Through a special gift arrangement, life income gifts allow donors to provide significant resources for Lakewood Hospital Foundation while also enjoying the benefits of an increased return on their investment and lifetime income. You will be entitled to a tax deduction for a portion of your gift when you first make it, and depending on the type of life income gift you choose, you may elect to receive income that is partially tax free. Life income vehicles include:

Charitable Gift Annuity- A donor makes a gift to Lakewood Hospital Foundation and in exchange receives a fixed annual dollar amount for life. The principal remaining at the donor's death passes to the Foundation.

Charitable Remainder Trust- A donor creates a trust, and income from the trust is paid to beneficiaries specified by the donor. Beneficiaries receive income for life or for a specified number of years, and at the end of the trust term the assets of the trust pass to Lakewood Hospital Foundation. There are two types of trusts: 1) Charitable Remainder Unitrust in which assets can be added to the trust and the payout fluctuates; 2) Charitable Remainder Annuity Trust is similar except that assets cannot be added to the trust once it has been established and the payout is fixed.

Pooled Income Fund- The fund pools gifts (cash and securities) from donors for investment purposes, and beneficiaries receive a proportionate share of the net income earned by the fund for life. Lakewood Hospital Foundation receives the principal value at the death of the income beneficiaries.

Call 216-529-7009 for an updated planned giving calculator and create a personalized report detailing your benefits from one of our Life Income Gifts that pay you back.