Your gift to Natchaug Hospital will help transform health care for our clients, students and communities.
Gifts to Natchaug Hospital allow us to enhance treatment programs and services for our clients, and improve access to care through financial assistance.
Determining what type of gift is right for you is just as important as making the gift. There are a variety of easy giving options from which you can choose – from online giving to naming Natchaug Hospital as a beneficiary in your will, or a more complex charitable gift annuity. Ultimately the best plan for you will balance what you wish to accomplish for yourself, your family and your charitable interests in your overall estate and financial plans.
Natchaug Hospital’s endowment, established at the Community Foundation of Eastern Connecticut, provides donors with a number of planned giving options. Memorial and honorary gifts are welcome, and requests for anonymity are respected. Brief descriptions of planned giving options are listed below; for more information, contact Lilli Rhodes at Natchaug Hospital or Alison Woods at the Community Foundation of Eastern Connecticut.
Bequests Through Your Will
One of the simplest ways to give is through your estate. In your will, you can make a gift bequest to Natchaug Hospital for a specific dollar amount, a percentage of your estate, or the remainder of your estate after you have provided for others.
The benefits of a retirement account (IRA or company plans) may be given to Natchaug Hospital by simply signing a beneficiary designation form. Due to the harsh tax treatment of retirement plans when the beneficiary is other than the owner or their spouse, this type of gift often minimizes tax consequences for your heirs.
CDs, Savings Accounts, Brokerage Accounts, and Checking Accounts with P.O.D. Provisions
Payable on Death (P.O.D.) provisions allow you to retain full ownership and control of an account during your lifetime. At your death, the account balance is immediately paid to your named beneficiary. Natchaug Hospital can receive this benefit without going through the probate process.
Charitable Gift Annuity
You may use your gift of cash or securities to create a guaranteed annuity through the Community Foundation of Eastern Connecticut to benefit Natchaug Hospital. Once established, the annuity will pay you (and another person you name) a guaranteed income for life. You receive a charitable income tax deduction for the initial year of the gift and a portion of your income is usually tax-free. Upon death, the remaining portion of the gift supports Natchaug Hospital (Your income from the annuity and tax deduction are based on your age.) Earnings begin as soon as the charitable gift annuity is established.
Charitable Remainder Trusts
You can create a trust fund that will pay a designated beneficiary for a stated period of time. Once this time-frame expires, the remaining funds are transferred to Natchaug Hospital.
You can make a significant gift by naming Natchaug Hospital as a beneficiary of all (or a portion) of the proceeds of a new or existing life insurance policy. By transferring the ownership of an existing policy to Natchaug Hospital, you may receive a tax deduction for the “cash surrender value” of the existing policy. If you establish Natchaug Hospital as the owner of a new policy, you may also deduct the amount of each premium payment you make. With this method of giving, a major gift may be made with only a modest annual payment.
As always, we encourage you to seek advice from your estate-planning or financial advisor to help determine the most tax-advantaged options.
Natchaug Hospital, Inc.
501(c)(3) nonprofit organization
189 Storrs Road
Mansfield Center, CT 06250