Ways to support the greater new orleans foundation

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Retirement Account Gift
If you are 70 ½ years and older you may donate up to $100,000 from your individual retirement accounts (IRAs) and Roth IRAs to the Greater New Orleans Medical Foundation as a charitable nonprofit without having to treat the withdrawals as taxable income. The giving incentive is of particular value to individuals who do not claim itemized deductions on their tax return because the funds are sent directly to nonprofits from IRA accounts and are never counted as income.

Bequest in Your Will

Leaving a charitable bequest in your will or living trust is a popular choice due to its simplicity, flexibility, versatility, and tax benefits.

• You can arrange a bequest by adding simple bequest language to your will.
• Because the gift isn't until after your lifetime, you can alter it at any time as necessary.
• You can choose to give an exact amount or a percentage of your estate.
• If your estate is subject to estate tax, the full value of your gift is tax-deductible.

Sample bequest language for the Greater New Orleans Medical Foundation
"I, [name], of [city, state, ZIP], give, devise, and bequeath to the Greater New Orleans Medical Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

Beneficiary Designation
Naming the Greater New Orleans Medical Foundation as a beneficiary to your retirement plan assets, life insurance, or insurance annuities is simple and has great benefits to the Foundation and your other beneficiaries.

• As retirement funds are tax-deferred, they are one of the most costly to distribute to heirs.
• When given to the GNOMF, they are tax-free and fully used to help continue to build its long-term fiscal security and stability.
• Finally, beneficiary designations can be changed at any time if your situation alters.

How to Name the Greater New Orleans Medical Foundation as a Beneficiary
The terms of your will control the distribution of the majority of your assets, but life insurance, insurance annuities, and retirement plans require separate beneficiary forms. You must contact the manager of these accounts to edit your beneficiary designation to include “Greater New Orleans Medical Foundation."

Charitable Trusts
With a Charitable Remainder Trust you receive income from the assets (cash, stock, or real estate) placed in the trust, and after your lifetime the remaining balance supports the Greater New Orleans Medical Foundation. Some benefits are:

• A partial charitable deduction, when you itemize
• Up-front capital gains tax relief
• Professional management of assets
• Future estate tax relief

A charitable lead trust is optimal for directing wealth to grandchildren by reducing the tax burden while making a charitable gift. The trust facilitates yearly gifts to the Greater New Orleans Medical Foundation for a period of years from the earnings of the trust. Ultimately, the money in trust goes to whomever you choose, with beneficial tax consequences.

To initiate a charitable trust, contact your tax attorney, accountant or wealth management professional.

Questions?

If you have questions, please contact GNOMF at 504. 302.1900 or info@gnomf.org. We are here to help and will hold any discussions in confidence.