Other Smart Planning Options

You can have an immediate impact on medical care and patients through other gift planning options. If you want to make a gift to the Medical Center now from your IRA or through stock and real estate gifts, these are also effective options to leave a mark on health care that provide great benefits to you.

 

  • If you are at least 70-and-a-half years old, you can make a gift from your IRA now. The Charitable IRA Rollover is the only way to take money from your IRA without paying income tax on the withdrawals.

    You can instruct your IRA administrator (Fidelity Investments, Vanguard Group, Charles Schwab, for example) to directly transfer (rollover) money from your IRA to Vanderbilt University Medical Center; The administrator will mail a check directly to the Medical Center.

    Here are a few things to keep in mind:

    • You must be at least 70 ½ years old at the time of the transfer.
       
    • You will NOT pay income tax on the amount rolled over to the Medical Center.
       
    • The maximum amount per year is $100,000, but you can select any gift amount you like.
       
    • The money can't be used to cover event tickets or dinners.
       
    • You won't claim a charitable gift tax deduction since you are excluding the rollover amount from gross income.
       
    • The transfer can satisfy your Required Minimum Distribution obligation if made at age 72 or older.
      • Check with your tax advisers before doing a rollover to see whether the rollover qualifies as your Required Minimum Distribution. Usually the first withdrawals from an IRA during a calendar year are treated as your Required Minimum Distribution. So, if you have already made withdrawals this year, your charitable rollover may not count for your Required Minimum Distribution.
         
      • The Required Minimum Distribution age has increased to 72 years old under the SECURE Act. Learn more about this and how other changes may affect your financial and estate plans.
    • Don't forget to tell us you are making a gift to the Medical Center using the IRA rollover so we can appropriately acknowledge your gift!
  • Another tax-effective way to make charitable gifts is to donate appreciated stock or mutual funds that you have owned for more than one year. Your charitable deduction is based on the donation's full fair market value. You will save even more on taxes since no capital gains tax is owed on the appreciation (gain) when the stock is transferred. This tax benefit also applies to other types of assets, including real estate.

  • An Individual Retirement Account (IRA) is an ideal asset to use for gifts to the Medical Center. The Medical Center is tax exempt, so when it inherits part or all of an IRA, no income tax is due. (An individual who inherits an IRA must pay income tax on all withdrawals from the account.)

    How to name Vanderbilt University Medical Center as a beneficiary of your IRA:

    1. Contact your IRA or retirement plan administrator (for example, TIAA, Fidelity Investments, Vanguard Group, Charles Schwab). Ask for a beneficiary designation form, which can be mailed or completed online on the administrators' website. 
       
    2. How do you designate beneficiaries on the form? Here's an example: "Eighty percent to Mary Jones, my daughter; and 20 percent to Vanderbilt University Medical Center," or any combination you choose.
       
    3. Your IRA administrator will ask for the Medical Center's address and federal taxpayer identification number (TIN), also known as an employer identification number (EIN):

      Vanderbilt University Medical Center
      Trusts, Estates and Gift Planning
      3322 West End Avenue, Suite 900
      Nashville, Tennessee 37203-1197
      Tax ID Number 35-2528741
  • Most people hold their wealth in their assets, not in their checking account. Tax-wise gift arrangements using your assets can help extend your support to the Medical Center now and in the future.

    Click here to view our Appreciated Assets flyer