SHD Reun 312 - Shodair Children's Hospital
SHD Reun 312 - Shodair Children's Hospital
SHD Reun 312 - Shodair Children's Hospital
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From the<br />
Foundation<br />
Director<br />
Walter D. Long, Jr.,<br />
<strong>Shodair</strong> Children’s <strong>Hospital</strong><br />
Foundation Director<br />
Perhaps you've lived in your house<br />
for many years. You've made improvements and<br />
you're quite comfortable in your environment.<br />
Retirement has given you more time to spend<br />
working in your yard, planting flowers, and taking<br />
care of your home.<br />
Retirement has also given you time to think about<br />
the legacy you'd like to leave to your favorite causes,<br />
including <strong>Shodair</strong> <strong>Children's</strong> <strong>Hospital</strong>.<br />
Your home has appreciated as a result of your<br />
improvements and you'd like to remain there for<br />
your retirement years. Your children or heirs have<br />
homes of their own and don't want to take over the<br />
maintenance of your home when you pass it to them.<br />
You've decided that you can leave a legacy by<br />
supporting <strong>Shodair</strong> through giving your home as a<br />
gift to the hospital in your will. However, a gift in<br />
your will does not provide any tax benefits to you<br />
now. What if you could gift your home to <strong>Shodair</strong><br />
now, enjoy tax benefits from your gift, and live in<br />
your home for the rest of your life?<br />
You can.<br />
Home,<br />
Sweet Home<br />
This article is intended to provide general gift planning information. <strong>Shodair</strong> <strong>Children's</strong><br />
<strong>Hospital</strong> and the Montana <strong>Children's</strong> Foundation are not qualified to provide specific legal,<br />
tax, or investment advice, and this publication should not be looked to or relied upon as a<br />
source for such advice. Consult your own legal and financial advisors before making any gift.<br />
You can deed a personal residence, ranch or farm to<br />
<strong>Shodair</strong> through a gift called a retained life estate.<br />
The deed would outline the specifics, i.e., who is<br />
responsible for what. For example, it would designate<br />
that you and your spouse, as the property owners,<br />
retain the right to live in or use the property for as<br />
long as you wish. At the death of the second spouse,<br />
the property becomes available to <strong>Shodair</strong> to sell or to<br />
use in a manner that supports our mission.<br />
What else takes place? Because this is a binding<br />
transfer, you'll be entitled to a charitable income tax<br />
deduction in the year you deed the property to <strong>Shodair</strong><br />
<strong>Children's</strong> <strong>Hospital</strong>. To calculate the amount of the<br />
deduction, you'll need a qualified appraisal to<br />
determine the property's fair market value. In addition,<br />
the life expectancies of you and your spouse are taken<br />
into consideration. The goal is to establish the amount<br />
of the charitable gift you'll be making to <strong>Shodair</strong>—this<br />
determines your charitable income tax deduction.<br />
In contrast, if you gave the hospital this property<br />
through a bequest in your will, there would not be a<br />
charitable income tax deduction because your decision<br />
is not binding—you can change your mind.<br />
You and your spouse must maintain the property and<br />
pay the costs such as insurance, property taxes, and<br />
repairs. Thus, the operation of the retained life estate<br />
is no different than ordinary ownership, except you<br />
realize the immediate tax advantages that ownership<br />
cannot provide.<br />
If you'd like to have a no-obligation conversation<br />
about this type of gift or other ways to support<br />
<strong>Shodair</strong> <strong>Children's</strong> <strong>Hospital</strong>, please give me a call<br />
at (406) 444-7560. Thanks for your support!<br />
Sincerely,<br />
Walter D. Long, Jr.<br />
www.<strong>Shodair</strong>Legacy.org<br />
6 <strong>Reun</strong>ion