Q: Please explain a Charitable Gift Annuity
A: A Charitable Gift Annuity is an agreement between a donor and Garden City Hospital Foundation issuing the gift annuity under which the donor makes an irrevocable gift of cash or property (in some cases appreciated stocks), to a qualified charity. In exchange for the gift, the charity agrees to pay a fixed amount periodically (usually monthly) for the lifetime of one or two annuitant(s).
Benefits of Annuities to the donor
It pays a lifetime income to one or two individuals, which can include the donor, part of which is free of federal income tax.
The payout from the gift annuity can begin immediately or can be put off until some future date.
It removes the transferred assets from the donor's gross estate for federal estate tax purposes.
Q: Being a community hospital, does Garden City Hospital offer any medical specialties?
A: Yes. The hospital's physicians offer the following specialties:
- Allergies
- Immunology
- Anesthesiology
- Cardiology
- Dermatology
- ENT
- Gastroenterology
- General and Family Practice
- General Surgery
- Hematology
- Neurology
- OB/GYN
- Ophthalmology
- Orthopedics
- Pain Management
- Pediatrics
- Pulmonary and Sleep Medicine
- Podiatry
- Psychiatry
- Radiology
- Rheumatology and Urology
Q: Are Retirement Plans accepted as Planned Gifts and if so, which plans are accepted?
A: Retirement plan assets are a substantial source of wealth for many potential donors. Such assets may include:
- Qualified pension, profit-sharing and stock bonus plans.
- Individual retirement accounts and annuities (IRA's).
- Keogh (HR10) plans for the self-employed.
- Section 401k plans, and section 403b plans (tax sheltered annuities)
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