Planned giving provides several options and opportunities to support Wellmont Health System through Wellmont Foundation in your overall financial and estate plans. Planned gifts are generally gifts or commitments made in the present with the benefit to Wellmont deferred until a future date. However, planned gifts may also include outright gifts of appreciated property, securities or real estate or gifts of tangible personal property.
Wellmont Foundation realizes that, as you consider a planned gift, you must balance your family needs, personal lifestyle and financial resources with the desire to contribute to the healthcare needs of the Tri-Cities region of Northeast Tennessee and Southwest Virginia both today and in the future. Maintaining this balance requires careful planning, and the development staff members at Wellmont Foundation stand ready to help you make the most informed decision possible.
Including Wellmont Foundation in your will is a very simple process. You may use your will to benefit the hospital, facility or program of your choice by instructing that Wellmont Foundation receive a specific amount, a percentage of your estate or a remainder amount.
A will provides opportunities to express your values and create a legacy. The development staff at Wellmont Foundation looks forward to being of assistance to you and to your professional advisors as you prepare an estate plan that is consistent with your wishes and the needs of Wellmont. Since future medical needs cannot be predicted, Wellmont Foundation recommends that your bequest be unrestricted or designated to a particular hospital so your gift may be directed to the area of greatest need at the time it is received.
Below you will find various types of bequests. If you wish to be anonymous, your gift may be made confidentially. However, with your permission, Wellmont Foundation would appreciate recognizing your gift so it may inspire others to follow in your footsteps.
Examples of specific language that may be incorporated into your estate planning documents are as follows:
You may wish to create a permanent endowed fund in your name or in the name of a loved one or someone you greatly admire. Your fund's principal will be held and its income distributions directed in support of a particular area at Wellmont that holds special meaning for you. Alternatively, you may choose to permit Wellmont Foundation to make the decision as to which area or areas will benefit most from your endowed fund's distributions. Your endowed fund would be a legacy that lives on in perpetuity. If you wish to restrict your gift, Wellmont Foundation suggests additional phrasing such as:
If Wellmont Foundation or a related hospital entity is a designated charity in your will, trust or other estate planning document, you may consider forwarding a copy of the document or relevant pages to its development officers. If you are in the process of drafting your estate documents, it may be wise to discuss your bequest with the development staff. This will allow Wellmont Foundation or its related hospital entities the opportunity to confirm that they are able to fulfill your requests and help ensure your wishes are carried out to the fullest extent.
Gifts of appreciated securities offer tax advantages, including forgiveness of the tax on capital gain and an income tax charitable deduction for the fair market value of the securities. You may also make gifts of property, including real estate, life insurance, retirement accounts, works of art, jewelry or valued collections. These gifts provide tax advantages and may require independent appraisals to meet Internal Revenue Service (IRS) guidelines.
Naming Wellmont Foundation as a beneficiary in your life insurance policy is a simple way to make provision for Wellmont's mission as your life insurance needs change and policies are no longer needed to fulfill their original purposes. You may also list Wellmont Foundation as a beneficiary of tax deferred retirement accounts. This strategy may help avoid significant taxes on unused retirement funds.
Annuities and trusts are designed so that you can make provision for Wellmont Foundation while recognizing current benefits. These vehicles allow a means for you to reduce the taxable portion of your estate, provide a source of income for you and your family, create a current income tax deduction and benefit healthcare. They are particularly attractive when funded with appreciated assets.
Retirement funds, such as IRAs and tax-deferred assets, are subject to both income tax and estate tax after one's lifetime. Using such assets as charitable gifts may be a wise choice. You can avoid both income and estate taxes by naming Wellmont Foundation as a beneficiary. Financial advisors may indicate this is an excellent way to achieve your charitable goals.
If you would like to discuss the possibility of a planned gift or specific language for your gift documents, please contact Todd Norris, Executive Director of Wellmont Foundation at (423) 230-8556 or Todd.Norris@wellmont.org. Wellmont Foundation does not provide legal advice. Please consult with your attorney or CPA for specific legal or financial information.
Inquiries are confidential and involve no obligation.
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