Benefits of Giving
Philanthropy is one of the great traditions of the United States of America. More money is donated to charitable causes in the United States than in all other countries of the world combined.
Charitable giving is a force for creation. It is a dynamic process that helps to address the needs of society and honors the intent of donors to benefit communities in which we live and to provide solutions to problems that impact all of us. Since our nation's tax laws were first created, they have included provisions to spur individual and corporate participation and support for charitable institutions. As a result, incentives to encourage charitable giving are an integral part of the tax codes that define operating policies and procedures for the Internal Revenue Service. Thoughtful donors are able to develop plans that maximize their contribution and minimize the cost of giving, while securing personal and family benefits.
Ongoing revisions to the tax code require informed choices in financial and tax planning. Charitable gifts can play an important role in defining and achieving each individual's financial and philanthropic goals. In many cases, depending on specific arrangements, donors can anticipate some or all of the following benefits of charitable giving:
- Income tax savings through the deduction for the value of the gift.
- Avoidance of the capital gains tax through contributions of appreciated, long-term, capital gains property with respect to certain gifts.
- The possibility of increased spendable income with certain arrangements.
- Elimination of federal estate tax on the value of the interest on property passed upon the donor's death.
- Reduced estate settlement costs.
The tax laws of New York State should also be considered in any plan that is constructed for an individual determined to be a resident New York State.
Prospective donors wishing to develop a program that includes a planned charitable gift to the hospital are urged to consult with their own tax and legal advisers for a comprehensive discussion of the tax implications of their contribution.
Representatives of the hospital can provide examples of the results of funding a gift to the hospital through various transfer arrangements. These hypothetical profiles compare various available options based upon background provided by the inquirer. All of the information given will be governed by the strictest rules of confidentiality.
There are several types of gifts that you may make to the hospital. For more information, please call Rachel Schnabl V.P. and Chief Development Officer at 631.654.7350.
January 11, 2018
Long Island ...There's a Welcome Change in the Wind!
You may have seen or heard hints of the coming new branding initiative for Brookhaven Memorial Hospital Medical Center
December 19, 2017
Bringing Joy to Local Families
BMHMC has participated in the Salvation Army USA Angel Tree Program
December 08, 2017
Brookhaven Memorial Hospital Medical Center's Heartwarming Story, Jimmy Blake
Who wasn't touched to see the CBS news story, on our own Jimmy Blake
November 28, 2017
Achievements in Health Care & BMHMC's Honorees!
Congratulations to our very own Dr. Charles Rothberg & RN Natalie Radino