Established To Recognize Donors Who Make Planned Gifts
John Gaston was a successful businessman and philanthropist in Memphis during the late 1800s and early 1900s. Born in France in 1828, Gaston migrated to the United States sometime in the 1850s and landed a job as a waiter at the famed Delmonico’s restaurant in New York City. He quickly worked his way up to chef before moving to Memphis in the 1860s. After the Civil War was over, Gaston opened a successful restaurant in Memphis and began accumulating his vast wealth.
Shortly before he passed away in 1912, Mr. Gaston told several of his friends that he wanted his stately mansion converted into a public hospital following the death of his wife, Theresa Gaston Mann.
After Mrs. Gaston Mann died in 1929, the Gaston mansion was deemed too small to accommodate the needs of a public hospital at that time. So, his home was demolished and turned into a park and a community center. The bulk of his estate was then supplemented by the Public Works Administration to construct a brand new hospital, which was named in his honor. The John Gaston Hospital remained in operation until the 1990s when it was razed to make way for expansions at Regional Medical Center.
With the generous gift of his estate, Mr. Gaston created a legacy that lives on today.
The newly formed John Gaston Society was created to recognize donors who have made a provision in their estate plan to Regional One Health Foundation. Those who plan their gifts now have the opportunity to become a charter member, helping to ensure the highest quality of healthcare in the Mid-South region for years to come.
Planned gifts to Regional One Health Foundation can be funded with cash, equity or appreciated property. A number of state or federal income, capital gains or estate tax benefits can be realized with a planned gift. Assets such as cash, stocks, bonds, retirement plans, insurance and trust funds can be given to achieve the donor’s charitable goals while maximizing any tax benefits.
In addition to the benefits of making a planned gift to Regional One Health Foundation, donors have the satisfaction of knowing their gift will make a positive impact on the lives of thousands of patients and create a healthier, more vibrant community.
TYPES OF PLANNED GIFTS INCLUDE:
Wills and Bequests
Perhaps the simplest way to make a planned gift is through a last will and testament. Donors do not need a vast estate to make such a provision to benefit t the mission of Regional One Health. Any amount is a reflection of a donor’s most cherished values as well as an expression of hope and healing. Bequests to Regional One Health Foundation can be expressed in a dollar amount, a percentage of an estate, a residual amount or as a piece of property.
A number of federally approved programs are available for donors who would like to make a significant gift to Regional One Health Foundation during their lifetime but would also like an income from the assets donated to help ensure financial security.
Qualified retirement plans such as an IRA, 401(k), Keogh or SEP can be readily used to make a legacy gift. While these assets are heavily taxed for heirs, the tax burden is negligible when used for charitable gifts. It is wise to leave tax-favorable assets, such as real estate and cash, to family and direct-qualified retirement assets to charity.
Gifts of life-insurance policies can be made by simply naming Regional One Health Foundation as the beneficiary. This form of a planned gift is often used when policies have outlived their initial purposes such as the death of a previous beneficiary. If you would like to give a policy on which you are still paying premiums, you may deduct the premium payments as charitable contributions on your state and federal income tax returns as long as the charity is named as the irrevocable owner and beneficiary.
The tax benefits to each donor making a planned gift are different, and anyone considering donating through a planned gift should consult a qualified estate planning attorney or financial advisor to determine the optimal type and amount of contribution. Plan ahead, charitable gifts made before December 31, 2015, can be deducted from your 2015 income tax return.
To become a charter member of the John Gaston Society, contact Regional One Health Foundation at 901-545-6006.