The Henry T. and Deborah M. Lievre Society

You may give your gift as a bequest—via a will or living trust—to St. Mary’s Foundation for Children, which will reduce estate taxes and provide invaluable support to our tiny patients.

If you currently have a life insurance policy but no longer have need of it, you can name St. Mary’s Foundation for Children as the beneficiary. Immediately following this adjustment, you can claim a charitable deduction for an amount equal to the fair market value of the policy or your income tax basis in the policy, whichever is less. Or, you may purchase a new insurance policy naming St. Mary’s Foundation for Children as the owner and beneficiary, of which the annual premium payments will also be also tax-deductible.

If home is where your big heart is, you have the opportunity to fund your contribution to St. Mary’s with the gift of real estate. You can either give the property directly to St. Mary’s Foundation for Children, or, if you actively reside on the property, gift the property with a retained “life estate.” This will enable you to take advantage of the immediate tax benefits of a charitable gift while you continue to maintain your residence.

Through the creation of a charitable remainder trust (CRT) funded by cash or securities, you can meet your financial needs and provide generous support for St. Mary’s. While benefits differ depending on trust type, funding method and your age at origination, it will help you reduce or avoid capital gains taxes on appreciated securities. Speak to your financial planner and attorney for more information.

A living trust can allow you preserve control of your assets during your lifetime and direct who will receive these assets upon your death. It is an estate planning vehicle that can help family members, charities and other beneficiaries avoid a cumbersome probate process.

Once you reach the age of 70.5 or older, you can donate to any charity of your choice tax-free directly from your IRA through a QCD. If you are 73 or older, it is mandated that you receive a Required Minimum Distribution from your IRA annually, which is subject to taxation. A 25% tax penalty is imposed if you do not take out your Required Minimum Distribution. However, if you donate to a charity directly from your IRA, the donation will count towards your required minimum distribution and you will avoid federal income tax on those funds.