Make a Gift in 3 Easy Steps
Not everyone wants to commit to making a gift in their wills or estates. Another option is to name Mercy Medical Center a beneficiary of your retirement plan, IRA, life insurance policy or commercial annuity. Leaving one of these gifts to a charity ensures the entire amount is gifted to the organization, instead of federal income taxes being taken out when leaving it to your heirs.
It only takes three simple steps to make this type of gift. Here's how to name Mercy Medical Center as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
See How It Works
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and Mercy over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Mercy a $75,000 IRA to be transferred following their lifetime. Because Mercy is tax-exempt, all $75,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24 percent marginal income tax bracket.
- Contact Lorrie Erusha CFRE, MOL at 319-369-4768 or LErusha@mercycare.org for additional information on beneficiary designations and how they can help support Mercy with our mission.
- Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
- If you name Mercy in your plans, please use our legal name and federal tax ID.
Legal Name: Mercy Hospital, Cedar Rapids, Iowa, Endowment Foundation, Inc.
Address: 701 10th St. SE, Cedar Rapids, IA 52403
Federal Tax ID Number: Please contact us for our federal tax ID number.
Download our FREE guide Beneficiary Designations: The 3 Easiest Ways to Leave Your Legacy.View My Guide
Lorrie Erusha CFRE, MOL
Phone: 319-369-4768, LErusha@mercycare.org
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