Wills, Life Insurance, IRA's/Retirement Plans

Gifts for Tomorrow – Supporting Martha Jefferson through Gift Planning

Many friends of Martha Jefferson are looking to the future of community healthcare and helping to guarantee that it is bright through making tax-wise gifts through their wills and estates, trusts or other life income contracts, or by using retirement assets or life insurance to fund a strong Martha Jefferson for generations to come.  Here are some examples:

Late Breaking News:  The IRA Gifting Opportunity is Back!

As part of the Emergency Economic Stabilization Act of 2008 (aka the rescue plan) signed into law by President Bush last week was an extension of the IRA Charitable Rollover. This new legislation extends, and makes retroactive for the 2008 and 2009 tax years, the opportunity for individuals 70 ½ and older to make tax-free distributions from traditional and Roth IRA accounts directly to charitable organizations like Martha Jefferson Hospital!  For more information, please link to our Charitable Gift Planning section.

Wills and Bequests

The gift of a lifetime

The significance of a bequest cannot be overvalued. Through your will, you can create a lasting legacy for what you consider most important.

Most Common Types of Charitable Bequests

  • Residual Bequest
    • You can give Martha Jefferson all, a part, or a percentage of whatever remains after your loved ones have received their share.
  • Specific Amount Bequest
    • You can designate Martha Jefferson Hospital to receive a specific amount or percentage from your estate.

Martha Jefferson Hospital's legal title and tax status

Martha Jefferson Hospital is exempt from federal income tax and is classified as a 501(c)(3) organization. The Federal Taxpayer Identification number for Martha Jefferson Hospital is 54-0261840. Our name and address for use in a will, trust or other instrument of transfer is:

Martha Jefferson Hospital
459 Locust Avenue
Charlottesville, Virginia 22902

Gift of Life Insurance

Gifting obsolete policies for the benefit of the Martha Jefferson Hospital.

Do you have life insurance policies you no longer need? Consider turning them into a charitable gift for the benefit of Martha Jefferson.

  • You can name the Hospital as first, second, or last beneficiary for part or all of an existing policy. The gift is easy to make. You simply request a change of beneficiary form from your insurance company.
  • You can donate a policy on which you are still paying premiums. Any future payments are charitable contributions.
  • If you donate a paid up policy to Martha Jefferson, you can deduct an amount that is equal to the policy's approximate cash value.

The gift involves no additional "out of pocket" costs to the donor.

Perhaps you purchased life insurance to protect your family some time ago and now find that your need for life insurance has changed or gone away.

Donors may contribute a life insurance policy to the Martha Jefferson Hospital Foundation or simply name the Foundation as the beneficiary of a paid-up policy. Generally, the tax deduction will be based on the present value of the policy (total of premiums paid minus dividends received) or the cash-surrender value of the policy, whichever is lower. New policies can also be established for future endowment with Martha Jefferson as the owner and beneficiary, with the donor making annual gifts to support the premiums.

Gifts of IRA or Other Retirement Benefits

Choosing wisely what you leave your heirs.

Recent laws allow you to accumulate more retirement money while at the same time reducing the amount that you have to withdraw. Thus, the fund can grow substantially and be used for your needs, for loved ones, or to help the work of Martha Jefferson. A few tips for consideration:

  • Remember that retirement assets may not be "tax friendly" if left to an heir other than your spouse. However, a tax-exempt charity such as Martha Jefferson can make full use of whatever amount you specify.

If your plan is with your employer, simply contact the plan administrator and they will provide you with a change of beneficiary form. For an IRA, request the same change of beneficiary form from the institution that handles your account. The forms will also allow you to change non-charitable beneficiaries.

For more information on tax-wise gifts to benefit Martha Jefferson Hospital, contact Ray Mishler or Cathy Link, or call the Foundation office at (434)654-8258.

To learn how we recognize our generous donors, please see Donor Recognition.