To include Memorial Hospital in your will, we suggest the following language:
I bequeath (all) (______% of the remainder of my property) (the sum of $______________) to Memorial Hospital of Rhode Island (EIN #050259004), Pawtucket, Rhode Island, to be used or disposed of as its board of directors deems appropriate.
William F. Sayles
Beginning with William Sayles founding bequest of $200,000 for charitable purposes and the vision of his son Frank A. Sayles, which established the future of Memorial Hospital of Rhode Island, hundreds of patients and friends of the hospital have stepped forward in a similar manner to make significant gifts to build new facilities, renovate existing facilities and add to Memorial Hospital endowment.
In addition to gifts of cash, each year friends of Memorial Hospital make personal gifts of non-cash assets. Often donors can provide more generously for the hospital by giving these types of assets because of the additional tax benefits often associated with such gifts. Many of these assets can be used to fund a commitment to the Annual Fund or to make Bequests or Capital and Endowed Gifts, Memorial and Honorary Gifts, or Planned and Deferred Gifts. Individuals may also find it helpful to investigate other long-term gift arrangements including Life Income Gifts and other charitable options, as part of an overall financial and estate plan.
Planned gifts make a tremendous difference in the patient care that Memorial Hospital is able to provide. You can leave a planned gift to the hospital through a simple bequest in your will or by naming the hospital as the beneficiary of all or part of your life insurance policy or qualified retirement plan. You can also arrange a gift that will provide you or your loved ones with income or that will pass assets to heirs at reduced tax.
Planned gifts, either outright or deferred, can be tailored to an individual or family particular situation. There are many types of planned gifts that you can make to Memorial Hospital of Rhode Island. We encourage you to contact the Fund Development Office and your own financial counsel with any questions you might have. Become a Member of The Sayles Society
The Sayles Society was established to recognize individuals who designate $25,000 or more to Memorial Hospital as a planned gift.
Two categories of membership are available:
William F. Sayles Members receive a lifetime membership for an irrevocable gift of a charitable remainder trust, charitable annuity or paid-up life insurance policy.
Frank A. Sayles Members receive an annually renewing membership through contribution of a revocable gift, such as a bequest in a will or trust or a contingent bequest.
A handsome mahogany plaque in the main lobby of the Sayles Building of the hospital lists the generous supporters who have made provisions in their estate plans.Give a Gift that Provides for Your Loved Ones
With appropriate estate planning, making provisions for Memorial Hospital of Rhode Island doesn't have to be an "either or" proposition. You can support the hospital in ways that provide estate tax savings while enabling you to Provide income to a surviving loved one for life or a period of years Provide a surviving loved one with use of your residence or vacation home Transfer a portion of your estate to loved ones, children, grandchildren, or other heirs at reduced tax.Give a Legacy Gift through a Beneficiary DesignationLife Insurance
You can easily make a significant future gift by naming Memorial Hospital of Rhode Island as the beneficiary of all or a portion of the proceeds of a life insurance policy that is not longer needed for family protection. Retirement Plan Assets
You can make a significant future gift by naming Memorial Hospital of Rhode Island as the beneficiary of all or a portion of a qualified retirement plan by filling out a change beneficiary form provided by the retirement plan administrator. The gift can then pass on to the hospital without being subject to estate and income taxes.Receive Income by Establishing a Charitable Gift Annuity or a Charitable Remainder Trust
Charitable Gift Annuity
You can receive lifetime payments beginning immediately or on a future date with a Charitable Gift Annuity; you will get an immediate tax deduction for a portion of the value of your gift. The annuity rate is based on age and the number of people receiving income (not more than two). If you use appreciated securities, you can also avoid paying capital gains tax on the transfer and allow for your income stream to be based on the full fair-market value of your gift. Additionally, a significant part of your income payments may be tax-free.Charitable Remainder Trust
An individually structured gift arrangement, a charitable remainder trust can make payments to you and/or others for your lifetime(s) or a term up to a maximum of 20 years. Upon the termination of the trust, the remainder of the trust principal becomes available to Memorial Hospital of Rhode Island. You can receive either fixed or variable income, or establish a trust that will initially minimize income payments and build principal allowing for higher income payments at retirement. A charitable remainder trust entitles you to an income-tax deduction for part of your gift, and you may bypass capital gains if you fund your trust with appreciated assets.
Give Capital and Endowed Gifts
Capital and endowed gifts generally occur only when circumstances provide individuals with a special opportunity to make a gift above and beyond what they may give on a regular basis through the Memorial Hospital of Rhode Island Annual Fund. The individuals who make these special kinds of commitments are as different as their reasons for making them.
Some donors of capital and endowed gifts choose to commemorate a milestone event. Others make a gift to honor a staff member or to memorialize a loved one. Others step forward when they see a special need at the hospital, and some make a gift when they find it offers them advantages from a financial and tax planning perceptive.
We deeply value the support we receive through bequests and urge you to notify us of your intentions so we can acknowledge your generosity during your lifetime. You may leave a specific dollar amount, a percentage of your estate, or name Memorial Hospital of Rhode Island as beneficiary of your residuary estate.
The following is suggested language to review with your attorney:
I bequeath (all) (___% of the remainder of my property) or (the sum of $____) to Memorial Hospital of Rhode Island (EIN #050259004), Pawtucket, Rhode Island, to be used or disposed of as its board of directors deems appropriate.
Every donor needs and intentions are different. We strongly advise you to review our recommendations with your own legal and tax advisors.
To learn more about ways in which you can help ensure the future of outstanding health care at Memorial Hospital of Rhode Island while caring for your loved ones please contact:
Fund Development Office
Memorial Hospital of Rhode Island
111 Brewster Street
Pawtucket, Rhode Island 02860-4499
Create a Legacy . . .Make a Difference in the Lives that Follow
Thank you for your support!