Legacy Giving

Retirement plans account for a significant portion of household wealth, so assets in those plans are often used for charitable gifts. A simple way to make a gift from your IRA, 401(k), 403(b) or other defined contribution plan is to name our institution as a beneficiary of all or a percentage of whatever might remain in the fund at the end of your life.  

You need only complete a change-of-beneficiary form, which you can obtain from your plan administrator. Such a gift could be a cost-effective way to make a charitable gift. Here’s why: These assets (unless from a Roth IRA) are subject to income tax when paid to a non-charitable beneficiary, and they may also be subject to estate tax, depending on the size of your estate. However, they are subject to neither tax when they distribute to Southcoast Health. 

Benefits include: 

• Fulfill your philanthropic goals 
• Eliminate potential federal estate or property passing to charity at death 
• Reduce costs and time in estate settlement 

Charitable Gift Annuity: The Charitable Gift Annuity is among the oldest, simplest and most popular of the charitable life-income plans. In exchange for a transfer of cash, marketable securities, or, in some circumstances, real estate, we contractually guarantee to make specified annuity payments to you and/or another beneficiary for life. The payout rate depends on the age(s) at the time of the gift. 

Benefits include: 

• Fixed payment for life 
• Allowable federal income tax deduction 
• Part of payment is tax-free 

Charitable Remainder Trust (CRT): The popularity of charitable trusts can be credited to the financial- and estate-planning flexibility they afford. With a CRT, assets are placed into the trust, which provides income to the predetermined beneficiary or beneficiaries. At the end of the term of trust, “the remainder” distributes to Southcoast Health. The donor selects the rate of return and trustee of the trust.

Benefits include: 

• Beneficiaries enjoy income from trust (without management responsibilities) 
• May realize significant federal charitable deduction in year of gift 
• Reduction of estate settlement costs 
• Avoidance of capital gain in some instances 

Southcoast Health has four planned giving societies to honor those who have made provisions for Southcoast in their estate plans: 

Alice Tobey Jones Society — Named in honor of Alice Tobey Jones, whose generous bequest in 1922 founded Tobey Hospital 

The Bullard Legacy Society — Named to honor the Bullard and Crapo families for their lasting legacy of physicians, hospital presidents and philanthropists 

Elizabeth and Frank Stevens Society — Named in honor of the Stevens, who were among the first people to provide financial resources to improve health care services in the Fall River area 

Southcoast Planned Giving Society — Supports all three legacy hospitals — Charlton Memorial, St. Luke’s and Tobey 

To discuss your planned giving options or share a current commitment, please contact Chrystal Walsh to learn more or call 508-973-6014.