Fail to plan, plan to fail. We’ve all heard this phrase before, but I want you to know that, when it comes to your money, you need a plan. When my husband passed away six years ago, it became strikingly evident that I needed to do just that.
I hope to encourage you to think about your financial future. Make a plan that ensures stability and includes leaving a lasting legacy.
When you hear the terms “planned giving” and “estate planning,” you probably think of large sums of money left in wills and trusts for charitable use. More than likely, your understanding limits such gifts to cash, stock and maybe property.
Did you know that you can designate a charity as the beneficiary of your 401(k)? Many of us have been contributing to these plans throughout our careers, and with company matches, these accounts become pretty sizable over the years. I chose AdventHealth as the beneficiary of my IRA in honor of those who cared for my late husband John.
The skill to heal. The spirit to care.
After a serious car accident, my husband spent more than a month at AdventHealth. I was at his side 24/7. One night, a respiratory therapist came to do a breathing treatment with John. The therapist turned to me and said, “How are you? Have you gotten anything to eat? Are you sleeping at all?”
I was blown away. He and the rest of the team had the skill to heal John and the spirit to care for me. Throughout John’s stay, I was constantly in awe of the compassion shown to both of us. I’m grateful for the care we both received, so when it came to designate a beneficiary to my 401(k), AdventHealth was it.
Benefits of a Planned Gift
For most people, there’s probably an element of finality associated with planned gifts, but that doesn’t have to be the case. At the end of my life, AdventHealth will receive the remainder of my 401(k). For now, I still have access to the money in my IRA and can use it when and how I see fit.
There are tax benefits, too. If I hadn’t designated AdventHealth as my beneficiary, the remainder of the account would be included in my estate, and the entire amount would be taxed. Since charitable organizations don’t pay taxes, that situation is avoided altogether.
Whether you choose to designate a charity as the beneficiary of your IRA, name an organization in your will, or donate your property, any planned gift is significant. It represents a commitment to a cause, appreciation of a mission and a lasting legacy.
With all the different ways to make a planned gift, there really is something for everyone, and I encourage you to learn more about options for your financial future.
Provide and Protect
AdventHealth Foundation’s Provide and Protect seminars are a valuable community resource. Local experts review various planned giving vehicles, and you receive a complimentary hour with an attorney to review your own financial plan and ask questions specific to your situation.
The process of planning for your financial future can be a daunting one, but attending a Provide and Protect seminar is a great place to start. Visit www.FHFPlannedGiving.com for dates and more information.
As a supporter of AdventHealth myself, I can confidently say that my gifts make a difference, and I invite you to join me. Your gift to AdventHealth can make an impact in Central Florida and beyond today, and a planned gift ensures a lasting legacy for the future.
Friend of AdventHealth Foundation