legacy giving - 1901 society

Plan Your Gift Today so Hebrew Health Care Can Plan for Your Tomorrow

To the casual observer, Hebrew Health Care is recognized as "The Home" - a preeminent, comprehensive skilled nursing facility founded in 1901 to provide medical care to indigent elderly Jews. Today, nearly 110 years later, Hebrew Health Care has evolved into a dynamic system of care featuring a full spectrum of integrated and seamless inpatient, outpatient and community based geriatric services to meet the needs of older adults in the Greater Hartford community. Members of the 1901 Society share the same devout passion as our founders and have made a thoughtful decision to help guarantee that our model of care is here for the future by including Hebrew Health Care in their estate plans.

Planned gifts can take many forms: a bequest in your will or trust, a charitable remainder trust, and charitable gift annuity, life insurance policy, IRA or a pension plan. Regardless of the form that your planned gift takes, all planned gifts have one thing in common: guaranteeing the future of Hebrew Health Care by building a strong Endowment. It is part of our shared responsibility to assure that Hebrew Health Care and its services are here for generations to come. Help us to endow the future of this well-respected medical organization in our community. For more information, please contact Madelene Francese, Vice President of Development, at 860-523-3994 or via e-mail at .

Read more about your planned giving options by selecting the links below. While your attorney is responsible for the legal aspects of your planning, we are pleased to provide the following information as a courtesy to prospective donors. If you have further questions or would like additional information, please contact Madelene Francese, Vice President of Development, at 860-523-3994 or via e-mail at .

How to Make a Planned Gift to Hebrew Health Care

Bequests
Life Income Gifts: Gift Annuities
Charitable Remainder Trusts
Beneficiary designation of retirement plans or life insurance

Bequests

A gift in your will, also known as a bequest, is a meaningful way to support Hebrew Health Care. Bequests are also fully deductible for federal estate tax purposes.

Sample language:"I give and bequeath $____ (sum of money), or __% (percentage) of my estate, or all the rest, residue, and remainder of my estate to Hebrew Health Care located at 1 Abrahms Boulevard in West Hartford, CT."

Types of Bequests:

  • Pecuniary - This is a bequest of a specific dollar amount. For example, "I give and bequeath the sum of $25,000 to Hebrew Health Care." This amount will not fluctuate if your estate increases in value after you have signed your will. Providing your executor has sufficient other assets to pay expenses, debts, taxes, etc., this bequest will not be reduced.
  • Percentage - This is a bequest of an amount equal to a fixed percentage of the value of your estate at the time of your death. For example, "I give and bequeath to Hebrew Health Care an amount equal to 10% of the total value of the assets in my estate, whatever the amount shall be at the time of my death."
  • Residuary - This bequest directs that Hebrew Health Care Inc receives all or a portion of the balance of your estate after all necessary costs and pecuniary bequests have been met. For example, "I leave to Hebrew Health Care all the residue and remainder of my estate." If you have more than one residuary beneficiary, then you would make sure that the total passing to the residuary beneficiaries equals 100 percent.

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Life Income Gifts: Gift Annuities

A charitable gift annuity is an agreement between you and a charity. In exchange for your irrevocable gift of cash or securities, you receive a fixed income for life. With a deferred gift annuity, the gift is made at a younger age, and annuity payments are deferred until a later date and time, typically one's retirement. The rate is determined by your age when the payments will begin.

If you are interested in a charitable gift annuity, please contact Madelene Francese, Vice President of Development, at 860-523-3994.

Charitable Gift Annuities provide many benefits:

  • A fixed income for life for you and/or a loved one
  • Partially tax-free annuity payments
  • An immediate income tax deduction
  • A reduction in your estate taxes
  • With a gift of low-yielding securities, you can increase your income
  • With a gift of appreciated securities, you can minimize capital gains taxes

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Charitable Remainder Trusts

Cash or assets are transferred into a trust that is created under state and federal laws. Trust payments can be made to you and/or one or more persons for life or for a period of up to twenty years. The amount of income received may be fixed at the time the trust is created (charitable remainder annuity trust), or the trust can be created so that income will fluctuate with the performance of the assets in the trust (charitable remainder unitrust). In some cases, payments may be tax-free or taxed at lower rates than other income. When the trust period ends, the property remaining in the trust passes to the charity you designate, such as Hebrew Health Care.

Charitable Remainder Trusts provide many benefits:

  • Provide a fixed or variable income for yourself and/or one or more other persons for life or another period of time
  • Increase income from low-yielding assets
  • Reduce or eliminate capital gains, estate, and/or gift taxes that could otherwise be due
  • Diversify investments and the potential for tax-free growth of assets
  • Create a source of income for children, parents, or loved ones
  • Make an eventual gift to Hebrew Health Care

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Beneficiary designation of retirement plans or life insurance

Retirement Plans: Today, many individual's portfolios are comprised largely of retirement plan assets, such as IRAs. These retirement plan assets are among the most expensive for your family to inherit because they are subject not only to income tax (state and federal) but may also be subject to estate and generation-skipping transfer taxes. These combined taxes can potentially erode the value of the IRA, leaving only 30% of the IRA's value for the individual beneficiary.

If you leave the IRA to Hebrew Health Care, a tax-exempt 501 (c)3 organization, 100% of the IRA's value is preserved. Naming Hebrew Health Care as a beneficiary is very simple. Please request a beneficiary designation from the financial institution that manages your retirement plan, and include the following information:

  • Legal Name: Hebrew Health Care, Inc.
  • Federal Tax identification Number: Call 860-523-3994 to get this number

Gifts of Life Insurance: Gifting a paid-up life insurance policy is one of the easiest and most cost-effective ways to support Hebrew Health Care. By naming Hebrew Health Care as the beneficiary of your paid-up policy, you will be making a future gift to Hebrew Health Care and will be entitled to an income tax deduction equal to the value of your policy. This change of the beneficiary can be made quite simply by contacting your insurance carrier and requesting a beneficiary change form.

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