Name Doylestown Health Foundation as your Beneficiary
Naming Doylestown Health as the beneficiary or partial beneficiary of your retirement plan allows you to make an impactful legacy gift, while reserving less-taxed assets for your family and loved ones to inherit. One of the largest assets in your estate may be your retirement plan, such as a 401(k), IRA, or Keogh. If the beneficiary of these assets is a surviving spouse, it may be possible to defer the start of payments and the resulting income tax. Ultimately, all the distributions from the retirement plan, whenever they occur and to whomever they are paid, are taxable to the person receiving them. As a sensible charitable alternative, you may choose to name Penn Medicine Doylestown Health as the beneficiary of your retirement plan, and use other assets not subject to income tax to make gifts to your heirs. As a qualified 501(c)(3) organization, Doylestown Health Foundation pays no income tax on the distribution, and your heirs will receive their share of your estate without the burden of extra taxes. The process is simple!
HOW TO MAKE A BENEFICIARY GIFT
Request a “Change of Beneficiary” form from your retirement plan administrator. Designate Doylestown Health Foundation as beneficiary at the following address:
• Legal Name: Doylestown Health Foundation
• Legal Address: 595 West State Street, Doylestown, PA 18901
• Tax I.D. Number: #23-2368196
IRA Charitable Rollovers & Qualified Charitable Distributions (QCD)
You can give any amount (up to a maximum of $111,000) per year from your Individual Retirement Account (IRA) directly to a qualified charity such as Doylestown Hospital without having to recognize the transfer as income. This popular gift option is commonly known as an IRA charitable rollover or a qualified charitable distribution (QCD).
TO QUALIFY
• You must be 70½ or older at the time of the gift.
• Transfers must be made from a traditional IRA account by your IRA administrator directly to Doylestown Health Foundation.
WHAT DOESN’T QUALIFY
• Funds withdrawn by you and then contributed
• Gifts from 401k, 403b, SEP, or others plans are not eligible
TAX ADVANTAGES
• Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
• Charitable IRA distributions are tax-free!
○ While these transfers do not count as taxable income to you, they are not eligible for a charitable tax deduction.
HOW TO MAKE A QUALIFIED CHARITABLE DISTRIBUTION
• Contact your IRA Plan Administrator and request information about making a QCD.
• Complete and sign the necessary forms. Your administrator will then send the donation directly to Doylestown Health Foundation.
Please use information below when working with your IRA administrator:
• Legal Name: Doylestown Health Foundation
• Legal Address: 595 West State Street, Doylestown, PA 18901
• Tax I.D. Number: #23-2368196
Please notify us at PMDH-Gifts@pennmedicine.upenn.edu prior to making the transfer so that we may properly attribute the gift once received.
GIFT DESIGNATIONS
Gifts from a qualified retirement plan will support the top priorities of Doylestown Hospital or can be designated to a service-line or program most meaningful to you.
ENDOWMENTS
Creating an endowment or contributing to an existing one provides Doylestown Hospital with a permanent, self-sustaining source of income to support the priorities of serving our community. An endowed fund can be designated toward the unrestricted fund that supports Doylestown Hospital’s highest priorities, or to a specific purpose or area of care that you choose. Learn more about Endowments with Doylestown Health Foundation.
TRIBUTE AND MEMORIAL GIVING
Making a tribute or memorial gift is a unique way to honor someone who has touched your life, while making an impact on the quality of healthcare in our community. Your gift will be used to support the most immediate and priority needs of Doylestown Hospital, or you may designate your gift to a program or service with a special significance to you or the occasion, pet, or person you are honoring. Learn more.
Thank you for choosing to support Penn Medicine Doylestown Health.
For more information about planned giving, please contact Doylestown Health Foundation at 215.345.2009 or PMDH-Gifts@pennmedicine.upenn.edu. If you have already named Doylestown Health Foundation in your estate plans, please take a moment to notify us so that we may honor you as a member of our Cornerstone Society.
This promotion is intended for educational purposes only, and is not legal or tax advice. Doylestown Health Foundation recommends you consult your tax or financial advisor(s) before making any decisions.
