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.
August 21, 2018
The Long Island Community Hospital – CardioMEMS Heart Failure System
A new diagnostic tool in our Knapp Center Cath Labs
August 10, 2018
BMHMC is now officially Long Island Community Hospital
President & CEO Richard T. Margulis was proud to announce, at the hospital's recent Employee Appreciation BBQ
BMHMC Is Now A Level III Trauma Center
Recognition complete by the ACS Committe on Trauma
June 20, 2018
BMHMC Nurse Aide Open Interviews
Wednesday, July 11, 2018