Legacy gifts are a great way to support The University of Vermont Health Network - Alice Hyde Medical Center. There are many charitable options to choose from depending on your goals. We invite you to explore the various types of gifts, research and compare their benefits, and take actions to meet your personal goals.
The most practical way to make significant gifts may be through your estate plan, by means of a will, living trust or beneficiary designation on a life insurance policy or retirement account. Such gifts are wholly revocable while you are alive and may save significant taxes for your estate.
There are many types of planned gifts, most of which require some planning and often require assistance from your professional advisors. Regardless of the amount or type of planned gift you choose, your gift will help secure access to exceptional health care for our communities.
We would be happy to discuss planned giving in further detail with you and your attorney or financial advisor to determine the best option for you. For questions, please contact The University of Vermont Health Network - Alice Hyde Medical Center Office of Philanthropy at 518-481-2794.
Wills and Living Trusts
A bequest is the most traditional way to provide significant help for worthwhile causes. With a gift through your will or living trust, you keep full use of your gift assets during your life.
Your will can have a profound effect on the financial well-being of family members, friends and community. In all events, it can be a permanent reflection of your values and care for others and enable you to leave a lasting legacy that may not otherwise have been affordable.
You can structure a bequest in ways that will be both personally satisfying and tax advantageous. Charitable bequests take many forms:
Outright (specific) bequest
A bequest is one of the simplest ways to give a planned gift to The University of Vermont Health Network - Alice Hyde Medical Center. This is a gift of a particular amount of money or item of property (for example: "I bequeath $25,000."). If you already have a will in place, a codicil may be attached indicating your decision to include The University of Vermont Health Network - Alice Hyde Medical Center in your distribution of assets.
The residue of an estate is the amount remaining after all specific bequests have been distributed; the exact amount will not be known until the final accounting is completed. The residue may pass as a percentage bequest (e.g., "I give one-third of the residue of my estate.").
You can name a secondary beneficiary to receive property in the event the primary beneficiary is not alive (for example: "I bequeath $10,000 to my father, but if he has predeceased me, I direct the $10,000 be paid to . . . ").
Most accounts at financial institutions can be made payable on death to a person or a charitable organization. Ask the manager of the institution how you can arrange to designate a death beneficiary for your CD, savings account, share accounts, etc. In some areas, this is accomplished through a "P.O.D." (payable on death) designation. Securities in a brokerage account can be left through a "T.O.D." (transfer on death) designation.
Your estate can save both income taxes and estate taxes if you make a charitable organization beneficiary of part or all of your IRA or other retirement account. Family members might keep only 30 cents on the dollar, after taxes, from these assets. Changes in IRS regulations have made it simpler and more favorable to name worthwhile causes as beneficiaries of IRAs and other retirement accounts.
You can name The University of Vermont Health Network - Alice Hyde Medical Center as the beneficiary of a life insurance policy (or a percentage of the proceeds) – just contact your insurance company for appropriate forms. Another option is to transfer actual ownership of the policy to the medical center (assuming it is a "surplus" policy that is no longer needed for family security). Your gift will entitle you to an income tax deduction, and any future premium payments will be tax deductible.