More About Legacy Giving
We invite you to create your legacy at Erlanger Health System through a planned gift that supports the work of the Erlanger while allowing you to plan for your own financial security.
Planned gifts are not the result of great wealth but rather of a great desire to make a lasting impact. After carefully considering the goals of your contribution, the assets to be used, the gift’s timing and tax implications, and its impact on your family and financial situation, you may find that you are able to make a larger impact with a planned gift than you imagined.
Planned gifts can be used to support employees, endow a program, or create your own naming opportunity. Let us help you craft your gift to match your passion. Your gift will support, inspire, and transform the patients, families, and staff at Erlanger Hospital and Children’s Hospital at Erlanger for generations to come. The Legacy Society is one way in which Erlanger expresses appreciation for those who have made a planned gift to the hospital.
Planned Giving Options
Planned giving provides several options and opportunities to support Erlanger Health System through Erlanger Foundations in your overall financial and estate plans. Planned gifts are generally gifts or commitments made in the present with the benefit to Erlanger deferred until a future date. However, planned gifts may also include outright gifts of appreciated property, securities or real estate or gifts of tangible personal property.
Erlanger Health System Foundations realizes that as you consider a planned gift, you must balance your family needs, personal lifestyle, and financial resources with the desire to contribute to the healthcare needs of Chattanooga and the surrounding regions that rely on Erlanger both today and in the future. Maintaining this balance requires careful planning, and the development staff members at Erlanger Foundations stand ready to help you make the most informed decision possible.
Planned giving in your will
Including Erlanger Foundations in your will is a very simple process. You may use your will to benefit the hospital, facility, or program of your choice by instructing that Erlanger Foundations receives a specific amount, a percentage of your estate, or a remainder amount.
A will provides opportunities to express your values and create a legacy. The development staff at Erlanger Foundations looks forward to being of assistance to you and to your professional advisors as you prepare an estate plan that is consistent with your wishes and the needs of Erlanger. Since future medical needs cannot be predicted, Erlanger Foundations recommends that your bequest be unrestricted and not designated to a particular hospital so your gift may be directed to the area of greatest need at the time it is received.
Below you will find various types of bequests. If you wish to be anonymous, your gift may be made confidentially. However, with your permission, Erlanger Foundations would appreciate recognizing your gift so it may inspire others to follow in your footsteps.
Examples of specific language that may be incorporated into your estate planning documents are as follows:
"I give and bequeath the sum of $__________ or ________% of my residuary estate to Erlanger Foundations in Chattanooga, Tennessee, as an unrestricted gift to be used at the discretion of the Board of Directors of Erlanger Health System Foundations for the general purposes of Erlanger Health System and its related entities.”
Gifts for specific purposes
"I give and bequeath the sum of $__________ or __________% of my residuary estate to Erlanger Health System Foundations in Chattanooga, Tennessee, to be used in support of (for example, Erlanger Hospital or Children's Hospital, research, education).”
Dollar amount gifts
"I give and bequeath the sum of $___________ to Erlanger Health System Foundations in Chattanooga, Tennessee, as an unrestricted gift to be used at the discretion of the Board of Directors of Erlanger Health System Foundations for the general purposes of Erlanger Health System and its related entities.”
Gifts of specific property
"I give and bequeath to Erlanger Health System Foundations in Chattanooga, Tennessee, all of my interest in the following described property: _____________________________________________."
"I hereby give and bequeath (description of property) to my spouse, if he or she survives me. If my spouse does not survive me, I give and bequeath (description of property) to Erlanger Health System Foundations in Chattanooga, Tennessee, as an unrestricted gift to be used at the discretion of the Board of Directors of Erlanger Health System Foundations for the general purposes of Erlanger Health System and its related entities.
You may wish to create a permanent endowed fund in your name or in the name of a loved one or someone you greatly admire. Your fund's principal will be held and its income distributions directed in support of a particular area at Erlanger that holds special meaning for you. Alternatively, you may choose to permit Erlanger Foundations to make the decision as to which area or areas will benefit most from your endowed fund's distributions. Your endowed fund will be a legacy that lives on in perpetuity. If you wish to restrict your gift, Erlanger Foundations suggests additional phrasing such as:
“If changed circumstances should at some future time make it impractical to continue using the income from the fund for the purpose designated, then the Erlanger Health System Foundations Board of Governors may redesignate the purpose to adhere as closely as possible to my original intent.”
If Erlanger Foundations or a related hospital entity is a designated charity in your will, trust or other estate planning document, you may consider forwarding a copy of the document or relevant pages to its development officers. If you are in the process of drafting your estate documents, it may be wise to discuss your bequest with the development staff. This will allow Erlanger Foundations or its related hospital entities the opportunity to confirm that they are able to fulfill your requests and help ensure your wishes are carried out to the fullest extent.
Stocks and other property
Gifts of appreciated securities offer tax advantages, including forgiveness of the tax on capital gain and an income tax charitable deduction for the fair market value of the securities. You may also make gifts of property, including real estate, life insurance, retirement accounts, works of art, jewelry or valued collections. These gifts provide tax advantages and may require independent appraisals to meet Internal Revenue Service (IRS) guidelines.
Annuities and trusts (Gifts with life income)
Annuities and trusts are designed so that you can make provision for Erlanger Foundations while recognizing current benefits. These vehicles allow a means for you to reduce the taxable portion of your estate, provide a source of income for you and your family, create a current income tax deduction and benefit healthcare. They are particularly attractive when funded with appreciated assets.
Retirement funds, such as IRAs and tax-deferred assets, are subject to both income tax and estate tax after one's lifetime. Using such assets as charitable gifts may be a wise choice. You can avoid both income and estate taxes by naming Erlanger Foundations as a beneficiary. Financial advisors may indicate this is an excellent way to achieve your charitable goals.
If you would like to discuss the possibility of a planned gift or specific language for your gift documents, please contact Mary Rustic, Gift Officer of Erlanger Foundations at 423-778-3530 or Mary.Rustic@erlanger.org. Erlanger Foundations does not provide legal advice. Please consult with your attorney or CPA for specific legal or financial information.
Inquiries are confidential and involve no obligation.