Through a planned gift you can ensure that the services you value at Buffalo General Hospital, DeGraff Memorial Hospital, Millard Fillmore Gates Hospital, Millard Fillmore Suburban Hospital and the Visiting Nursing Association of WNY are available for future generations. By leaving your legacy in support of quality health care, you may also receive income and capital gains tax benefits. 

Individuals who notify the Kaleida Health Foundation that they have remembered Kaleida Health or their favorite hospital in their estate plans are recognized in one of our planned giving recognition societies.

Buffalo General Hospital Society
DeGraff Memorial Hospital Society
Millard Fillmore Gates Circle Hospital Society
Millard Fillmore Suburban Hospital Society
Kaleida Health Legacy Society

Click on one or more of the following planned giving options for more information that may fit your estate planning needs and then review it with your tax and financial advisors to make sure it's right
for you.

	Planned Giving Options Bequests Charitable Gift Annuity Life Insurance Pooled Income Fund Trusts Individual Retirement Account (IRA)

If you have questions about making your planned gift to benefit Kaleida Health, or would like a development professional to assist you, please contact the Foundation at (716) 881-8260, fax us at (716) 882-4054 or download a PDF of our planned giving form and return it to the Foundation office.

Bequests

A bequest is one of the easiest ways to leave a legacy and support your favorite Kaleida Health hospital or program.  A bequest is an outright gift that is specifically mentioned in your will.  To make a bequest all you have to do is designate the Kaleida Health Foundation as a beneficiary when you are preparing your will.  At the same time, you can designate your favorite hospital or program in this bequest.  If you already have a will, you can add a bequest with a codicil.   

There are several types of bequests you can choose – specific bequests, residuary bequests, or contingent bequests.

With a specific bequest, you can chose to leave specific cash, securities, art, antiques or real estate to support quality health care.  For a residuary bequest, the Kaleida Health Foundation would be named as the residuary legatee and receive the percentage remainder after your specific obligations are fulfilled.

A contingent bequest takes effect if the primary beneficiary named in your will dies.  Then the items originally gifted to the now-deceased beneficiary will transfer to your contingents.  

To include your favorite Kaleida Health Hospital in your estate plans, please provide your legal advisor with the following suggested language:

"I give, devise and bequeath $______ (or, "the residuary of my estate," or "a portion of my residuary estate equal to _____% thereof," or "the following described property: ___________") to the Kaleida Health Foundation, a nonprofit foundation that supports programs and equipment directed toward the development and enhancement of programs for patient care, medical education and research at Buffalo General Hospital, DeGraff Memorial Hospital, Millard Fillmore Gates Hospital, Millard Fillmore Suburban Hospital and the Visiting Nursing Association of WNY.”

Charitable Gift Annuity

Interested in a fixed return? Concerned about your ability to support your favorite charity?  A Charitable Gift Annuity may be the answer. 

A Charitable Gift Annuity is a contract, where, in exchange for a gift of cash or marketable securities, you receive a fixed income for life. Based on the annuity rates set by the American Council on Gift Annuities, the Kaleida Health Foundation will pay one or two named beneficiaries an income for life based on the annuitants' ages.

In addition, you will receive an income-tax deduction for a portion of the amount transferred and a portion of the income payments will be tax-free. There are also possible capital gains tax advantages if you fund your Charitable Gift Annuity with appreciated securities. 

By establishing a charitable gift annuity, you guarantee that your favorite hospital will be strengthened when the remainder becomes available to the Foundation. With the low rate of returns and yields in today’s economy, this planned giving vehicle has become extremely popular. 

Recommended Gift Annuity Rates
The table below shows the recommended annuity rates at various ages for an annuity based on a single life. Therefore if an individual age 70 contributes $10,000 to the Kaleida Foundation in exchange for a gift annuity, that individual will receive $650 a year for life (6.5%), a portion of which will be taxed and a portion of which will be tax free.

	Age 55 60 65 70 75 80 85 90 One Annuitant 5.5% 5.7% 6.0% 6.5% 7.1% 8.0% 9.5% 11.3%

Contact the Foundation at (716) 881-8260 (716) 882-4054 Fax for your own charitable gift annuity illustration and determine if a charitable gift annuity is right for you.

Life Insurance

There are several ways to make a gift of life insurance to benefit your favorite Kaleida Health hospital or program.  One option is to designate the Kaleida Health Foundation as a beneficiary of an existing life insurance policy.  As a sole beneficiary, co-beneficiary, or contingent beneficiary, your “gift” will be the benefit paid to the Kaleida Health Foundation upon your death. 

You can also make a gift of life insurance by transferring the ownership of an existing policy to the Foundation.  For instance, if you have a policy that you no longer need for its original purpose, or would prefer that the value of the policy not be included in your estate, then transferring ownership of the policy may be for you.  Generally, you will receive an income tax charitable deduction for the cash surrender value or replacement cost, depending on whether or not the premiums are paid in full. 

Another option is to designate the Foundation as the owner and beneficiary of a new policy.  When you purchase a new life insurance policy, just designate the Foundation as an irrevocable beneficiary.  The premium payments can then be taken as a charitable deduction.

By gifting life insurance, you do not have to change your will.  You can work directly with your insurance company.  It is important to note that the various income and estate tax benefits are dependent on the type of transfer or assignment of benefits that you chose.

Pooled Income Fund

A pooled income fund combines and invests your gift with the gifts of other fund participants.  Each named beneficiary receives a proportionate share of the net earned income by the fund.  Upon death, the principle is transferred and used at the Kaleida Health hospital or program you designate.  As the donor, you may be eligible for different tax benefits depending of the type of asset you invest in the fund. 

A development professional at the Kaleida Health Foundation can assist you at (716) 881-8260 (716) 882-4054 Fax.

Trusts

There are several types of charitable trusts that offer different income and tax incentives. 

Charitable Remainder Trust
The beneficiaries of this individually managed trust receive income for their lifetimes or a specific number of years.  Upon the death of the beneficiaries or at the end of the specific term, the remainder of the trust is transferred to the Kaleida Health hospital or program you designate. 

Charitable Lead Trust
The hospital or program you designate receives the income earned by this trust for a period of years.  The assets of the trust then pass to the beneficiaries you chose at the end of the pre-designated period of years. 

For more information on charitable trusts, or to establish a trust to benefit your favorite Kaleida Health hospital or program, contact a development professional at (716) 881-8260 (716) 882-4054 Fax.

Individual Retirement Account (IRA)

Currently there are two ways your IRA can provide you with an opportunity to make a gift to a Kaleida Health System hospital or program.

First, you can consider designating the Foundation as a beneficiary of your IRA. Under current tax laws if you pass away and designate anyone other then a spouse as the beneficiary of your IRA , the bequest may be subject to Federal estate and income taxes in excess of 60%, thereby leaving the beneficiary with only 40% of the balance in your IRA at the time of death. If you designate a qualified charitable organization like the Kaleida Health Foundation as a beneficiary, the bequest is not subject to either estate or income taxes. Therefore this option provides an excellent way to help the Foundation at a relatively low cost to your other beneficiaries. 

The second opportunity to use your IRA for planned giving is by transferring some or all of your IRA funds to the Foundation now. Under a special IRA rollover provision which was signed into law in 2006, a donor who has reached the age of 70 ½  is allowed to exclude from his or her income any IRA funds, up to $100,000, that are transferred directly from an IRA to a qualified charity. Since the IRA distribution is excluded from taxable income you do not get a tax deduction for your gift but have still reduced your estate and helped others during your lifetime. At this time this provision is only temporary and is set to expire at the end of 2007. (Pending legislation may make the provision permanent, remove the $100,000 cap and lower the age threshold from 70 ½ to 59 ½)