.

Include a Bequest in Your Will or Living Trust. We deeply value the support we receive through bequests and urge you to notify us of your intentions so we can acknowledge your generosity during your lifetime. You may leave a specific dollar amount, or a percentage of your estate, to Sherman Health Foundatin.

Suggested testamentary language to review with your attorney:

  • For a specific bequest:
    “I  bequeath the sum of $______________, without interest,  to Sherman Health Foundation, Elgin, Illinois, an Illinois not-for-profit corporation, or any successor thereto, for its general purposes.”
  • For a remainder gift:
    “I bequeath all (or ________ %) of  my residuary estate to Sherman Health Foundation, Elgin, Illinois, an Illinois not-for-profit corporation, or any successor thereto, for its general purposes.”

We strongly advise you to review our recommendation with your own legal and tax advisors.

Sherman Health Foundation Planned Giving Program.

You can leave a legacy gift to Sherman Health Foundation through a simple bequest in your will or by naming the Foundation as a beneficiary of your Life Insurance Policy, Qualified Retirement Plan, or Individual Retirement Account. You can also arrange a tax-wise gift that will provide lifetime income for your loved ones and yourself, or that will pass assets to heirs at reduced tax. Following are some options available to you:

Make a Legacy Gift through a Beneficiary Designation
Life Insurance:

You can make a significant future gift to the Foundation by donating all or a portion of the proceeds of a life insurance policy that is no longer needed for family protection. If you are planning to name Sherman Health Foundation as the beneficiary of an entire policy, you should consider transferring the policy ownership to the Foundation to enable you to receive an immediate income tax deduction for the current value of the policy, as well as income tax deductions for future premium payments.

Retirement Plan Assets:

Another simple way to make a future gift to the Foundation is to name as beneficiary of all of a portion of a Qualified Retirement Plan or Individual Retirement Account (“IRA”). To do this, fill out a “Change of Beneficiary” form provided by the plan administrator or IRA custodian. The gift can then pass to the hospital without being subject to estate or income taxes.

Receive Income by Establishing a Charitable Remainder Trust

Charitable Remainder Trusts are individually structured gift arrangements that can make payments to you and/or others for your lifetime(s) or a term of years. Upon the termination of the trust, the remainder of the trust principal becomes available to the Foundation. You can receive either fixed or variable income, or establish a trust that will initially minimize income payments and build principal, allowing for higher income payments at retirement. Charitable Remainder Trusts entitle you to an income tax deduction for the charitable component of your gift.  Charitable Remainder Trusts can avoid capital gains tax if the trust sells appreciated assets.

Establish a Charitable Lead Trust

You can transfer a portion of your estate to your children, grandchildren, or other heirs with reduced gift or estate taxes through a Charitable Lead Trust, established now through your will or living trust. The Trust would make the payments to Sherman Health Foundation for your lifetime, or a term of years, after which the principal would be distributed to your heirs. A Charitable Lead Trust is a sophisticated estate-planning vehicle which can enable you to meet both your charitable and family goals.