Planned giving provides donors with an opportunity to leave a legacy to Cleveland
Hearing & Speech Center. Planned gifts can also provide you with income, help
avoid or minimize taxes, and assure that the programs and services offered by the
Center continue into the future. Listed below are ways you can enhance your donations
to CHSC. Contact Laura Frye, Director of Development,
at 216-325-7575 to discuss your philanthropic goals.
Heritage Society Legacy Giving Program Brochure
One of the easiest ways to provide for a future gift to Cleveland Hearing &
Speech Center is to name the Center as a beneficiary in your will. There are several
types of bequests.
To give a specific dollar amount or percentage of your estate to Cleveland Hearing
& Speech Center, the following language is suggested:
"I give and bequeath the (sum or description or X%) of my estate to The Cleveland
Hearing and Speech Center, Cleveland, Ohio, an Ohio not-for-profit corporation,
for its general charitable purposes."
To designate a portion of your remaining estate, after taxes, expenses, and other
debts are paid, the following language is suggested:
"I give and bequeath (all or % of the rest, remainder and residue) of my estate
to The Cleveland Hearing and Speech Center, Cleveland, Ohio an Ohio not-for-profit
corporation, for its general charitable purposes."
To designate a portion of your estate to Cleveland Hearing & Speech Center
if your other primary intentions cannot be met, the following language is suggested:
"In the event that (my spouse or my children) shall not survive me, then I give
and bequeath (sum or description of property) of my estate to The Cleveland Hearing
and Speech Center, Cleveland, Ohio, an Ohio not-for-profit corporation, for its
general charitable purposes."
Charitable Gift Annuity
A charitable gift annuity is a simple contract. In return for a gift of cash,
marketable securities, or in some cases real estate, you (and/or another beneficiary)
receive an income for life as well as an immediate charitable contribution deduction.
The amount of the annuity income is based on your age and that of the beneficiary,
and a portion of that income is tax-free. At the death of the last beneficiary,
the remainder passes to Cleveland Hearing & Speech Center.
Charitable Lead Trust
Cash, marketable securities, and (in some cases) income-producing real estate
may be placed into a charitable lead trust that provides income from earnings to
Cleveland Hearing & Speech Center for a specified term of years. At the end
of the term of years, the assets in the trust revert to the donor or to the individual(s)
designated by the donor. A charitable lead trust may provide you with an opportunity
to significantly support a special project at Cleveland Hearing & Speech Center
during your lifetime
Charitable Remainder Trust
A Charitable Remainder Trust can be established during your lifetime or through
your will with cash, marketable securities, or real estate through two types of
trusts, a Charitable Remainder Annuity Trust and Charitable Remainder Unitrust.
Both types of trusts name Cleveland Hearing & Speech Center as the ultimate beneficiary.
The difference in the two trusts is the way that they pay income to you and other
named beneficiaries. An annuity trust pays a fixed payout dollar amount. A unitrust
pays a fixed payout percentage of trust assets valued annually. Both trusts give
you an opportunity to receive income for life, avoid capital gains or estate taxes,
and receive a charitable income tax deduction.
If you have a life insurance policy that is fully paid and no longer needed for
the protection of your family, you can make a gift and designate Cleveland Hearing
& Speech Center as the beneficiary.
If the policy itself is given to Cleveland Hearing & Speech Center, you may be eligible
for a charitable income tax deduction for the "present value" of the policy. Naming
Cleveland Hearing & Speech Center as the beneficiary will result in an estate tax
Tax-Deferred Retirement Plans
An IRA, Keogh, 401(k) or other qualified retirement plan that passes to an individual
beneficiary may be significantly reduced by income and estate taxes â€” sometimes,
by as much as 70%. Instead, consider leaving your retirement accounts to Cleveland
Hearing & Speech Center, which does not pay income tax and which qualifies for a
full estate tax exemption. The result will be that all of your retirement funds
will pass to an organization free from tax.
To name Cleveland Hearing & Speech Center as beneficiary of your retirement plan
or life insurance policy is easy. Simply contact your retirement plan administrator
or insurance agent and ask for the appropriate forms.
Planned Giving Advisory Council
The Planned Giving Advisory Council is comprised of a select group of local estate
planning professionals who have demonstrated a supportive commitment to Cleveland
Hearing & Speech Center and whose expertise and experience are well suited to serve
as advisors. The Planned Giving Advisory Council includes: trust officers, lawyers,
accountants, insurance representatives, and financial advisors.