Ways to Make a Difference
Philanthropy is one way that people express their caring for others. Through a gift to a charitable organization one can make a difference in the lives of others and improve the quality of life in our communities. Giving can be immediate, or planned, reaping benefits for generations to come. Most of these methods are simple, while others require the advice of a trained financial advisor. Either way, we are here to help you realize your charitable goals today and into the future.
Our hospital has so many worthy needs:
- caring for the uninsured
- providing access to healthcare for low-income women
- keeping pace with cutting technology
- providing the best diagnostic tools to our physicians and staff so they can provide quality healthcare to patients throughout our 19-town service area.
The Windham Hospital Foundation encourages unrestricted gifts that address priorities established each year by our staff and board, as well as our healthcare system: Hartford HealthCare.
To make a direct cash contribution, you may click here to make a gift online through our secure server. You may also mail a personal check to the Windham Hospital Foundation, 112 Mansfield Avenue, Willimantic, CT 06226. We also accept MasterCard, VISA and American Express for charitable contributions either online or by telephone. This method may have mutual benefits if you receive rewards for the use of your credit card. All we will need is your credit card name, number and expiration date. Please call 860.456.6861 for more information on how to make a donation.
Planning for the Future
Life Insurance Policy — Donors may choose to assign their existing policies irrevocably to the Foundation, resulting in an immediate tax deduction in the amount of the policy’s cost basis or cash surrender value, whichever is less. If the owner of an insurance policy continues to make the premium payments after the ownership has been transferred to the Foundation, the payments will qualify as a charitable contribution. Donors may also purchase new policies naming the Foundation as beneficiary.
IRA Beneficiary — Since their introduction in the early 1970s, Individual Retirement Arrangements (IRAs) and qualified plan assets such as 401(k), 403(b), and 457 plans have become an important component of many investors’ retirement plans. While the intent of these accounts is to supplement Social Security and provide income during retirement, many affluent investors may not need or be able to spend all of the money in their retirement accounts. This creates an opportunity to leave these accounts for the benefit of heirs or charitable institutions.
We advise that donors should seek appropriate counsel prior to making an investment or tax decision regarding their IRA account.
Bequests — Bequests are by far the most common and simplest way to plan a gift that will provide vital funding for Windham Hospital programs. Bequests are appealing for the following reasons:
- They provide donors the opportunity to make larger gifts than they otherwise thought possible.
- The future nature of the bequest means the current lifestyle of the donor is not affected.
- Donors can provide for both individual heirs and favorite charities.
- Bequests are revocable, allowing the donor flexibility for future changes.
- Estate taxes may be avoided when assets are passed to charities.
- Make sure you consult your attorney and/or financial advisory before making changes to your will.
Gifts of Real Estate — All gifts of real estate will be appraised by a qualified appraisal firm, totally independent of the donor, the Hospital or the Foundation. The donor will be asked to provide this appraisal as it is a tax deductible expense for them. The appraisal must be acknowledged by the Foundation in writing and attached to the donor's income tax return. The appraisal will establish the donor’s tax deduction, give a reasonable value to carry the asset on the Foundation's books, and establish an asking price for the property.
These types of donations can result in a sizable tax deduction and provide an opportunity to make a much larger gift than you may have thought possible. A gift of highly appreciated land could avoid capital gains taxes, as well. By donating the remainder interest in a home or farm, you and your spouse can continue to live in the residence for life while obtaining a generous current income tax deduction. On the termination of your life interest(s), the Windham Hospital Foundation would sell the residence/farm and determine the best usage of the funds for current or future initiatives.
Other Life Income Gifts — There are several types of trusts which can be created during the life of a donor or by will to benefit donors, as well as the Foundation. For example, Charitable Remainder Trusts are irrevocable trusts that donors establish for the benefit of designated income beneficiaries, with the remainder going to charity. Income tax and estate tax charitable deductions may improve the donor’s tax situation while benefiting the Foundation at the conclusion of the trust term. The minimum investment for these types of trusts is $100,000 and should be developed in consultation with the donor’s attorney, tax advisor, accountant and/or financial planner.
More on Estate Planning >>