Generous friends, like you, are the reason why Covenant HealthCare continues to deliver extraordinary care for every generation. Through planned giving, you can support the advancement of health and science at Covenant HealthCare while still meeting your financial goals. We developed a quick reference guide to assist you in your giving.
Thank you for supporting Covenant HealthCare and investing in extraordinary care for generations to come.
Current Gift - Your gift may be utilized immediately and you become eligible for a tax deduction for the year of the gift. Payments are quick, easy and convenient and can be made with cash, check or credit card.
Securities or Real Estate - Give long-term appreciated assets. You will receive an income tax deduction and avoid capital gains tax when you give through this option.
Charitable Lead Trust – This option provides payments to Covenant for a term of years, and then pays the remainder to family members. This is recommended for anyone in high estate and gift tax brackets to benefit Covenant and pass principal to family with reduced estate or gift taxes.
A deferred gift is a planned contribution that you arrange now but won't benefit Covenant until the end of your life.
Bequest - Through your will/trust, gift Covenant money, property or a share of estate residue.
A bequest can either be outright or contingent upon the death of a family member. Your gift could memorialize someone.
Life Insurance - Name Covenant the primary or contingent beneficiary, or transfer a policy to us. This could be a policy you do not find necessary.
Qualified Retirement Plan - Designate Covenant as primary or contingent beneficiary of part or all of your qualified plan or IRA. This gift avoids twofold taxation (income and estate taxes) on distributions after your lifetime.
Life Estate Agreement - Deed your personal residence or farm to Covenant, while retaining the use. You avoid selling your property and secure current income tax savings.
Life Income Gift
These plans ensures you (and even a survivor) an income for life as well as substantial tax savings. You can convert low-yielding assets into a higher income stream. You transfer assets to the plan and Covenant receives the remainder after the beneficiary's lifetime.
Charitable Remainder Annuity Trust - Fund with cash, securities or other assets. You will receive payments of a fixed dollar amount for life.
Charitable Remainder Unitrust - Fund with cash, securities or other assets. You will receive a fixed percentage of market value of trust assets, revalued annually.
Charitable Gift Annuity - Fund with cash or other assets. You will receive fixed payments for life based on gift amount and interest for your age.
Estate Gift Planning
Covenant HealthCare Foundation has developed a futuristic strategy for fund development that will continue to benefit Covenant Medical Center in the years to come. As we reach out to individuals, families, and companies that have a charitable intent, we ask each entity to consider a future gift from their estate that will benefit Covenant Medical Center. In every case, an estate gift is beneficial to the donor and the recipient.
The staff at the Covenant HealthCare Foundation has placed an emphasis on bequests through a will or will/trust agreement. This tool is very common and is relatively easy for legal counsel to prepare.
Charitable Gift Annuities are contracts between the donor and the charity. These contracts can be written by the charity, thereby, eliminating legal fees while retaining the status of a legal, binding contract for the life of the donor(s). Charitable Gift Annuities are an income producing charitable gift that, oftentimes, has a very attractive interest rate that benefits the donor. Upon the death of the annuitant, the charity receives the remainder of the principal from the gift annuity.
Other recognizable charitable giving methods that Covenant would find acceptable are:
- Charitable Remainder Trusts
- Gifts of property
- Insurance policy beneficiary designations
- Life estates
- Retirement plans
- Stock transfers
For more information about estate gift planning, contact the Foundation Office at 989.583.7600 or email Carol Cottrell, Tom Mueller or Ken Cichewicz.
Sample Bequest Language for Covenant HealthCare Foundation
The Covenant Heritage - Covenant HealthCare Foundation has developed a donor recognition program for estate gifts. This program is based on the honor system to honor individuals or families that have included Covenant in their will or will/trust. Donors are invited to an annual luncheon that serves to recognize their future gifts and furthermore, Covenant Heritage donors are listed by name on the "Wall of Honor" at the Covenant Cooper and Harrison campuses.