Generous support to launch the initiatives of the Whidbey General Hospital Foundation came from Bernard “Bud” and Margaret Waterman, who established a family trust that provides ongoing generous contributions to the Foundation. In 2003, Robert and June Sebo established the first privately endowed fund for Whidbey General Hospital Foundation which benefits designated projects at Whidbey General Hospital. These generous benefactors have led the way in establishing a Legacy Giving program for Whidbey General Hospital Foundation.
In addition to personal satisfaction, such gifts offer major planning opportunities to minimize federal and state taxes, increasing the possibilities for effective distribution of assets. Considering a Legacy Gift is one of the most important decisions you will make, reflecting your personal values and taking into consideration your individual circumstances. Before taking any action, it is important that you discuss your options with your attorney or financial advisor.
By carefully planning ahead of time how your assets will be disbursed you have the opportunity to make sure that the individuals and causes which are closest to you will be remembered and supported. There are several ways that you can leave a legacy for the future:
- Will or Bequest
Making a bequest is one of the simplest ways to make sure that your estate is disbursed according to your wishes and to benefit those individuals and causes which are most important to you. You may leave a bequest for Whidbey General Hospital by adding a simple, brief codicil to your will, or by preparing a new will. To ensure that your intentions are followed, your will or codicil should be prepared or reviewed by your attorney. Should you leave a bequest for Whidbey General Hospital, please let us know so that we may have the opportunity to thank you for your generosity and include you as an honored member of the Legacy Circle.
- Life Insurance
Many people own some form of life insurance because of its unique ability to meet a variety of needs for financial protection. You could make a significant gift to Whidbey General Hospital by donating an existing but no-longer-needed life insurance policy. In this case, you would receive an immediate tax-deduction approximately equal to the policy’s cash value when given. You can also name Whidbey General Hospital as the primary beneficiary or as a successor beneficiary of a life insurance policy. Life insurance proceeds that are payable to a qualified charitable organization, such as Whidbey General Hospital, qualify for an estate tax charitable deduction.
- Retirement Plan Benefits
Since retirement plans are often subject to both income and estate taxes upon the death of a participant, they present an attractive option for a charitable gift. Whidbey General Hospital can be named as the beneficiary of all or part of the residual balance of qualified retirement plans leaving your assets that are taxed less heavily to your family and loved ones.
A gift by will or trust to Whidbey General Hospital Foundation may be given for the general unrestricted use of the Hospital or may be restricted for a particular purpose. If you wish to restrict your bequest for a specific purpose, it is best to review your intentions with Foundation officials at the time the bequest provision is drafted to be certain that your wishes can be carried out. Your gift may be given in your name, or to memorialize another person you designate, and your generosity will be commemorated in perpetuity on the Tree of Live in the Hospital lobby.
For More Information
We have highlighted a variety of giving options, and other alternative plans are available to realize the greatest personal and financial satisfaction from making your charitable gift. We would be pleased to work with you in arranging a gift plan that best suits your objectives. Please call Helen Taylor, Executive Director of Whidbey General Hospital Foundation at 360-678-7656, ext. 4020 or 360-321-7656 ext. 4020.
Remembering Whidbey General Hospital Foundation in your will or estate plan leaves a legacy of great importance to the future of healthcare in our community.