In 2002, Lois McGovern's sister was diagnosed with Non-Hodgkin's Lymphoma. Throughout her disease battle, she referred to the doctors and staff in Baltimore Washington Medical Center's Wound Healing Center and Tate Cancer Center as "angels."
"I am so grateful for the outstanding care the staff provided to my sister," says Lois.
So much so that Lois McGovern recently included Baltimore Washington Medical Center in her will. She wants to ensure that BWMC will continue to deliver the best possible care to patients and be financially sound for generations to come.
"Leaving funds to the hospital in my will gives me an opportunity to say 'thank you' to those angels and to guarantee that other patients will receive the same excellent care," Lois added.
Because of Lois' generosity, she is now a member of the Harvest Society. The Harvest Society is comprised of those who have included BWMC Foundation in their wills or established charitable gift annuities or other planned gifts. If you've included BWMC Foundation in your estate plans or are considering doing so, we would appreciate knowing of your intentions. Knowledge of bequest intentions offers us the opportunity to thank individuals for their foresight and generosity.
If you're interested in obtaining more information about the Harvest Society, please contact Susan M. Iaquinta at 410-553-8556 or email Susan.email@example.com.
A charitable bequest is one or two sentences in your will or living trust that leave to Baltimore Washington Medical Center Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan
"I give to Baltimore Washington Medical Center Foundation, a nonprofit corporation currently located at 301 Hospital Drive, Glen Burnie, MD 21061, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Foundation or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.
You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and the Foundation where you agree to make a gift to the Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.