Planned Gifts Benefit You and Others

By Donna Wick, Executive Director
Simi Valley Hospital Foundation


“…to know that even one life has breathed easier because you have lived — this is to have succeeded.” —Ralph Waldo Emerson

One of the many gifting opportunities that yields benefits for both the receiver and the giver is a planned gift. This giving option can be confusing, so a little explanation of how the process works is in order.

Perhaps the most difficult part of estate planning is actually sitting down and taking the time to write out your plans for your future and the future of your loved ones. You probably have questions like “Where do I begin?” “What exactly should be contained in my estate plan?” and “What should the format look like?”

First Things First

An outline is a great way to get you thinking about your assets, the people you would like to include in your estate plan and the type of charitable contributions you would like to make. Don’t worry about being too detailed initially. When you present your finished outline to your attorney, he or she will help fill in any gaps and/or details you may have overlooked. Here are a few items to consider:

  • People. List the people you would like to plan for, including your spouse, children or grandchildren.
  • Philanthropy. Simi Valley Hospital’s programs and services are made possible by contributions from individuals like you. We are right here in your community — why not invest in the long-term care of your community and the future care of your loved ones? The Simi Valley Hospital Foundation can make sure your investment is placed into programs and services that are meaningful to you.
  • Property. List all of your property that has value, including real estate, stocks, automobiles, life insurance, investments and collections. If you are not certain of the real value or cost of individual property, you can estimate to the best of your knowledge or determine its worth by the income it yields annually.

Be sure to make an appointment with an attorney who specializes in estate planning. Without the expertise of an attorney, a representative of the charity or charities you plan to include and your banking institution, it is nearly impossible to ensure that your wishes will be carried out successfully and legally.

New! Charitable IRA Rollover!

If you are age 70 ½ or older, new legislation allows you to make cash gifts totaling up to $100,000 a year from your traditional or Roth IRA to qualified charities without incurring income tax on the withdrawal. This is good news for people who want to make a charitable gift during their lifetime from their retirement assets but have been discouraged from doing so because of the income tax penalty. The provision is effective for tax years 2006 and 2007 only, so you must act by December 31, 2007, to take full advantage. Contact the Simi Valley Hospital Foundation at 805-955-8144 for more information.

Spring 2007