A retirement plan, such as an Individual Retirement Account (IRA) or 401(k), can be a tax-efficient way to give by designating MedStar Health as a beneficiary through your plan. You can obtain these forms from your retirement plan administrator. The tax benefit is that when retirement plans are left to heirs, they have to pay income tax and, in some cases, estate taxes, which could significantly impact their inheritance. Your preferred charity pays neither upon distribution.
Considering making a gift with a charitable distribution from your IRA? Are you over the age of 70 ½? You can transfer up to $100,000 in a calendar year to your MedStar hospital or other charities, tax-free. Certain restrictions exist and requirements must be followed when making such a gift, so please call our office if you have questions or consult your tax advisor.
- Easy to execute, involves changing your designation form – that easy!
- Easy to modify, should your circumstances change.
- Be recognized TODAY, for your generous commitment.
- Deferred gifts reduce the size of your estate and can provide meaningful tax benefits.
Click here to view an illustration of making a gift of an IRA.
Believing in the Power of Innovation
From the earliest days of his career, Steve Cohen has believed in the power of innovation. He began his career establishing one of the first clinically-based pharmacies in MedStar Good Samaritan Hospital and ended his 43 year career with MedStar by serving as a Senior Vice President of Integrated Operations, playing an important role in the merger that established MedStar Health.
Steve also believes strongly in cultivating talent within the MedStar Health System which is why he established the Steve and Sandy Cohen Educational Fund. The Fund focuses on “growing your own” by providing opportunities to current MedStar employees to expand their skills, broaden their perspective and advance their careers. The program is based on the belief that the best of the best are already employed in the hospital and deserve the chance to achieve their personal and professional goals.
Steve established the Fund through their estate planning by designating a life insurance policy restricted for this purpose. The benefit of this designation is that it allowed Steve, and his wife Sandy (not pictured), to make a sizeable legacy gift without impacting current investments or expenditures.