Did you know that 67% of Americans do not have an estate plan in place? If you are in that 67% group, we encourage you to create an estate plan so that your wishes are carried out, so that family disputes may be avoided, so that you provide for your loved ones, and if need be, so that any unique circumstances like minor children, beneficiaries with special needs or blended families are addressed.
Whether you’re 22 or 102, you need a will (and/or a trust, as well as other financial- and health-related documents). Below you will find some tips and advice on estate, tax, and financial planning. If you need help on how to proceed, please call the Foundation at 864-725-4256.
1. Donate appreciated stock to fund your gift.
Most individuals understand how easy it is to write a check when you want to make a gift to your favorite charity. However, if you can remember to pause before you pull out your pen, it really does pay off to consider whether gifts of appreciated stock, mutual funds and other appreciated assets would be a better way to make your charitable gifts. When you give shares of long-term appreciated stock and other assets, you can be eligible for a charitable income tax deduction at the fair market value of the shares. When you gift the stock, you are not hit with any capital gains tax. By contrast, if you were to sell those shares and give cash to your charity from the proceeds, you would be liable to report the gain on your income taxes and have much less cash to work with after the capital gains tax payment. The Self Regional Healthcare Foundation is happy to help you learn more about how easy it is to take advantage of this tax-savvy giving technique.
2. Plan ahead for your business exit.
If you own all or part of a private business, keep in mind that charitable giving can factor into your eventual exit strategy. You could be sitting on substantial unrealized capital gains if the business has grown substantially over time. Upon a sale, capital gains tax will be triggered, reducing the proceeds you get to keep. No capital gains tax will apply, however, to the sale of the portion of the business owned by a charity. Plus, you can be eligible for a charitable income tax deduction in the year of the transfer based on the appraised fair market value of the shares owned. It is important to remember that a strategy like this only works with careful advanced planning. The Foundation will be happy to work with you and your advisors to help achieve your personal, charitable, and financial goals.
3. Start paying attention now to the estate tax exemption sunset.
The estate tax exemption or the total amount a taxpayer can leave to family and other individuals during their life and at death before the hefty federal gift and estate tax kicks in, is scheduled to drop, rather precipitously after December 25, 2025. For 2024, the estate tax exemption is $13.61 million per individual, or $27.22 million per married couple, an increase over 2023 thanks to adjustments for inflation. Later this year, the IRS will issue inflation adjustments for 2025. For 2026, without legislation to prevent it, the exemption is scheduled to fall back to 2017 levels, adjusted for inflation, which would roughly total $7 million per person. That is quite a drop! This means many more people, maybe including you, could be subject to estate tax in the not-too-distant future. We’ll be happy to work with you and your advisors to explore how charitable giving techniques can help you avoid estate tax and become a member of the Foundation’s Legacy Circle program which recognizes individuals that have remembered the Foundation in their estate plans.
4. If you can take advantage of the QCD, do it.
A Qualified Charitable Distribution (“QCD”) from your IRA is a very smart way to support charitable causes. If you are over the age of 70½, you can direct up to $105,000 from your IRA to certain qualified charities such as the Self Regional Healthcare Foundation. If you’re subject to the rules for Required Minimum Distributions (RMDs), a QCD gift/transfer counts toward your RMD requirement. Through a QCD, you avoid income tax on the funds distributed to our Foundation. Our team can work with you and your advisors to go over the rules for QCDs and evaluate whether a QCD is a good fit for you. You can also make a one-time QCD up to $53,000 to establish a life income agreement, such as a charitable remainder trust, that benefits you or your spouse with a lifetime income stream and the Foundation with funds in the future.
5. Review your IRA beneficiary designations.
As you review your assets and how they are titled, perhaps in connection with an annual financial and estate plan review, pay close attention to tax-deferred retirement plans such as 401(k), 403b and IRAs. Typically, you’ll name your spouse as the primary beneficiary of these accounts to provide income following your death or to comply with legal requirements. However, as you and your advisors evaluate whom to name as a secondary beneficiary of these tax-deferred accounts, don’t automatically default to naming your children or your revocable trust. You and your advisors may determine that naming a charity is by far the most tax-efficient upon your death and establish a philanthropic legacy. A bequest like this avoids not only estate tax, but also income tax on the retirement plan distributions. That’s why non-retirement fund assets may be better suited to pass to children and grandchildren.
Ballentine Family Makes Gift to Equation for Progress Campaign
/in Announcements(Greenwood, SC, November 11, 2024) – Since 1950, George Ballentine Ford has been serving the automotive needs of Greenwood and its neighboring areas. For much of this time, George “Bal” and Kit Ballentine have also been deeply involved in philanthropic efforts throughout the Greenwood community. Most recently, the Ballentine Family Fund generously donated $50,000 to the Self Regional Healthcare Foundation’s Equation For Progress Campaign.
“For over 70 years, our family has been supported by so many wonderful people in this community. We are eternally grateful for that support, and it is our pleasure to give back to the community that has given us so much. Self Regional Healthcare is essential to our area’s well-being, and we feel fortunate to have it here. We are pleased to support the Self Regional Healthcare Foundation’s efforts through the Equation For Progress Campaign,” said George “Bal” Ballentine.
“The Ballentine family has been a steadfast supporter of the Self Regional Healthcare Foundation. Bal and Kit are Diamond level members of our Madame Curie Society, while Ballentine Ford Toyota holds the Platinum Level on our Corporate Honor Roll. Additionally, Wells Ballentine and Jamie and Jessica Ballentine Ramm are proudly continuing the family’s legacy of giving as new members of the Foundation’s Madame Curie Society. We are deeply grateful for their commitment and generosity,” said Ken Coffey, Executive Director of the Self Regional Healthcare Foundation.
The Equation For Progress Campaign has already enabled Self Regional Healthcare to acquire DaVinci Robotic surgery technology. Phase two focuses on creating a new, state-of-the-art comprehensive breast center and on obtaining a new, 3-D mobile mammography vehicle to bring advanced breast imaging services to Greenwood and the Lakelands region.
For more information on the campaign, call the Foundation Office at (864) 725-4256, visit www.selfregionalfoundation.org, or follow Self Regional Healthcare Foundation on Facebook.
About Self Regional Healthcare Foundation:
Self Regional Healthcare Foundation is a 501 c (3), not for profit organization (http://www.selfregionalfoundation.org/) that funds health-related programs and projects at Self Regional Healthcare (http://www.selfregional.org/), a not-for-profit, regional referral hospital that provides care to residents of Greenwood, Abbeville, Laurens, Saluda, McCormick, Edgefield and Newberry counties.
Commercial Bank Renews Support for the Equation for Progress Campaign
/in Announcements(Greenwood, SC, November 4, 2024) – The Commercial Bank recently renewed its commitment to be part of the Self Regional Healthcare Foundation’s Corporate Honor Roll. “Our bank is pleased to be a supporter of the Self Regional Healthcare Foundation and honored to be a member of the Corporate Honor Roll,” said Nakia Davis, President of The Commercial Bank. “We recognize that providing outstanding healthcare is crucial for not only the health and well-being of the citizens of Greenwood and the Lakelands, but also for continued economic development in our community.”
“We are grateful to have The Commercial Bank’s support of our campaign. The Corporate Honor Roll is a network of community minded businesses and donors whose philanthropic support is critical to helping Self Regional Healthcare achieve its mission,” said Ken Coffey, Executive Director of the Self Regional Healthcare Foundation. Participation in the Corporate Honor Roll program signifies a business’s commitment to the community and their desire to assure that all area residents have access to excellent healthcare right here in the Lakelands.
About Self Regional Healthcare Foundation:
Self Regional Healthcare Foundation is a 501 c (3), not for profit organization (http://www.selfregionalfoundation.org/) that funds health-related programs and projects at Self Regional Healthcare (http://www.selfregional.org/), a not-for-profit, regional referral hospital that provides care to residents of Greenwood, Abbeville, Laurens, Saluda, McCormick, Edgefield and Newberry counties. Services include prevention and wellness, acute care and tertiary care services including cancer care, neurosurgery, heart and vascular surgery, NICU, orthopedics and genetics.
Ridge Healthcare Foundation Makes Gift in Support of 3-D Mobile Mammography
/in Announcements(Edgefield, SC, November 4, 2024) – The Ridge Healthcare Foundation, the philanthropic arm of Edgefield County Healthcare, has donated $5,000 to support the Self Regional Healthcare Foundation’s initiative to fund a new, state-of-the-art 3-D mobile mammography vehicle. This vehicle will bring advanced breast cancer screening capabilities directly to communities in Greenwood, Edgefield, Abbeville, Saluda, McCormick, Newberry, and Laurens counties.
“We are delighted to contribute to the Self Regional Healthcare Foundation’s initiative. The 3-D mobile mammography vehicle will give thousands of women access to technology proven to enhance early breast cancer detection,” said Ellen Courtney, President of the Ridge Healthcare Foundation.
The total cost of the new mobile mammography vehicle is estimated at $1 million. The Dabo Swinney All In Team Foundation has already provided a lead gift of $250,000, with nearly $600,000 raised so far toward the goal.
“We are deeply grateful to the Ridge Healthcare Foundation for its generous support of this vital project,” said Ken Coffey, Executive Director of the Self Regional Healthcare Foundation. “This new vehicle will undoubtedly save lives across the Lakelands region.”
For more information, please contact the Self Regional Healthcare Foundation at (864) 725-4256 or visit www.selfregionalfoundation.org.
About Self Regional Healthcare Foundation:
Self Regional Healthcare Foundation is a 501 c (3), not for profit organization (http://www.selfregionalfoundation.org/) that funds health-related programs and projects at Self Regional Healthcare (http://www.selfregional.org/), a not-for-profit, regional referral hospital that provides care to residents of Greenwood, Abbeville, Laurens, Saluda, McCormick, Edgefield and Newberry counties. Services include prevention and wellness, acute care and tertiary care services including cancer care, neurosurgery, heart and vascular surgery, NICU, orthopedics and genetics.
Foundation Announces Band for the 2025 Mid-Winter Ball
/in AnnouncementsThe Self Regional Healthcare Foundation is pleased to announce a new band coming to the 37th annual Mid-Winter Ball!
Voted Best Band in Best of The South Wedding Awards, Sol Fusion Band has made their mark as one of the nation’s premier private event bands performing at high profile weddings and corporate functions all over the United States and beyond.
Proud to call Charlotte, NC home, this dynamic and versatile 11-member band has been featured at large-scale Charlotte events such as Gravediggers Ball, Charlotte Hornets BuzzFest, Carolina Panthers Draft Party, Super Bowl 50 After Party, and First Night Charlotte.
“We are excited for Sol Fusion to add to our Brazilian Carnivale experience with high-energy singing and dancing. Although this band is new to the Ball, they are well-known and loved by many! We feel certain that the dance floor won’t get a break with this band on the stage!” said the 2025 Ball Chair, Dr. Lindsay Snider.
With an extensive song list featuring our favorite oldies, as well as the hits of today, Sol Fusion Band will be the perfect addition to the Rio Baile de Self on February 22, 2025.
For more information, please contact the Foundation office at 864-725-4256.
About Self Regional Healthcare Foundation:
Self Regional Healthcare Foundation is a 501 c (3), not for profit organization (http://www.selfregionalfoundation.org/) that funds health-related programs and projects at Self Regional Healthcare (http://www.selfregional.org/), a not-for-profit, regional referral hospital that provides care to residents of Greenwood, Abbeville, Laurens, Saluda, McCormick, Edgefield and Newberry counties. Services include prevention and wellness, acute care and tertiary care services including cancer care, neurosurgery, heart and vascular surgery, NICU, orthopedics and genetics.
Self Regional Showcases Impact and Growth in Savannah Lakes
/in AnnouncementsOn Tuesday, September 10, 2024, Dr. Matthew Logan, President and CEO of Self Regional Healthcare, presented “The State of Self Regional Healthcare” to over 100 Savannah Lakes residents at the Savannah Lakes Recreation Center.
This presentation was presented in partnership by the Self Regional Healthcare Foundation, Team Par-Tee, and the Savannah Lakes Village. Dr. Logan featured healthcare professionals and highlighted the benefits of our healthcare system and its impact on the quality of life for those living in the Lakelands region. Self Regional Healthcare’s vast array of service lines was discussed, and the onboarding of new physicians was announced.
Following the event, a heartfelt testimonial was shared regarding the exceptional care provided at Self Regional Healthcare: “All three of us have benefitted from Self’s wonderful staff and processes…cannot say enough…in the past few months, the Self group has saved my wife’s life, improved my son’s life, and enabled me to maintain my quality of life. Self is an under promoted bonus to life in SLV and McCormick.”
This event was a proclamation of the continued partnership between Savannah Lakes and Self Regional Healthcare. Stay tuned for further dates as they are being secured for additional presentations in the Savannah Lakes area.
National Estate Planning Awareness Week is October 21-26
/in AnnouncementsDid you know that 67% of Americans do not have an estate plan in place? If you are in that 67% group, we encourage you to create an estate plan so that your wishes are carried out, so that family disputes may be avoided, so that you provide for your loved ones, and if need be, so that any unique circumstances like minor children, beneficiaries with special needs or blended families are addressed.
Whether you’re 22 or 102, you need a will (and/or a trust, as well as other financial- and health-related documents). Below you will find some tips and advice on estate, tax, and financial planning. If you need help on how to proceed, please call the Foundation at 864-725-4256.
1. Donate appreciated stock to fund your gift.
Most individuals understand how easy it is to write a check when you want to make a gift to your favorite charity. However, if you can remember to pause before you pull out your pen, it really does pay off to consider whether gifts of appreciated stock, mutual funds and other appreciated assets would be a better way to make your charitable gifts. When you give shares of long-term appreciated stock and other assets, you can be eligible for a charitable income tax deduction at the fair market value of the shares. When you gift the stock, you are not hit with any capital gains tax. By contrast, if you were to sell those shares and give cash to your charity from the proceeds, you would be liable to report the gain on your income taxes and have much less cash to work with after the capital gains tax payment. The Self Regional Healthcare Foundation is happy to help you learn more about how easy it is to take advantage of this tax-savvy giving technique.
2. Plan ahead for your business exit.
If you own all or part of a private business, keep in mind that charitable giving can factor into your eventual exit strategy. You could be sitting on substantial unrealized capital gains if the business has grown substantially over time. Upon a sale, capital gains tax will be triggered, reducing the proceeds you get to keep. No capital gains tax will apply, however, to the sale of the portion of the business owned by a charity. Plus, you can be eligible for a charitable income tax deduction in the year of the transfer based on the appraised fair market value of the shares owned. It is important to remember that a strategy like this only works with careful advanced planning. The Foundation will be happy to work with you and your advisors to help achieve your personal, charitable, and financial goals.
3. Start paying attention now to the estate tax exemption sunset.
The estate tax exemption or the total amount a taxpayer can leave to family and other individuals during their life and at death before the hefty federal gift and estate tax kicks in, is scheduled to drop, rather precipitously after December 25, 2025. For 2024, the estate tax exemption is $13.61 million per individual, or $27.22 million per married couple, an increase over 2023 thanks to adjustments for inflation. Later this year, the IRS will issue inflation adjustments for 2025. For 2026, without legislation to prevent it, the exemption is scheduled to fall back to 2017 levels, adjusted for inflation, which would roughly total $7 million per person. That is quite a drop! This means many more people, maybe including you, could be subject to estate tax in the not-too-distant future. We’ll be happy to work with you and your advisors to explore how charitable giving techniques can help you avoid estate tax and become a member of the Foundation’s Legacy Circle program which recognizes individuals that have remembered the Foundation in their estate plans.
4. If you can take advantage of the QCD, do it.
A Qualified Charitable Distribution (“QCD”) from your IRA is a very smart way to support charitable causes. If you are over the age of 70½, you can direct up to $105,000 from your IRA to certain qualified charities such as the Self Regional Healthcare Foundation. If you’re subject to the rules for Required Minimum Distributions (RMDs), a QCD gift/transfer counts toward your RMD requirement. Through a QCD, you avoid income tax on the funds distributed to our Foundation. Our team can work with you and your advisors to go over the rules for QCDs and evaluate whether a QCD is a good fit for you. You can also make a one-time QCD up to $53,000 to establish a life income agreement, such as a charitable remainder trust, that benefits you or your spouse with a lifetime income stream and the Foundation with funds in the future.
5. Review your IRA beneficiary designations.
As you review your assets and how they are titled, perhaps in connection with an annual financial and estate plan review, pay close attention to tax-deferred retirement plans such as 401(k), 403b and IRAs. Typically, you’ll name your spouse as the primary beneficiary of these accounts to provide income following your death or to comply with legal requirements. However, as you and your advisors evaluate whom to name as a secondary beneficiary of these tax-deferred accounts, don’t automatically default to naming your children or your revocable trust. You and your advisors may determine that naming a charity is by far the most tax-efficient upon your death and establish a philanthropic legacy. A bequest like this avoids not only estate tax, but also income tax on the retirement plan distributions. That’s why non-retirement fund assets may be better suited to pass to children and grandchildren.