The Foundation of the Pennsylvania Medical Society needs your support to serve the entire physician community in Pennsylvania

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Gift and Estate Planning

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​The Foundation of the Pennsylvania Medical Society needs your support to serve the entire physician community in Pennsylvania.

Simply put, Foundation programs help to preserve careers and save lives. Your contribution ensures that Pennsylvania physicians will always have a place to go to when help is needed to be safe and certain in the practice of medicine. Physicians can turn to us for guidance, support and advocacy during some of life’s most challenging moments.

Without your financial support, these programs that ensure the future of medicine in Pennsylvania would not be possible.

Special Tax-Free IRA Gifts

For those aged 70½ or older, it is once again possible to make tax-favored charitable gifts from traditional and Roth IRA accounts.

In 2015, then President Obama signed into law legislation that retroactively extends the charitable IRA rollover for 2015 and makes this provision permanent for future years. A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities such as the Foundation free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.

To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.

Check with us, your IRA administrator or your tax advisor for more information.

Read The Physician Legacy newsletter.

The easiest and most common way for you to make a gift to The Foundation of the Pennsylvania Medical Society is through a bequest in your will or revocable trust. The tax laws encourage charitable bequests, so it is an excellent way to support our programs while reducing your actual or potential estate taxes.

A will is a statement about what matters most in your life. By making a will you can clearly express your intentions. Your executor will follow your wishes in administering your estate.

After providing for family and friends, consider a meaningful gift to The Foundation of the Pennsylvania Medical Society to continue your lifetime of support. Bequest gifts can take many forms such as a specific gift amount, a specific gift type, a percentage of the estate, a percentage of the residue of an estate, or the entire residue considering all other provisions of your will. Or a bequest can be contingent, which takes effect only after other provisions can be satisfied.

Gift and Estate Planning

Distinguished Lifetime Fellows
Foundation Fellows are donors who have made a planned gift to ensure the future of Foundation programs and have notified the Foundation in writing of their plans. If you have made provisions for a planned gift to the Foundation, we want to hear from you. Please contact us.

Our Foundation Fellows (as of 7/1/2016)
Anonymous
Doris G. Bartuska, MD*
Jasper Chen See, MD*
Dr. and Mrs. James M. Cole*
Jeanne A. Cooper, MD*
Harold R. Cottle, MD*, and Betty L. Cottle, MD
Mrs. Nancy C. Davis
Jitendra M. Desai, MD, and Saryu J. Desai, MD
Dr. and Mrs. Jan R. J. Devries
Dr. and Mrs. J. Albert Eyler
Dr. Henry * and Mrs. Marian H. Fetterman
Jean L. Forest, MD*
Dr. and Mrs. Raymond C. Grandon
Dr. and Mrs. Abram M. Hostetter
Dr. and Mrs. Frank W. Jackson
Drs. Albert S. Kroser Kroser 
Stefan P. Kruszewski, MD
Dr.* and Mrs. Robert L. Lasher
Dr. and Mrs. John Lawrence*
Dr. and Mrs. Herbert Levin*
Clifford H. Lyons, MD
Dr. and Mrs. Wilbert A. Lyons
Dr. Matthew and Mrs. Sara Moir Marshall
Dr. and Mrs. David L. Miller*
Dr. and Mrs. Donald E. Parlee
Dr. and Mrs. Joseph Pascal
Dr. and Mrs. Gerald W. Pifer
James R. Regan, MD*
Joan M. Ruffle, MD, and Mr. George E. Gish
Ferdinand L. Soisson Jr., MD and Mrs. Dorothy* L. Soisson
Dr. and Mrs. Fred Teichman
Dr. and Mrs. Raymond C. Truex Jr.
Dr. and Mrs. George J. Vukmer
* Deceased

Charitable Gift Annuities

This simple contract makes it possible to transfer cash or marketable securities such as stock to the Foundation (charitable entity). In exchange, you and one other person you designate, receive guaranteed annual income payments for life. Benefits, in addition to lifetime income, include an immediate federal income tax deduction, payments that are only partially taxed, capital gains tax savings (if funded with appropriate securities), possible reduced probate costs and estate taxes, and support of the Foundation. Click here for a Gift Annuity Application.

Life Insurance Agreement

There are several ways to use life insurance to benefit the Foundation: Make an outright gift with an existing insurance policy, purchase a new policy and name the Foundation as the beneficiary, or assign ownership of the policy to the Foundation. Use life insurance to replace the value of another charitable gift in your estate.

An idea you might want to consider is to make the charity the owner of your policy (which gives you an immediate charitable income tax deduction). Then, each year, pay the charity a donation that is at least equal to the premium. This allows you to receive an income tax deduction for your annual gift/premium payment, and the charity can count on receiving the maximum insurance proceeds you intended.

Bequest

Bequests are common planned gifts. A bequest is simply a gift of money or other assets set aside from one's estate to benefit a charity at one's death. Assets bequeathed to a nonprofit escape estate taxes. Sample bequest language follows:

I give, devise, and bequeath to The Foundation of the Pennsylvania Medical Society, located at 777 East Park Drive, P.O. Box 8820, Harrisburg, PA 17105-8820, the sum of $_______ or ____ % of the residue of my estate (or otherwise describe the specific property or percentage of the estate) to benefit the Foundation's charitable work.

Charitable Lead Trust

By establishing a charitable lead trust, you can donate an asset such as cash or stocks to the Foundation for a specified number of years. During the specified time, the organization receives all income generated from the trust and the donor receives a tax deduction.

When the agreement expires, the asset reverts to you or your heirs with little or no estate or gift taxes due. Upon the donor's death, the asset is returned to the beneficiaries. If the charity used a portion of the income generated from the trust to purchase life insurance on the donor, the charity receives insurance proceeds.

Charitable Remainder Unitrust (CRUT)

You may select an asset to irrevocably set aside for the purpose of generating lifetime income with the understanding that the remainder value of the trust at death will go to the Foundation. By doing so, you get an immediate charitable tax deduction and may use the interest from the asset for life. At death, the asset passes to the Foundation to be used for the purpose designated by the donor.

Additional benefits of a CRUT may include estate tax savings and avoidance of capital gains taxes on the asset.

“Uni” (one) refers to the one interest rate (at least 5%), which the donor selects to be paid when setting up the trust.

Retained Life Estate

You may gift a home, second home, vacation property, or farm to the Foundation, and retain the right to live in the property for the remainder of your life. By doing so, you may take an immediate charitable tax deduction and designate how the remainder value of the property at death will be used by the Foundation. This option allows you to make a significant charitable gift, financially benefit yourself during life, and specifically designate how the Foundation will use the proceeds from the property to benefit the medical community.

Appreciated Property
Stock, land, real estate, and collectibles are a few types of appreciated property that can be used for outright gifts or to fund planned gifts.

Contact our philanthropy staff for a copy of the Foundation's Gift Acceptance Policies and to discuss your planned gift:
Marjorie M. Lamberson, Director
(800) 228-7823, ext. 7846 (in PA only)
(717) 558-7846

Recurring Gift Program

Consider becoming a member of the Foundation Sustainers Circlethrough the recurring gift program. This special group of donors makes regular monthly contributions to support Foundation programs. Recognizing the busy lifestyles of our donors, this value-added service allows you to establish a worry-free, recurring, annual fund gift by having monthly donations automatically deducted from your bank account. By doing so, you can take advantage of the following:

  • No check writing each month
  • Reduced check printing fees
  • No postage costs

To become a Foundation Sustainers Circle donor, complete the highlighted portions of theAuthorization Agreement for Automatic Direct Debits Donation Plan form and mail to:

The Foundation of the Pennsylvania Medical Society
Attn: Philanthropy Department
777 East Park Drive
Harrisburg, PA 17111

Foundation Sustainers Circle Donors (as of 4/1/2015)

Robert D. Barraco, MD
Stephenie Benner
Kenneth M. Certa, MD
Wendie Dunkin
Martin L. Freifeld, MD
James A. Himmelberger, MD
Marjorie Lamberson
Michaelene Licht
Clifford H. Lyons, MD
Deborah Monko
Krista Mosonyi
Gwendolyn A. Poles-Corker, DO
Beryl Stanton
Raymond C. Truex Jr., MD, FAANS, FACS
Annette Weaver
Heather Wilson, MSW, CFRE