It’s not what you leave, it’s what you say by leaving something. By remembering Ridgeview Foundation in your estate plan, you will create a lasting connection between you, your community, Ridgeview Medical Center, and the patients and families it serves. Your planned gift can help ensure that quality, state-of-the-art health care will remain available locally for generations to come.
The Legacy Society is comprised of individuals who are so committed to the future growth of the Medical Center that they have made a planned gift to Ridgeview Foundation. Each member of this distinguished group of philanthropists has left a legacy by making an enduring, positive impact on the community.
How to Become a Member
One does not have to be wealthy or aged to begin thinking about an estate plan that includes a charitable gift. In fact, it’s just as important for people with more modest estates to have a plan that will provide for the needs of their families and honor their philanthropic passions.
It is important to remember that planned giving comes in all forms and sizes. Select the method that works best for you with the realization that, over time, every gift can make a substantial difference. If you would like to discuss philanthropic opportunities through your estate, please call Ridgeview Foundation. Our staff would be happy to meet with you and/or your preferred estate-planning professional to discuss how a planned gift can make a difference in the health of your community.
How Will I Be Recognized?
As a member of the Legacy Society, you will receive a uniquely designed personal gift commemorating your participation in the giving club. You will also be listed in Ridgeview Medical Center’s Annual Report and main lobby donor wall, and will receive invitations to member events, including the annual donor dinner, holiday celebration and strategic planning sessions with the president and CEO of the Medical Center.
Here are a number of generally accepted ways to make a bequest. You might discuss them with your attorney as you prepare to update your will.
- Specific bequest. This is a gift of a specific item to a specific beneficiary. For example, “I give my golf clubs to my nephew, John.” If that specific property has been disposed of before death, the bequest fails and no claim can be made to any other property. (In other words, John wouldn’t receive the value of the golf clubs instead.)
- General bequest. This is usually a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example, “I give $50,000 to my daughter, Mary.” If there is only $2,500 liquid cash in the estate, other estate assets must be sold to meet the bequest.
- Contingent bequest. This is a bequest made on condition that a certain event must occur before distribution to the beneficiary. For example, “I give $50,000 to my son, Joe, provided he enrolls in college before age 21.” A contingent bequest is specific in nature and fails if the condition is not met. (A contingent bequest is also appropriate if you want to name a secondary beneficiary, in case the primary beneficiary doesn’t survive you.)
- Residuary bequest. This is a gift of all the “rest, residue and remainder” of your estate after all other bequests, debts and taxes have been paid. For example, you own property worth $500,000, and you intend to give a child $50,000 by specific bequest and leave $450,000 to a spouse through a residuary bequest. If the debts, taxes and expenses are $100,000, there would only be $350,000 left for the surviving spouse. Rather, you should divide your estate according to percentages of the residue (rather than specifying dollar amounts), to ensure that your beneficiaries receive the proportions you desire. The previous items can apply in the case of bequests to individual heirs or bequests to charitable organizations. The above types of bequests generally define the amount of the bequest.
The additional terms below are optional considerations (added to one of the above four bequests) when the bequest is made to charity.
- Prioritized bequest. Gifts are put in priority order. Lower priority gifts may or may not be paid depending on availability of funds.
- Unrestricted bequest. This is a gift for our general purposes, to be used at the discretion of our governing board. A gift like this—without conditions attached—is frequently the most useful, as it allows the Foundation and Medical Center to determine the wisest and most pressing need for the funds at the time of receipt.
- Restricted bequest. This type of gift allows you to specify how the funds are to be used. Perhaps you have a special purpose or project in mind. If so, please consult with Ridgeview Foundation when you make your will to be certain your intent can be carried out.
- Honorary or memorial bequest. This is a gift given “in honor of” or “in memory of” someone. We are pleased to honor your request and have many ways to grant appropriate recognition.
The official bequest language for Ridgeview Foundation is: “I, [name], of [city, state, ZIP], give, devise and bequeath to Ridgeview Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”
Let Us Know
We hope you’ll tell us when you have named Ridgeview Foundation in your will. We would appreciate the opportunity to thank you for your generosity and to recognize you as a donor to our Foundation.
If you prefer to remain anonymous, your gift will be kept completely confidential. Please also consider that recognition of your gift may encourage others to consider leaving a legacy. Regardless of your decision, we will honor your wishes.
If questions arise, please contact Kelly Mulleady at 952-777-5099, or email@example.com for assistance.