By designating Summit Health Foundation as the beneficiary of a qualified retirement plan asset, such as a 401(k), 403(b), IRA, Keogh, profit-sharing pension plan or donor-advised fund, you can achieve your charitable giving goals and enjoy substantial tax benefits.

Remember, retirement plan beneficiaries supersede those in your will, so by designating us, you ensure your charitable intentions are honored. Simplify your estate planning by naming us as a beneficiary or partial beneficiary of your retirement plan, leaving other assets to your family.

Follow these simple steps:

• Request a “change of beneficiary” form from your plan administrator.
• List Summit Health Foundation as the beneficiary at the following address:
  Summit Health Foundation
  785 Fifth Ave., Suite 1
  Chambersburg, PA 17201
  EIN #: 83-1196554
• Let us know so we can thank you!

Supporting Summit Health Foundation through life-income gifts offers mutual rewards. These gifts provide ongoing support while ensuring you receive income for life or a specified period, with the remainder gifted to the Foundation as per your wishes.

You have a few options for making charitable gifts, such as a Charitable Gift Annuity (CGA). This simple contract between you and the Foundation or a third-party advisor allows you to fund your gift with cash or appreciated assets, such as stocks or underperforming assets like savings accounts or CDs. In return, you receive regular payments for life and a tax deduction for the year of the gift.

Whether you’re still working or already retired, there’s greater flexibility with CGAs, and you can decide when you receive payments.

• Immediate Gift Annuity: Make your gift, take a deduction and begin receiving annuity payments right away. This option is available for donors 60 or older.
• Deferred Gift Annuity: Take an immediate deduction and defer payments for retirement. This option is beneficial for younger donors. Deferment allows for larger and less taxed payments.
• Flexible Gift Annuity: This is like a deferred gift annuity with a donor-directed option to delay the payments. The longer you wait to receive payments, the higher the payout rate and the larger your income payments will be.

Donating appreciated stocks, bonds or mutual fund shares instead of cash provides double the benefits. By giving these assets to Summit Health Foundation, you receive a charitable tax deduction at full market value and avoid paying the capital gains tax that would apply if you sold the assets and donated cash.

Please provide the following information in your broker request to transfer your shares to Summit Health Foundation:

Summit Health Foundation

785 Fifth Ave., Suite 1
Chambersburg, PA 17201
EIN: 83-1196554

Broker: Northern Trust
Broker Account Manager: Samantha Damlar
Broker Phone: 480-887-9122
Broker Fax: 312-557-2673
Broker Email: SML14@ntrs.com
DTC Number: 2669
Agent Bank Number: 20290
FBO Account Number: 26-60352
Tax ID Number: 83-1196554

Notify us of the specifics of this transaction (stock name, share quantity, gift designation) so we can credit your gift appropriately. Please contact us at 717-267-7457 or kferraro3@wellspan.org.

If you’re 70½ or older, you can donate directly to Summit Health Foundation from your IRA. While this gift has no charitable deduction, you can avoid income tax on the donated portion of your required minimum distribution. This IRA Charitable Rollover lets you support the Foundation with assets that would otherwise face multiple levels of taxation in your estate.

To qualify:

• You must be age 70½ or older.
• Transfers must be made directly from a traditional IRA account by your IRA advisor to Summit Health Foundation. Funds withdrawn by you and then contributed do NOT qualify. Gifts from certain retirement plans, like 401(k) or 403(b), also do not qualify.
• Gifts must be outright; distributions to donor-advised funds or life-income arrangements do not qualify.

Benefits of qualified charitable distributions:

• Can total up to $100,000.
• Are not included in your gross income for federal income tax purposes; no charitable deduction is available.
• Count toward your required minimum distribution for the year from your IRA.

Example:

Susan, 73*, wants to donate $20,000 to Summit Health Foundation, which equals her required minimum distribution. By authorizing her IRA advisor to transfer the funds directly, she avoids federal tax on this amount, fulfilling her annual distribution requirement.

As you plan your required minimum distributions, consider using them for charitable gifts through the IRA Charitable Rollover if you don’t need the money.

*Under the Secure Act 2.0, the age at which you are required to make minimum distributions (RMD) was raised to age 73 for individuals born between 1951 and 1959, and age 75 for those born in 1960 or later.

Sample Instruction Letter from Donor to IRA Provider:

[Insert Date]
[Insert IRA Provider Name]
[Insert Address]
[Insert City, State, Zip]

Re: Request for Qualified Charitable Distribution from Individual Retirement Account

Dear Sir or Madam,

Please accept this letter as my request for a qualified charitable contribution from my Individual Retirement Account, pursuant to Sec. 1201 of the Pension Protection Act of 2006 and Sec. 408(d)(8) of the Internal Revenue Code of 1986, as made permanent under the Consolidated Appropriations Act of 2016. My account number is [insert account number].

Please issue a check in the amount of [insert dollar amount] payable to Summit Health Foundation at the following address:

Summit Health Foundation
785 Fifth Ave., Suite 1
Chambersburg, PA 17201

In your transmittal to Summit Health Foundation, please state my name and address as the donor of record in connection with this transfer, and copy me on your transmittal. It is my intention to have this transfer qualify during the {Year} tax year. Therefore, it is imperative that this distribution be postmarked no later than December 31, {Year}.

For any questions or concerns, please contact me at [insert phone number] or [insert email address].

Thank you for your prompt assistance.

Sincerely,
[Insert signature of IRA Owner]

Like stocks, you can deduct the fair market value of appreciated assets such as real estate, artwork and curated collections from your income tax now and reduce your estate taxes later. Donating real estate benefits Summit Health Foundation immediately. Leaving real estate to the Foundation in your will or trust is an efficient way to make a future gift without affecting your current lifestyle.

Benefits of donating real estate:

• Immediate charitable deduction for fair market value, potentially avoiding capital gains taxes.
• Lifetime income with an immediate tax deduction, leaving remaining assets to the Foundation after death.
• Income for a defined period, then passed to heirs with estate and gift tax savings.
• Significant immediate tax deduction, property use for life and transfer to the Foundation upon death.
• Reduced gift cost due to savings on income and capital gains taxes.

How it works:

• You deed your property to Summit Health Foundation.
• We sell the property and retain the proceeds.

Planning tips:

• Gift entire or partial property interests.
• The Foundation conducts due diligence on mortgages, liens, hazardous substances and marketability.
• Mortgage-free properties yield greater tax benefits.
• Obtain appraisal from a qualified appraiser to meet IRS requirements.
• Tax savings vary based on gift type and individual circumstances.
• Due to complexities and legal restrictions, contact the Foundation early in decision-making.