Covenant Health and our foundations welcome conversations with you about the benefits of planned giving – legacy gifts to support our facilities and programs made through your will and estate plan.
Frequently Asked Questions
What does it mean to make a planned gift?
Think of planned giving as leaving a legacy by transferring your values to the next generation. By making a gift in your will to one of Covenant Health’s hospitals or programs, you can shape the future of our organization in a meaningful way while creating a legacy for yourself, your family, or those you wish to honor with your gift. In this way you take care of your own lifestyle and healthcare needs while you are living and decide now how to distribute the remainder of your assets upon your passing.
Why is it important to plan my estate?
At your death, your assets will be distributed to at least two of the following three beneficiaries: your chosen heirs, the United States government, and the charitable organization(s) of your choice. If you don’t make your choices known, a significant portion of your estate could be reduced by taxes rather than directed to loved ones and your favorite charitable organization(s).
I’m not wealthy and I don’t have an “estate.” Can I still make a gift?
If you have possessions…any possessions, you have an estate. Deciding in advance how to distribute these possessions at your death is known as estate planning. You might be surprised to learn how even a modest gift from your estate can truly benefit a cause or causes that are important to you. As a wise person once said, “The smallest deed is better than the grandest intention.”
In addition, it is also wise to consult with a professional adviser (experienced CPA, attorney, or financial services representative) as they can help you fulfill your intentions. Creating or updating a will or establishing a special trust are just a few ways in which these experienced professionals can help make your wishes a reality.
If I decide to leave a legacy, what is the first step?
To get started, carefully consider each organization whose mission best reflects your personal values and beliefs. Also consider how your community and region would be affected if organizations such as Covenant Health did not exist to support the patient care needs of so many people in East Tennessee. It’s also a good idea to talk with a member of Covenant’s philanthropy staff, along with representatives of other favorite charities, to ensure the intent and purpose of your estate gift is appropriately documented so that it does what you want it to do.
What’s the best way to make a planned gift to Covenant Health?
There are many ways to leave a legacy. You can designate a fixed sum or a percentage of your estate in the form of a bequest to one of our foundations. You can also name us in your will as the beneficiary of new or existing life insurance policies, retirement plans, CDs and/or annuities.
How do I leave a gift in memory of someone or for a specific purpose?
Memorial gifts, which can be arranged in your will or through a specific trust, are a wonderful way to honor loved ones and support important causes. Covenant’s Office of Philanthropy will work with you to be sure that your plans can be carried out with the purpose you intend.
Should I notify Covenant or other charitable organization(s) that I’ve included them in my estate?
Certainly this is up to you as some donors prefer to remain anonymous. However, by notifying the charitable organization(s) of your intent, you allow them to express appreciation now for a gift that will be made later. Another reason to share this special news would be to discuss with our philanthropy staff any particular conditions or restrictions you want to attach to your gift. This communication provides good peace of mind knowing everyone is on the same page.
How can I find out more about leaving a legacy?
If you have any questions or would like additional information on planned giving options, please contact the Covenant Health Office of Philanthropy at (865) 531-5210 or e-mail email@example.com.