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Friday, November 22, 2019

The Cornerstone Society

Consider a Legacy that Makes Life Better for Others

 The very fabric of Community Volunteers in Medicine’s (CVIM) was founded upon generosity and compassion. Community volunteers (doctors, nurses, dentists and support professionals) spend their expert time offering free, high-quality care with their skills to patients who are grateful for being treated with compassion and dignity all due to the endless charitable giving of others. Fortunately, charitable giving

does not require great wealth. What it does require is the generosity of spirit—the desire to share what you have for the benefit of others.

 What is a Planned Gift?

If you have set goals that include financial planning and supporting your favorite charity, a creative planned gift allows you to satisfy your financial goals while also helping a cause close to your heart, like CVIM. A creative planned gift can enable you to make a larger contribution than you would be able to with cash alone. Planned gifts usually do not decrease your current income, and many increase your income for the rest of your life. Other planned gifts use estate

and tax planning techniques to provide for CVIM and your heirs in ways that maximize the gift and/or minimize the impact on your estate.  Gifts can be given to support current operations or endowment. CVIM has two endowment funds: The Gordon B. Hattersley, Jr. Unrestricted Endowment and The Edgar R. Lawrence DDS Dental Endowment.

Easy Ways to Make an Impact

 Using your traditional IRA to make charitable gifts this year

The IRA Charitable Rollover provision is a tax planning strategy for donors age 70 ½ and older giving anywhere from $100 to $100,000. With recent changes to tax laws that will encourage millions of Americans to take the increased standard deduction, this vehicle has become even more relevant to donors.  The IRA charitable rollover counts as part of your required minimum distribution but isn’t taxable income to you. That’s a significant benefit, particularly if you don’t itemize deductions on your individual tax returns. If you take advantage of this provision, you can exclude the amount distributed to Community Volunteers in Medicine from your taxable income.  Even if you itemize, it can save you more on taxes than taking the IRA distribution and then donating it.

To qualify for this opportunity:

  • You must be 70 ½ or older when you make the gift.
  • The gift must be made from an IRA – no other retirement plans (such as 401k, 403b or SEP accounts) qualify.
  • Your gift must come to Community Volunteers in Medicine outright—it cannot be used to establish a life-income arrangement or support a donor-advised fund.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator.

If you do not need all of the money that you’re required to take through your minimum required distribution for this year, please consider contributing part of it to Community Volunteers in Medicine using the IRA Charitable Rollover.

 Bequest in your Will

You can leave a legacy to Community Volunteers in Medicine when creating your will, or have your attorney add a codicil to your existing Will. There are several different approaches to giving. One possibility is a bequest of a fixed dollar amount. You specify exactly how much you would like the station to receive.

  • Many people prefer to designate the residuary estate, or a portion of it. Once other heirs are provided for, whatever may be left goes to charitable organizations like WHYY.

Charitable Remainder Trust – This option allows you to create a trust funded by cash, securities and/or property to Community Volunteers in Medicine.

Charitable Gift Annuity – A Charitable Gift Annuity is a gift of cash or securities exchanged for annual fixed payments made to you for the rest of your life. You have the flexibility to decide how often you wish to receive payments, and you have the satisfaction of knowing that your gift supports important clinical programs at Community Volunteers in Medicine.

The CVIM Cornerstone Society  

The CVIM Cornerstone Society recognizes and honors those individuals who have included CVIM in their long-term financial and estate plans, through a bequest provision in their Will, by establishing a life-income gift, or through another form of a deferred gift. A planned gift to CVIM as part of your estate plan provides a meaningful way of extending personal gratitude and appreciation to CVIM.

Community Volunteers in Medicine deeply appreciates the commitment to our future made by the following individuals who have included Community Volunteers in Medicine in their long-term financial or estate plans. In recognition of their thoughtfulness, we proudly affirm that they are enrolled in The CVIM Cornerstone  Society, established to honor individuals who have Community Volunteers in Medicine as the beneficiary of their will (bequest), IRA, qualified retirement plan, living trust, life insurance policy or other estate-related instrument.

To start your planned giving discussion, please contact Jason Arbacheski, Director of Development at 610-836-5990 ext. 132 or jarbacheski@cvim.org. We also encourage you to consult your advisors and qualified counsel regarding gift planning options.