Make the Greatest Impact at Any Age
Generosity takes on new meaning as we grow older, build financial resources and set charitable goals. These planning checkpoints, arranged by age group, outline how to maximize your generosity to the causes that matter the most to you.
50s
Update your will to reflect any life changes, such as beginning a new relationship or grown children leaving home. Meet with a financial advisor to review your investments and savings—there’s still time to make catch-up contributions for retirement.
Best Ways to Make an Impact
- A gift in your will or trust. This costs you nothing today and can be made by adding one sentence to this document.
- Retirement plan assets. Name Vail Health Foundation as a beneficiary of part or all of your retirement plan assets. It takes minutes to contact your plan administrator or complete the change-of-beneficiary form online.
- Life insurance policies. If your children are grown and financially stable, consider donating these to Vail Health Foundation.
- Donor-advised funds. This popular option offers you the flexibility to recommend how much and how often money is granted to qualified charities like Vail Health Foundation. You open a fund with a written agreement at a community foundation or sponsoring organization, which then provides regular accounting to you.
- Appreciated securities. Donate stocks you’ve owned for longer than one year and receive an income tax charitable deduction when you itemize. You can also eliminate capital gains taxes.
60s
Check with your financial advisor to make sure you are on track with retirement savings. If you’ve already retired, revisit your expenses, priorities, and health care needs.
Best Ways to Make an Impact
- Life income gifts. If you are looking for income in retirement, consider establishing a charitable remainder trust and use appreciated assets to maximize your tax benefits. You receive income for life from the trust, with the rest supporting Vail Health after your lifetime. If you have a high net worth and are looking to minimize taxes, a charitable lead trust allows you to support Vail Health now and provide for loved ones in the future.
- Beneficiary designations. Review the beneficiaries of your life insurance policies and retirement plan assets. Many of these assets may result in a large tax hit for your family, but they pass tax-free to Vail Health Foundation.
- Bank or brokerage accounts. Most states* allow you to designate one or more individuals or charities as a beneficiary of a checking or savings account; certificates of deposit; or brokerage or investment accounts.
* State laws govern payable-on-death accounts and transfer-on-death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
70s
Discuss your giving goals with your family and meet with your financial advisor to align your financial and philanthropic plans.
Best Ways to Make an Impact
- Gift from your IRA. If you are 70½ or older, give any amount up to $100,000 per year from your IRA directly to a qualified charity such as Vail Health Foundation without having to pay income taxes on the money.
- Legacy letter. This optional companion piece to your estate plan is a chance to share your dreams and your story with your loved ones.
What’s Right for Your Stage?
We’re ready to work with you and your professional advisor to discuss a variety of giving options that work best for your personal circumstances. To get started please contact Aaron Ciszek at (970) 569-7574 or aaronc@vailhealth.org or Anne Walters at (970) 569-7648 or anne.walters@vailhealth.org.
Reproduced with permission from The Stelter Company. Information contained herein was accurate at the time of publication and is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.
