There are many options individuals may consider when making plans to care for their own families and provide for those most in need around the world.
Remembering Mission Doctors in your estate plan ensures that your generosity makes it possible for doctors to be at the bed side of patients who are in the greatest need.
- Your Will: You can use your will or trust to make a gift of a specific dollar amount, a specific property or a percentage of your estate; you may also donate the unspecified remaining value after you have cared for your loved ones.
- Individual Retirement Accounts and Life Insurance: One of the simplest ways to make a significant gift in the future is to name Mission Doctors Association as secondary beneficiary (after a spouse) of an IRA or an insurance policy no longer needed for its original purpose. Making MDA the beneficiary of an IRA may have additional tax benefits.
- Donating a Life Insurance Policy in your own lifetime provides additional tax benefits. Your advisor can offer additional details. As an example, Dr. W. owns a $100,000 life insurance policy with a current cash value of $40,000. By transferring the policy to MDA as the new owner and beneficiary, Dr. W. is able to receive a current charitable deduction in the amount of $40,000. Continuing to pay the premiums on the policy after the gift is made; Dr. W. has these additional premium payments as tax deductions each year.
- Living Trust: You may choose to a Living Trust to pass your property to loved ones while minimizing taxes. This can add a charitable dimension to your plan. At the termination of your Trust, you can provide that a portion of the assets in the Trust be gifted to Mission Doctors Association. Much like a charitable bequest through a Will, such a gift is deductible from estate taxes and can take effect after you have cared for your loved ones.
- Donations of Stock or Property: One way some are making a difference in the work of Mission Doctors Association at the same time provide a means to avoid capital gains tax, is to donate appreciated stock or property. As an example if a stock was purchased for $100 and is now worth $1,000 – a donation of that stock or property to MDA provides the donor a $900 savings in income upon which capital gains tax is computed and a tax deduction for the full fair market value of the stock or property at the time of the donation.
- Charitable Gift Annuity: You can establish a Charitable Gift Annuity to receive income during your life time and benefit the work of Mission Doctors through the National Catholic Community Foundation.
Everyone’s situation is unique and we will be happy to discuss with you your desire to leave a legacy of support for Mission Doctors Association.
Contact us for more information on planned giving.
If you have named Mission Doctors Association in your will, trust or as beneficiary of a Life Insurance Policy, please let us know so that we may acknowledge your gift. To learn more about MDA Legacies click here.