Planned Giving

Retirement Assets

Your IRA, 401(k), 403(b), or another qualified retirement plan exists to provide you with income during your retirement. However, they also provide you with an excellent way to support your local Rochester Regional Health hospital or a specific program within the health system.

You may want to gift your retirement assets if…

  • You have an IRA or qualified retirement plan.
  • You do not expect to use all of your retirement plan assets during your lifetime.
  • You have other assets, such as securities and real estate, that you want to pass to heirs.
  • You want to provide payments to loved ones after you are gone.
  • You would like to make a bequest gift to Rochester Regional.

If this is the right gift for you, consider making it in one of the following ways:

1. IRA charitable rollover 
If you are 70.5 years old or older, you can make a tax-free gift from your traditional IRA (other qualified retirement plans such as 401(k)s and 403(b)s are not eligible). To accomplish this, you must transfer your gift directly from your IRA administrator to Rochester Regional Health. You, and your spouse with a separate IRA, can make up to $100,000 in rollover gifts in a single year.

In addition to providing Rochester Regional Health with funds that are critical to our ability to continuously offer the best possible care, you will…

  • Satisfy your required minimum distribution (not included in taxable income)
  • Lower your reportable income

If you are not working with an advisor, please contact us so we can help you use your IRA to support Rochester Regional Health.

2. Designate your remaining plan assets for Rochester Regional Health
Another attractive option is to designate us as the recipient of some or all of what’s left in your IRA, 401(k), 403(b), or another qualified plan, when it ends. You can support the hospital or care program that means the most to you, while enjoying these benefits:

  • Be completely free of federal and state taxes that can total 37.0% or more, if your estate exceeds the applicable exemption.
  • Preserve your non-retirement plan assets for family.

3. Designate remaining plan assets for a life income plan
Alternatively, you can arrange to have some or all of the assets remaining in your qualified plan when it ends fund a gift that will make payments to family members or other loved ones for the rest of their lives. At the conclusion of that gift’s terms, the remainder will go to Rochester Regional Health.

This is another simple way to provide Rochester Regional Health with significant support that carries additional benefits:

  • Potentially save on federal and state taxes.
  • Preserve non-retirement plan assets for family.
  • Provide payments to family or other loved ones for life.

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Example

Jake, 75, is a retired business executive who has accumulated $500,000 in the retirement plan that he set up through his company years ago. He takes minimum distributions from his plan in order to preserve as much tax-free growth inside the plan as he can. At this rate, he expects that his account may still be worth $500,000 when he dies.

Jake has reached the time in his life when he has begun thinking about his legacy. He decides to make Rochester Regional Health a beneficiary of his retirement account and designates 40 percent of the final balance to support cancer care.