Joe DiMaggio Children's Hospital Foundation

Planned Gifts

Bequests

Naming Joe DiMaggio Children’s Hospital Foundation in a will is the easiest way for donors to create a lasting legacy with a charitable gift. Donors can make an outright bequest of specific assets or a general bequest of a certain amount or percentage of an estate. Donors also can make a residuary bequest, which provides for family and personal needs, then distributes remaining assets to Joe DiMaggio Children’s Hospital Foundation. In addition, donors may name the Foundation in a contingent bequest, which would take effect if a donor’s heirs pass away before the donor does. Donors also may direct a bequest to a specific area of interest. Assistance is available on how to create a bequest document.

Charitable Gift Annuities

In exchange for an irrevocable gift of cash, securities or other assets, Joe DiMaggio Children’s Hospital Foundation agrees to pay one or two annuitants a fixed sum each year for life. The older the annuitants at the time of the gift, the greater the fixed income the Foundation can agree to pay. Since a portion of the gift will be used for charitable purposes, donors are entitled to a federal income tax deduction in the year the gift is made. A portion of each payment is tax-free, increasing its after-tax value. Payments may be made annually, semi-annually or quarterly.
(Learn more about Charitable Gift Annuities by reading these FAQs.)

Charitable Remainder Annuity Trust

A trust is a legal entity established and funded by the donor. The trust has the fiduciary responsibility to manage assets for a named beneficiary. Donors obtain tax benefits by irrevocably transferring assets to such a trust and naming the Foundation as the recipient of the remainder. In return, income is provided for the life of the donor and the life of a designated beneficiary (or a fixed term of up to 20 years, minimum 5 percent). At the beneficiary’s death or the end of the term, the trust terminates and the assets go to the Foundation. In addition to an income tax deduction, donors may receive increased income because the trust can sell appreciated securities free of capital gains taxation and reinvest the proceeds in higher yielding instruments.

Charitable Lead Trust

Donors can establish a lead trust to pay a fixed amount or a percentage of trust principal annually to the Foundation. This can reduce the donor’s estate tax liability significantly and ultimately transfer greater trust assets to named beneficiaries. With a charitable lead trust, Joe DiMaggio Children’s Hospital Foundation receives income now, donors may receive an income tax deduction and donors can maximize their heirs’ inheritance.

Life Insurance

Gifts of life insurance are simple, secure, promptly paid, private and tax-deductible. Donors who have a policy that is no longer needed to ensure a family’s security can donate it and receive a tax deduction based on the cash surrender value. If a donor continues to pay premiums, that amount is deductible. Upon the donor’s passing, the full policy proceeds will go to Joe DiMaggio Children’s Hospital Foundation. Donors also can use life insurance as a wealth replacement plan. Contributions of appreciated assets can replace the assets in an estate through the purchase of a policy payable to a donor’s heirs. The premiums will be funded in part by the tax savings from the charitable donation. If donors purchase a policy naming the Foundation as an irrevocable beneficiary, the proceeds can be passed on free of gift estate tax. Or, donors can name the Foundation as a contingent beneficiary, with proceeds being passed on only if the primary beneficiary predeceases the donor.

Endowments

Donors can endow annual contributions to Joe DiMaggio Children’s Hospital Foundation with a gift equal to 20 times the annual gift amount in the form of a bequest, life insurance or life-income gift.