Memorials & Honorariums
Midland Memorial Foundation
"Providing philanthropic support to Midland Memorial Hospital since 1945"
Memorials & Honorariums
A memorial gift honors a loved one's life and serves to reflect upon the memories that live forever. A gift made in honor of an individual is a meaningful way to recognize someone who's had a special impact on your life. At the same time, your gift also helps to carry on the work of Midland Memorial Foundation, used toward improving the health of the people in the communities MMH serves.
Paying tribute to a member of the Hospital's staff is a wonderful gesture that compliments individuals for acts of kindness or celebrates special events in their lives. The recipient will receive a celebration card from the Foundation which includes the donor's name and the reason for the gift, but not the gift amount. Donors may opt to personalize the card by inserting their own special message to the employee.
When you send a memorial or honorarium, we will promptly send an appropriate card to the bereaved family or the person you wish to honor. We also acknowledge your gift and inform you that we have taken care of your request. All memorials or honorariums are listed in our quarterly Focus on the Future newsletter recognizing the donor and the person you are honoring.
Memorials and Honorariums can be made to any program or fund of Midland Memorial Foundation. When a contribution is $5000 or above, or gifts accumulate to $5000, an appropriate plaque is added to our Donor Wall in Midland Memorial Hospital recognizing people who have been honored.
Gifts for Specific Programs
The Endowment Fund - This fund is permanent money that provides a gift of vital support for Midland Memorial Hospital far into the future. In no case will the principal of the Endowed fund be used, only the income from your contribution will be utilized for the sole purpose of providing patient programs and services, state of the art medical equipment and the latest technology. OR you may choose to create a special endowment fund that supports a specific area, program or project.
Nursing Education Program - Your gift will enhance our scholarship program which offers financial assistance to qualified students with the goal of providing the Hospital with well trained, dedicated nurses.
General Support
The unrestricted fund is an "opportunity" fund. Gifts are directed by the Board of Governors of Midland Memorial Foundation wherever the need or opportunity is greatest.
Planned Giving
A substantial number of forward-thinking supporters wish to preserve Midland Memorial Hospital's legacy of healthcare excellence for future generations by including a gift to Midland Memorial Foundation in their estate planning. Aside from the tax advantages associated with planned giving strategies, making a deferred gift allows you to support a favorite charity without jeopardizing current or future income. By including Midland Memorial Foundation in your estate planning, you have the opportunity to affiliate yourself indefinitely with the Hospital and ensure that outstanding health care will continue to enrich the lives of patients in our community and region for generations to come.
The term "planned giving" refers to charitable gifts that require some planning before they are made. Planned gifts include bequests, trusts and annuities, and are popular because they can provide valuable tax benefits and/or income for life. Potential benefits of planned gifts include:
Increase current income for the donors or others Reduce the donor's income tax Avoid capital gains tax Pass assets to family at a reduced tax cost Make significant donations to charity
Gifts That Give Back
Making a significant gift to Midland Memorial Foundation does not automatically mean parting with income from assets. There are a number of methods for making a gift while keeping income. They include gift annuities, charitable remainder trusts, and trusts limited by set time periods.
The different types of planned gifts that give back include charitable gift annuities, remainder trusts, lead trusts, and bequests.
Benefits of each arrangement vary, but they all share the following:
Income paid for life to you or another beneficiary (a spouse or other family member) or both. An immediate federal income tax deduction (and tax savings) for a portion of the value of the gift, often a significant part. Capital gains tax can be reduced or avoided when appreciated securities or real property are used. Increased income when the gift is made through an arrangement that pays a higher yield than what the asset produced before.
Charitable Gift Annuities
This is the form of "life income" gift preferred by many people. It is a contract between Midland Memorial Foundation and you that specifies that in return for you giving cash or marketable securities, we will pay you and/or another beneficiary a fixed and dependable annual income for life. Your age and whether the income will be paid to one or two beneficiaries determine the annuity income.
Charitable Remainder Trusts
This is a type of life-income plan that allows you to make a gift while still providing for some of your personal lifetime financial needs. The trust makes payments, either a fixed amount (annuity trust) or a percentage of trust principal (unitrust). Under this arrangement, you can transfer assets - such as cash, stock or property - under a trust agreement that specifies how the income and/or principle will be distributed to you or others you select for your lifetime. Upon the termination of the trust, what "remains" will be the property of Midland Memorial Foundation. The income you will receive may be more than the current income you are receiving from these assets. The Foundation can sell the assets without incurring capital gains and then invest the assets in higher - yielding income-producing instruments. Charitable remainder unitrusts provide some flexibility in the distribution of income, and thus can be helpful in retirement planning.
Gifts That Pass Assets to Heirs
Some people are interested in using creative giving methods to benefit the Foundation now while preserving assets for heirs, obtaining significant federal estate and gift tax savings in the process. Charitable lead trusts are the vehicles to accomplish such ends.
Charitable Lead Trusts
This trust makes payments, either a fixed amount (annuity trust) or a percentage of trust principal (unitrust), to Midland Memorial Foundation during its term. At the end of the trust term, the principal can either go back to the donor (a grantor lead trust) or to heirs named by the donor (a non-grantor lead trust). The donor may claim a charitable income tax deduction for funding a grantor lead trust or a charitable gift tax deduction for funding a non-grantor lead trust. Since lead trusts are typically used to pass assets to heirs, non-grantor lead trusts are far more common than grantor lead trusts.
Such trusts do not produce income tax deductions, however, because the income must be reported on your income tax return each year when an income tax deduction is taken at the outset. A lead trust can be created with stock, bonds, closely held stock, income-producing real estate, and other assets.
Bequests
The work at Midland Memorial Foundation touches many lives, changing some, saving many, creating hope for the future, and making a vital difference to all who come in contact with it every day. Giving by bequest - that is, writing a charitable gift into your will - can honor this work, helping those who have or will be touched by Midland Memorial Hospital.
Everyone should have a will. Without one, your estate is distributed according to a formula legislated by the state in which you live, regardless of your wishes. With a will, you can control:
How your estate is distributed among your heirs. Who executes your desires and carries out the provisions of your will. The continued flow of income for your spouse until the estate is settled. Advantageous estate tax-planning arrangements. Planned bequests to carry on the work of the causes that have become important to you during your lifetime.
Charitable giving through your will can benefit your heirs as well. Bequests that reduce the size of your taxable estate can reduce gift and estate taxes.
A bequest to the Foundation to benefit Midland Memorial Hospital, if properly structured, is not subject to federal estate or state inheritance taxes. There is a limit on the amount of this deduction in calculating your taxable estate.
Also, remember that bequests can be made unrestricted, designated for a specific purpose or program of Midland Memorial Hospital, or to memorialize a family member or an honored colleague through establishment of a specifically named fund.
Suggested bequest language: "I give, devise and bequeath (amount of cash or description of property or percentage of the remaining estate) to Midland Memorial Foundation, 2200 W. Illinois Avenue, Midland, Texas 79701.
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