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Early in 2022, John received the devastating news that he had a rare type of aggressive cancer with very few treatment options. He needed to put his affairs in order quickly.

John had no heirs and wanted to minimize the stress his loved ones would endure after his passing, particularly with the sale of his real estate properties. He decided to donate those assets to Baylor Scott & White Central Texas Foundation in honor of the care he received.

In one instance, John donated his property outright, maximizing the impact of his gift and easing the burden on his loved ones. He received an immediate income tax charitable deduction equal to the full appraised value of his gifted real estate.

For another property, John sold the asset to the Foundation in a “bargain sale” at less than its appraised value. He received a tax deduction for the difference between the selling price and appraised value as well as an immediate cash payment, which he plans to use for his medical expenses.

Through these two different types of real estate gifts, John was able to provide for his own care, give comfort to his loved ones, and help ensure future patients continue to receive quality healthcare.

A gift of real estate could be right for you if you have any of these goals:

• You own real estate for which you no longer want to be responsible.
• You are willing to donate your home if you can continue to live in it.
• You own real estate that you are willing to sell to us for a bargain price.
• You own real estate that you are willing to donate if you get income in return.
• You want to save on income taxes.

Sophia knew she was getting older and would need to designate where her assets would go and who would manage them after her passing. With no family to take on the task, she turned to the Foundation.

Foundation staff connected Sophia with a local attorney who helped her draft her will, and a third-party organization that could act as her executor. Having received great care in the past, she decided to donate her entire estate to Baylor Scott & White Health. Sophia says it felt like a weight was lifted off her shoulders not only to have a plan in place but also to use her worldly goods to benefit others.

A bequest could be right for you if:

• You want the flexibility to change your mind.
• You want continued access to your wealth, should you need it.
• You are concerned about outliving your resources.

After caring for his wife throughout a long illness, Charles felt like Baylor Scott & White was almost a second home and a second family. He wanted to honor the care his wife received through a charitable gift, but didn’t feel like he had the resources to make a real difference.

After talking with Foundation staff, Charles decided to designate Baylor Scott & White as a beneficiary of the remainder of his retirement plan after his lifetime. This gift is simple because there is no need to modify your will or living trust. All you need to do is complete a beneficiary designation form with your plan administrator. With this kind of gift, Charles was able to honor his wife and the care she received, and make a larger impact than he thought was possible. 

A gift of retirement plan assets could be right for you if:

• You have an IRA or other Qualified Retirement Plan such as a 401(k) or 403(b).
• You do not expect to need all of your retirement plan assets during your lifetime.
• You have other assets—such as securities and real estate—that you want to pass to heirs.
• You want to provide income or payments to loved ones after you are gone.

Phillip was inspired by the care his late wife received at Baylor Scott & White during her fight with cancer. He wanted to honor her life by making a gift to the oncology and hospice departments that compassionately cared for her and their family.

However, Phillip was just entering his retirement and wasn’t sure his resources would cover his own expenses as well as a donation. After talking with the Foundation about these competing priorities, he decided to establish a charitable gift annuity that would provide him with a fixed income and tax benefits, and make a significant difference for patients and families in their fight against cancer.

A charitable gift annuity could be right for you if:

• You want to maintain or increase your cash flow.
• You want the security of fixed, dependable payments for life.
• You want to save income taxes or capital gains taxes.
• You would like income that is partially tax-free.
• You are considering a gift amount of $10,000 or more.
• You are at least 65 years of age.

Why planning is important:

• With careful planning, you can enjoy your retirement years with the resources you have earned throughout your lifetime, as well as provide for yourself, your loved ones, and the causes that mean the most to you.
• If you do not have a will or living trust upon your passing, the state will impose a distribution plan for you, which may or may not match your wishes. Your efforts now will make things easier for your loved ones if something happens to you. 
• When you include organizations that are important to you in your planning, your generosity can make a difference now and long after your lifetime.

*Donors’ names have been changed to protect their privacy.

Please consult your legal or tax services provider regarding the implications of a planned gift based on your personal facts and circumstances. Baylor Scott & White Central Texas Foundation does not provide legal or tax advice.

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