Thanks to the generous support of donors, Phoenix Children’s has grown to be one of the largest and most comprehensive pediatric health care systems in the country. And legacy gifts—or planned donations—contribute greatly to the hospital’s ability to offer better patient outcomes.
“Making a legacy gift helps ensure the long-term stability of the hospital,” says Jason C. Craig, J.D., director of Planned Giving at Phoenix Children’s. “Planned gifts are a significant source of funding for the hospital, allowing donors to make a greater impact and create a legacy.”
Here, Craig sheds light on planned giving, from common misconceptions to frequently asked questions. If you’re considering a legacy donation to Phoenix Children’s, read on.
“Making a legacy gift helps ensure the long-term stability of the hospital.”Jason C. Craig, J.D., Director of Planned Giving at Phoenix Children’s
1. Do I have to be wealthy to make a planned gift?
Not at all. Donations both large and small bring impactful change to the hospital. Even if you’re on a fixed income, later in life you may find that you have equity tied up in your home. After you’ve provided for your loved ones, you can earmark leftover funds as a planned gift for when you’re gone. You can also create a blended gift: Make a smaller donation today—one that aligns with your budget—and then designate a larger gift in your will. “This helps you leverage your donation so you can give more than you thought possible,” says Craig. A planned gift allows you to protect your assets during your lifetime while also leaving an important legacy behind.
2. What happens if I change my mind?
Nothing! You can always make adjustments to your will, including revoking a legacy gift. “People are often hesitant to include a planned gift in their will because they worry that we’ll hold them to it, even in the face of changing life circumstances,” explains Craig. “This is not the case. We want to honor our donors and celebrate their generous intentions now, even if they change their minds later.”
3. What are examples of a planned gift?
Not only can a legacy donation transform the lives of children and their families, but it can also provide a benefit to you. Bequests may offer tax benefits like reducing or eliminating long-term capital gains taxes, qualifying for current income tax deductions or even increasing income. Ways to make a planned gift to Phoenix Children’s include:
- Add Phoenix Children’s to your will
- Donate appreciated stock
- Gift a percentage of life insurance
- Make an IRA donation
- Arrange life-income gifts, such as charitable gift annuities or deferred gift annuities
4. Will my donation be anonymous?
Of course. The Phoenix Children’s Hospital Foundation fiercely guards the identity of donors; all lists are private and are not shared or published with other entities or organizations. However, Craig encourages would-be and current donors to connect with him. “If you’ve decided to include us in your will, we’d love to know about it,” he says. “We want to celebrate your generosity today, not wait until after you’re gone.” Craig adds that even though donors wish to avoid the limelight, the truth is that by sharing their story, donors can inspire and influence others to make a similar lasting impact.
5. How do I make a planned gift to Phoenix Children’s?
It’s simple. Call or email Jason Craig at Planned Giving. If you have questions, ask. If you have concerns, share them. He’ll be able to walk you through the process of leaving a gift that helps children receive the care they need, when they need it.
LEGAL DISCLAIMER: The information provided and use of these materials to prepare a will or other legal document is not a substitute for the advice of an attorney, investment advisor, accountant or other professional advisor. If legal advice or expert assistance is required, you should engage the services of a competent professional.
For information on how to join our Legacy Society to a free online will-writing tool, we have resources to help you start your giving journey.