OMC Foundation receives Largest-Ever Private Donation

The Oconee Medical Center Foundation recently received its largest private gift.  An anonymous couple donated more than $707,000 in appreciated securities to create an irrevocable Charitable Remainder Unitrust for Oconee Medical Center.  A Charitable Remainder Unitrust will provide income for these donors throughout their lifetime and after the last survivor’s death, the trust will be dissolved and the corpus will come to Oconee Medical Center, explained Cortni Nations, OMC Foundation Director.  “The donors requested that the funds be used to help offset the charity care delivered by the hospital on an annual basis or be used to fund the greatest need(s) at Oconee Medical Center at the time the gift is realized,”  Nations said.   “They also hope that the leadership team in place at that time will consider placing some part of the trust’s corpus in the hospital’s endowment so that it might be beneficial to Oconee Medical Center in perpetuity.” The process to create a Charitable Remainder Trust is relatively simple.  These donors transferred appreciated securities to the OMC Foundation to be placed into a trust.  The trust will pay a percentage of the value of its principal, which is revalued annually, to the donor or his/her designated beneficiary.  When the trust terminates, the remainder passes to Oconee Medical Center.  (A Certified Financial Planner, CPA and/or attorney should be consulted to determine what estate planning instrument is best for a donor’s particular circumstances.)  By creating a Charitable Remainder Trust, the donors benefit by receiving an immediate income tax deduction for a portion of the contribution and there is no up-front capital gains tax on the appreciated assets they donated.  The donors receive predictable income for their lifetime and they can make additional gifts to the trust and qualify for additional tax deductions if they choose.  For more information on how you can support Oconee Medical Center or Oconee Hospice of the Foothills through estate planning, contact Cortni Nations at the OMC Foundation Office at 864-885-7909.