- Easy to arrange. If you already have a will, a simple amendment, called a Codicil, can be used to add a gift to HopeHealth. If you don’t have a will, you can consult legal counsel to help you prepare one.
- Flexible. Assets remain in your control during your lifetime, should you ever need them.
- Revocable. A gift designation can be changed at any time.
- Possible tax savings. Your gift to HopeHealth or other qualified charity entitles you to an estate tax charitable deduction.
YOUR CHARITABLE LEGACY - THE VALUES THAT DEFINE YOU
We all enter a time in our life when we need to have documents in place for the distribution of possessions and assets that we have accumulated over a lifetime. A will or trust is the roadmap that you need to pass them on to loved ones and charities that you care about. More than you may realize, your will or trust also tells the story of your life and values.
Naturally, you will leave assets to loved ones. But what else defines your life? What values are you hoping to impart to the next generation? These values are often shown by the organizations and causes you support during your lifetime, like HopeHealth.
As you put in place those documents that will tell your life story as well as distribute your possessions, please consider a gift to HopeHealth in support of future generations of patients and families.
A gift to HopeHealth in your will or trust gives you maximum flexibility
Select the type of gift for your will or trust that works best with your estate plan
- A general bequest – A fixed dollar amount or percentage.
- A specific bequest – Particular assets like, “X shares of XYZ stock” or “real estate located at…” or “ABC Bank account.”
- Residual – “X% of the rest and residual of my estate.” Provides for your loved ones and final expenses first, then the rest to favorite charities.
- Contingent – As “in the event that my spouse does not survive me.”
- General use or specific – Your estate plan can specify “for general use”, or for a specific use, such as “for HopeHealth’s endowment fund.” If you have a specific area that you’d like to support, please be in touch with philanthropy staff to confirm that your gift will align with our mission.
Suggested wording for your advisor
General Bequest of a stated sum of money or percentage of your estate may be worded:
“I give to HopeHealth, 1085 North Main St., Providence, RI 02904, a Rhode Island nonprofit corporation, or its successor, Federal Tax Identification Number 51-0192422 [insert here the exact dollar amount or percentage of your estate].”
Specific Bequest of a certain asset* from your estate may be worded:
“I give to HopeHealth, 1085 North Main St., Providence, RI 02904, a Rhode Island nonprofit corporation, or its successor, Federal Tax Identification Number 51-0192422, [insert here a description of the particular property].”
*HopeHealth has Gift Acceptance Policies that govern the type of property that the organization can accept. Please contact Philanthropy Department staff for further information.
Residuary Bequest, after other bequests and expenses have been distributed, may be worded:
“I give to HopeHealth, 1085 North Main St., Providence, RI 02904, a Rhode Island nonprofit corporation, or its successor, Federal Tax Identification Number 51-0192422, all [or a portion] of the rest, residue and remainder of my estate.”
Contingent Bequest if the person making the will is not survived by certain individuals:
“If [name/s of primary beneficiary/ies] do/es not survive me, or shall die within ninety (90) days from the date of my death, or as a result of a common disaster, then I give to HopeHealth, 1085 North Main St., Providence, RI 02904, a Rhode Island nonprofit corporation, or its successor, Federal Tax Identification Number 51-0192422, [insert here the exact dollar amount, description of property, or percentage of residual estate].”
Next steps
- If you already have a will or trust, review the documents to determine if any changes in your family or other circumstances warrant revising the document.
- If you wish to add HopeHealth for a gift in your existing will or trust, contact the attorney who drafted the document and request a simple amendment.
- If you don’t have a will or trust, contact a respected attorney to have these documents prepared. Seek a recommendation…. You may also contact your local Bar Association lawyer reference service for a referral.