Lawrence Hospital Center was built on philanthropy, beginning with the initial purchase of the hospital land and donation of funds by William Van Duzer Lawrence in 1909. The inspiration for the founding was the nearly fatal appendicitis attack of his son. After such a frightening medical emergency, the Lawrence family became committed to establishing a high quality hospital for the local population.
As a result of strong community support, the hospital has grown to a sophisticated 291-bed acute-care facility with more than 1,100 employees, physicians and volunteers. Approximately 39,000 individuals visit our Emergency Room each year and more than 13,000 patients receive in-patient care.
When the hospital was founded more than a century ago, nobody dreamed of CT scans, MRIs, echocardiograms or laser or laparoscopic surgery and other techniques so important to medical practice today. At Lawrence, advanced diagnostic and treatment technologies are expertly administered, sparing patients the stress and fatigue of traveling to large urban institutions. Services at Lawrence Hospital Center go way beyond those offered by most community hospitals, partly due to Lawrence's close affiliation with New York-Presbyterian Medical Center.
While medical science and technology have evolved dramatically over the last hundred years, the Hospital's commitment to providing personal attention and a warm caring environment for those who enter our doors remains unchanged.
Your support of Lawrence Hospital Center will help to ensure that Lawrence is able to keep up with changing technology, modernize facilities, and attract the finest doctors and nurses for years to come, maintaining its long tradition of excellence in care - and caring.
Planning Your Gift
The following information describes how you can help Lawrence Hospital Center provide state-of-the-art medical care to residents of Southern Westchester now and for years to come. First, Outright Gifts are discussed. Then, Life Income Arrangements such as Charitable Gift Annuities and Charitable Remainder Trusts are described. These gifts can enable you to enhance your income for life while saving substantial income tax and capital gains tax. A way to donate your home, vacation home or farm now, but continue to live them for the rest of your life is explained. This would provide you with tax benefits now, even while you continue to enjoy use of your donated property.
Finally, information is provided on ways to include Lawrence Hospital Center in your estate plans through a Bequest in your Will, your Living Trust, Life Insurance or your IRAs or qualified retirement plans. And, methods of providing for a surviving loved one through a Legacy Gift to Lawrence Hospital Center are also described. These methods can help you provide for your spouse, a sibling, friend, child or grandchild.
Many types of assets can be used in your gift planning. You will learn the smartest ways to donate stock, business interests, real estate, art and other collectibles.
We would be delighted to discuss your situation with you on a confidential basis and work with you and your advisors to structure a giving strategy that is right for you.
Special Note on Gift and Estate Tax
There are many references in this literature to estate taxes. Under current law, estate tax has been repealed for 2010. But, it returns in 2011 with a $1 million exemption (down from $3.5 million in 2009) and a top estate tax rate of 55% (up from 45% in 2009).
Decedents dying in 2010 will no longer have a step up in basis of assets in the estate. Heirs will, therefore, have to pay capital gains tax when they sell appreciated assets bequeathed to them. However, a limited step up in basis of $3 million is allowed for bequests to a spouse and an additional $1.3 million step up in basis is allowed for bequests to other beneficiaries (or it can be added to the step-up in basis allowance for the spouse).
Charitable bequests can provide significant tax savings whether or not the estate tax is in effect. Assets left to charity in 2010 (when the estate tax is not in effect) will completely avoid capital gains tax. Assets left to charity after estate tax is reinstated in 2011 would avoid estate tax.
Generation skipping transfer tax has also been repealed in 2010, but is scheduled to return in 2011 with a substantially lower exemption than was in effect for 2009.
While the estate tax is eliminated in 2010, gift tax is not. The $13,000 annual gift tax exemption still applies. But, the gift tax remains for other cumulative gifts over $1 million, at a 35% tax rate. All lifetime gifts to charity are fully deductible for gift tax purposes, with the exception of certain gifts (e.g., life income gifts or charitable lead trusts) that also benefit other individuals.