Some donors may wish to give St. Mary Medical Center a future interest in their estates, real estate holdings, pension benefits, and life income agreements.

Testamentary Bequests – Historically, St. Mary Medical Center has benefited from gifts made through donors’ estates.  Recent estate gifts have helped provide charity care and supplemented our building program.  To ensure we honor your intentions, the Medical Center would appreciate having a copy of the portion of your will or living trust that pertains to St. Mary.  Bequests to St. Mary typically avoid all estate tax.  A bequest to St. Mary can be included in the body of your will, living trust document, or its codicil.  Your will or living trust may designate to St. Mary Medical Center a specific gift asset or amount, all or a percentage of your estate, or all or a percentage of the remainder of your estate after specific amounts are distributed to your heirs.

Suggested Language for Gifts through Bequests:

“I give, devise, and bequeath to St. Mary Medical Center, a Washington Non-Profit Corporation, Tax ID 91-0564994, the sum of $ ______ (or to ___% of the estate)(or all the rest, residue, and remainder of my estate or trust) to be used for carrying out its mission (or for a specific program or intent).”

Gifts Included in Retirement Plans – Naming St. Mary Medical Center as beneficiary of your IRA, 401(k), corporate pension, or other qualified retirement plan is an effective way to make a significant gift.  At death, retirement plans are taxed heavily – income, estate income, and estate taxes can drastically reduce the amount transferred to your heirs.  Most taxes are avoided if retirement accounts designate St. Mary Medical Center as the remainder beneficiary.

Retained Life Estate – A donor who transfers ownership of his or her residence to St. Mary Medical Center can make a current gift to the Medical Center and retain the right to live in his or her home.  Upon the death of the donor, St. Mary Medical Center takes possession of the home.  The donor receives a current charitable tax deduction and removes a large asset from his or her estate.  If the donor decides not to live at the home, the residence may be sold and the donor will receive a payment equal to the value of his or her life estate interest.  Any major improvements to the home may qualify for additional charitable deductions.