Deferred Giving

Gifts to Billings Clinic may be arranged through a variety of deferred giving opportunities. Even though the gift comes to Billings Clinic in the future, all of the necessary agreements are prepared today. Deferred gifts include life estate gifts, retirement plan assets, and life insurance.

Life estate arrangements offer benefits similar to bequests from a will; plus, donors are able to enjoy tax advantages during their lifetime. This unique estate planning method applies to gifts of a personal residence, farm, vacation home or ranch. You retain full use of the property during your lifetime.

It makes more sense than ever to consider using IRAs and other retirement funds such as a 401(k), profit sharing, and 403(b) plans to make charitable gifts. If retirement plan assets are left to your heirs, as much as 70 percent may be lost to taxes. The funds from an IRA or qualified retirement plan the you leave to Billings Clinic qualifies for an estate tax deduction and are not subject to income taxes because Billings Clinic Foundation is exempt. All you have to do is name Billings Clinic Foundation as the beneficiary.

Life insurance may be a wonderful way to support a program at Billings Clinic that matters most to you. You may contribute a paid-up life insurance policy with Billings Clinic as the beneficiary. If you assign ownership to Billings Clinic Foundation you’ll be entitled to an immediate deduction and the proceeds of the policy will avoid estate taxes.

Charitable Lead Trust

A charitable lead trust is the opposite of a charitable remainder trust. You create a trust and retain income from the trust’s assets. As trustee you grant the Foundation charitable interest or a unitrust annuity from your assets. You may leave your property to your spouse or heirs with reduced estate taxes.

Advantages to you of giving with a charitable lead trust:

• You receive income from your assets for life or the term of the trust
• Your spouse or heirs receive your assets upon your death
• You give interest or an annuity to the Foundation
• You receive charitable and estate tax deductions
• You reduce the taxable value of your estate assets

Residence with Life Interest

You may give ownership in a primary residence, vacation home, farm or ranch during your lifetime without losing the use of your property. When you agree to transfer your personal property to Billings Clinic Foundation after a term of years or life you receive an immediate tax deduction and the ability to live in your house, or operate or lease your farm and retain all of the benefits of ownership, even though you have deeded the property to Billings Clinic Foundation. The donor remains responsible for the maintenance, taxes and insurance

Advantages of giving a residence with life interest:

• You continue to live in your residence for a term of years or life
• You receive a current charitable tax deduction
• You reduce your future estate taxes
• You donate real property that benefits Billings Clinic

Life Insurance

You may transfer a life insurance policy to Billings Clinic Foundation or name Billings Clinic Foundation as the policy’s beneficiary. When you give an existing policy you may claim a charitable tax deduction for the policy's fair market value or premiums paid, whichever is the lesser amount.

Even though you do not realize immediate tax benefits by naming the Foundation as beneficiary, you do retain access to the policy's cash value and your right to change beneficiaries. Upon your death and passing benefits to Billings Clinic Foundation, your survivors may claim the policy’s value as an estate tax charitable deduction. Life insurance is an excellent choice for giving to Billings Clinic either during your lifetime or as a legacy gift.

Advantages of giving life insurance:

• You receive immediate tax benefits for the value of the policy
• You retain access and rights to your policy when naming Billings Clinic Foundation as your beneficiary
• You receive estate tax relief after death, when the policy passes onto Billings Clinic Foundation

Call today for more information

For more information contact: Amberly Pahut, Senior Development Director at apahut@billingsclinic.org or 406-657-4679. Billings Clinic Foundation encourages you to discuss your giving plan with a legal, tax, or financial advisor.