Life Insurance Gets a New Life
As part of the campaign for the Baystate Medical Center expansion, Ronald Burkman, MD knew he wanted to make a charitable impact. When considering a gift in support of the expansion project, Dr. Burkman and his wife decided to name Baystate Health Foundation as an owner and beneficiary of a life insurance policy.
“I wanted very much to support this important project in a meaningful way, and this was an asset that was no longer essential to me,” explains Dr. Burkman, current member of the division of General Obstetrics and Gynecology. “My wife and I are able to make a substantial gift to the hospital and also realize some tax advantages.”
Today, the new hospital wings are active with patient care thanks to the generosity of donors like the Burkmans. “By making an irrevocable planned gift like this, they are able to maximize their campaign commitment while benefiting from significant tax savings,” explains Kathleen Bronner, director of philanthropy. “We are so grateful to Dr. and Mrs. Burkman for their support and for letting Baystate Health Foundation assist in channeling their gift.”
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.