Through "gift planning," an individual can help ensure that Hospice of Northwest Ohio will meet the needs of all who request end-of-life care - and continue to offer education and community outreach—far into the future. "Gift planning" should be part of your overall estate plan, which is designed to provide critical financial resources for you and your family and to also identify how you wish to provide a permanent legacy for Hospice of Northwest Ohio. It is important that donors work with trusted estate planners such as an attorney, accountant or financial advisor to accomplish this. It is also helpful to talk with a member of the Hospice of Northwest Ohio Development Department to confirm that your wishes are clear and achievable, and that you have included the proper name and address for our organization. Options to consider as you think about gift planning include:
The cornerstone of an estate plan is a properly written will. Through your will you may make a gift to Hospice of Northwest Ohio without tapping into your personal assets during your lifetime.
- You may identify a percentage of your estate or a specific dollar amount or asset you wish to give, or
- Make a residual bequest which specifies that after all your heirs and beneficiaries have received their distribution, the remainder of your estate is given to Hospice of Northwest Ohio, or
- Make a contingent bequest which specifies that if all your heirs and beneficiaries are gone before your death, your estate or a portion of it is given to Hospice of Northwest Ohio.
If you choose to include Hospice of Northwest Ohio in your will, it is important that you use the full name and street address for our agency. This will help your executor and attorney with the distribution you have planned. Our address is:
Hospice of Northwest Ohio
30000 East River Road
Perrysburg, OH 43551
Life insurance may be an excellent way to make a substantial gift to Hospice of Northwest Ohio. One of the easiest ways is to name Hospice of Northwest Ohio as a beneficiary of an existing insurance policy. As with a will, you may give a percent of the value of the policy or the entire policy.
If you have an existing policy which is no longer needed you may want to consider transferring the ownership of the policy to Hospice of Northwest Ohio. If the policy premiums are paid in full there is no cost to you or Hospice and you generally are eligible for an income tax deduction.
There are other ways to use life insurance as a part of your gift planning. You may discuss the options with your financial advisor, attorney or a representative from the Hospice Development Department.
Qualified Retirement Plans
Using a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh, TIAA/CREF or other pension plan may provide another gift option. Since, after your death, these assets are heavily taxed when they are transferred to anyone other than your spouse, gifts to the individuals you designate are greatly diminished. You may prefer to name Hospice of Northwest Ohio as a beneficiary of a portion of your remaining plan assets. This would enable you to make a charitable gift - free of estate and income taxes - after your death.
Gifts of real estate
A gift of a residence, vacation home, commercial or undeveloped property is another option to consider in your plan. Since the gifted real estate usually will be sold and the proceeds used as the donor designates, it is important to work with Hospice of Northwest Ohio to make sure the intended gift is marketable.
Arrangements also may be made to transfer a partial interest in the property to Hospice of Northwest Ohio. Or, you may even wish to transfer the title of the property to Hospice of Northwest Ohio while you are living, but retain the right to live there the rest of your life. These gifts require the guidance of legal and financial advisors and should be discussed in advance with a representative of the Hospice Development Department.
Endowed funds may be established by individual donors, families or companies to honor or remember someone special to them. A minimum gift of $25,000 is required. Once in place, the fund will be a part of the Hospice endowment program and will be carefully managed to provide in perpetuity an annual income for a program of special interest to the donor or the person being honored or remembered.
Hospice of Northwest Ohio has created several permanent endowments which provide ongoing support for specified needs:
- Hospice of Northwest Ohio Endowment
This permanent endowment is used to support the operations and capital needs of Hospice of Northwest Ohio.
- Education Endowment
This permanent endowment is used to support internal and external education programs, as well as community outreach.
- Dr. Sharon Erel Lecture Fund
Created in honor of our founding medical director, this fund supports one or more annual lectures by nationally recognized speakers who address topics related to hospice and palliative care.
- Board Scholarship Fund
Created by the Hospice of Northwest Ohio Board of Trustees, this fund provides a scholarship to an employee seeking additional formal education to enhance her/his hospice care skills.