Balancing family priorities with meaningful philanthropy

If you’ve worked hard, saved and planned responsibly, you want to be thoughtful about how your estate — your lifetime accumulation of assets — is distributed after you are gone. Naturally, your family and especially your children, will be your highest priority. You may also choose to include a charitable bequest in your will or estate plan for organizations that have been meaningful in your life, such as the Medical University of South Carolina (MUSC).

How a charitable bequest can reflect your values

Many people wonder how to balance caring for their children with supporting the causes they value. You may decide that you can provide generously for loved ones while also making an estate gift that carries forward your legacy at MUSC. Through the MUSC Foundation, donors help advance education, research and compassionate patient care — work that strengthens the health of communities across South Carolina and beyond.
Below are three options to consider as you plan.

Option 1: Create a named endowment to support MUSC’s mission

You may choose to direct a charitable bequest to a named endowment at the MUSC Foundation. An endowment can serve as a lasting memorial to you or your loved ones. The Foundation invests the fund and distributes a portion each year to the areas you designate, such as education, research, patient care or campus facilities. A named endowment provides steady, long-term support that reflects your life values.

Option 2: Make MUSC a beneficiary of your retirement account

Another option is to designate the MUSC Foundation as a beneficiary of your retirement account. Distributions from an individual retirement account (IRA) to heirs are typically fully taxable as ordinary income. By naming the MUSC Foundation as the beneficiary of all or a percentage of your IRA, you eliminate the potential for double taxation (estate and income taxes) that your heirs might otherwise face. As a tax-exempt organization, the Foundation can put the full value of your gift to work in support of MUSC’s mission to improve health through research, patient care and education. This makes IRA assets one of the most tax-efficient ways to fund an estate gift.

Option 3: Establish a life income gift for your children

You may also consider a life income gift that provides income — fixed or variable — to your children for their lifetimes or for a set number of years. After that period, the remaining assets support the MUSC programs you choose. In this way, you provide meaningful income to your children while ultimately directing your principal to advance health care, research or education through MUSC.

Leaving a legacy that advances health care, research and education

Since 1966, the MUSC Foundation has helped donors create meaningful legacies that enhance research, education and patient care at MUSC. A charitable bequest ensures that your support continues to strengthen the health of children, families and communities far into the future.

We are honored to work with you and your advisers to explore creative options that allow you to provide for your loved ones while shaping a healthier future through MUSC.