The Legacy Society honors friends who have included the WakeMed Foundation in their estate plans or have made some other type of planned gift to WakeMed. A charitable gift presents many opportunities for estate planning that can include protecting your assets, providing for your family and guaranteeing income for life all while benefiting patients and families being cared for by WakeMed. Legacy Society donors share a deep concern for our community and want to insure that outstanding medical care is attainable for all those who need it. By making a gift today or supporting us after your lifetime, you can help ensure that WakeMed will continue to provide exceptional care for future generations.

Along with providing substantial tax savings, especially on securities and appreciated properties, planned giving can alleviate part of an estate’s expensive probate costs, diversify your investment portfolio and allow you to make a larger gift than you ever dreamed possible. A planned gift to support WakeMed may align with your philanthropic and financial goals in many specific ways, including if you seek to:

  • Avoid capital gains liability.
  • Maximize your income tax deductions.
  • Have your heirs receive more of your estate.
  • Reduce high income tax liability now.
  • Reduce gift and estate taxes, providing benefits to your heirs and beneficiaries.
  • Contribute to WakeMed’s future growth and sustainability.

In addition, by making a planned gift to the WakeMed Foundation, you are helping to ensure WakeMed achieves its mission of improving the health and well-being of our community for generations to come.

There are numerous planned giving opportunities, and each offer valuable tax benefits:

GIFTS THROUGH YOUR WILL OR ESTATE (BEQUEST)

A large percentage of planned gifts occur through simply adding a charitable organization as a beneficiary to a will or estate plan. A donor may designate the organization to receive a specific dollar amount or a percentage of the estate. In many cases this can be done by adding a codicil or an addendum to an existing will to add the organization as a beneficiary

GIFTS OF LIFE INSURANCE POLICIES

By listing the WakeMed Foundation as a beneficiary or contingent beneficiary on your life insurance policy, you strengthen the future of WakeMed’s important mission without changing your lifestyle or current finances. You can also change the ownership of new or existing life insurance policies and receive an immediate tax deduction, generally equal to the policy’s cash surrender value.

GIFTS OF RETIREMENT PLANS/IRAS

A donor can designate a charitable organization as a full or partial beneficiary of a qualified retirement account, including from a 401(k) plan or IRA.

CHARITABLE LEAD TRUSTS

A charitable lead trust can be used to transfer assets to children or others at a significantly reduced tax liability. The trust makes a fixed payment to the WakeMed Foundation for a specified term. After the trust term ends, the trust assets are either returned to you or passed on to heirs. If the assets are to be returned to you, you receive an income tax deduction when the trust is created. If the assets are passed on to heirs, applicable estate or gift taxes are reduced or completely eliminated. These tax savings may allow you to provide significant support for the WakeMed Foundation at little or no cost to heirs in terms of ultimate inheritance.

CHARITABLE REMAINDER TRUST

A trust that pays designated person(s) an income for a period of years or a lifetime; upon the designated person(s) passing, the WakeMed Foundation receives the remaining trust assets.

CLOSELY HELD SECURITIES, REAL ESTATE, PERSONAL PROPERTY, AND OTHER ASSETS

There are many other types of assets you may wish to donate and the WakeMed Foundation will be glad to help you with the process. Typically, these assets require some form of official valuation or appraisal. Simply tell us about your goals and we will walk you through the process.

MAY WE HELP?

We can help you find a charitable plan that fits your goals. To discuss options that meet your estate planning and philanthropic needs, please contact foundation@wakemed.org or (919) 350-7657.

This webpage provides general information about planned giving, and is not intended to be financial, tax or legal advice.