Many people find that incorporating charitable giving into their estate plan offers them a way to support special causes philanthropically while also saving on taxes (income tax, capital gains tax, estate tax, and gift tax, for example).
Donors also create planned gift arrangements as a way to ensure a stream of income to one individual and/or a surviving spouse for life or for a pre-established time period. The Hospital is happy to explore with donors a variety of opportunities, including charitable gift annuities, remainder and lead trusts, bequest intentions, and the naming of L+M as a full or partial beneficiary of an IRA or other retirement plan or insurance policy.
The Hospital's Office of Development can prepare an illustration for donors showing tax benefits, fixed or variable income payments, and potential future gift to L+M. We encourage interested donors to contact us to request an illustration. Information we typically need includes the birth dates of the individuals involved and the amount being considered to fund the planned gift. Charitable gift annuities with L+M are established typically with amounts over $10,000, while charitable trusts usually involve amounts no lower than $125,000.
Bequests to L+M are encouraged at all levels and an attorney can include a bequest intention when donors draw up or review their will. Language is important when naming the Hospital for a bequest, and we encourage interested people to contact us for specific language that we can forward to an attorney. Bequests can be directed either to the Development Fund or to the Hospital's Endowment Fund. If a bequest is directed to our Endowment, the principal will remain intact and only the interest earned will be used for current critical needs.
Established in 1997, The Lawrence Society was named for Hospital founder Sebastian Lawrence, whose own bequest in the early years of the 1900s created the community Hospital we know today. The Lawrence Society honors those donors who have made a planned gift arrangement as described above or have included the Hospital in their will. An annual reception is held to thank these donors for helping L+M secure its future. A handsome plaque at the end of the Hall of Philanthropy honors their forward-thinking generosity.