Countdown Is On: Tax-Savvy Year-End Giving Tips
This is the time of year when many of us think about charitable giving as a part of our busy holiday to-do list. Your year-end charitable contributions bring tax benefits, so now is a good time to refresh your memory on some of the tax-smart options available to you.
Outright Giving – The simplest ways to contribute to Froedtert Hospital and Medical College of Wisconsin is to write a check or use your credit card. Your cash gift is tax deductible if you itemize deductions. If you do not expect to itemize this year, you may be able to strategically “bunch” your contributions – for example, making both this year’s and next year’s contributions in the same year in order to maximize your tax benefits.
Giving Appreciated Securities – You may be able to double your tax benefits by contributing stocks, bonds, or mutual funds that are now worth more than you paid for them a year or more ago. You will receive an income tax charitable deduction for the share price at the time of your gift, and you avoid the capital gains tax that you would have owned if you sold them. Most gifts of securities can be electronically transferred but be sure to direct that the securities themselves be transferred to Froedtert Hospital and Medical College of Wisconsin.
IRA “Charitable Rollover” – If you are age 70½ or older, a Qualified Charitable Distribution (QCD) allows you to contribute up to $100,000 from your IRA each year directly to charitable organizations with no tax on the withdrawal. If you are subject to a Required Minimum Distributions (RMD), your QCD contribution can help meet your RMD without increasing your taxable income.
Donor-Advised Fund (“DAF”) Distribution – Donor-Advised Funds are the fastest-growing charitable giving vehicle in the United States. With a DAF you may contribute a large sum to establish the fund and then over time you can recommend grants from your DAF to the organizations you wish to support, like Froedtert Hospital and Medical College of Wisconsin. DAF contributions are popular at year-end since it makes your giving easy.
As always, your own advisors are in the best position to help you determine what would be most appropriate for you. We are available to work with you and your advisors as you consider gift options. Remember that some gifts can take longer to accomplish, so please be aware of timing if you are interested in meeting a year-end deadline.
What to Expect for Clinic Visits
We understand that visiting any health care facility during this time may cause some concern. That is why we want to assure you of the safe, expert care you will receive. Here is what you can expect when you visit one of our locations.
1. Scheduling Your Appointment
Safety precautions begin before your visit. When scheduling, our team will screen for signs and symptoms of COVID-19 and may offer a virtual visit instead or as part of your follow-up care. If an in-person visit best meets your needs, we will help you prepare for your visit and what to expect when you arrive.
How to Prepare for Your Visit
- Please wear a face covering over your mouth and nose when entering our facilities and during your visit. If you do not have a face covering, we will provide one.
- Limit the number of people who come with you. For clinic visits, our visitor policy generally allows one visitor or support person per patient. Anyone accompanying you must wear a face covering at all times and be symptom-free.
2. When You Arrive
Our staff will welcome you at your designated entrance or check-in desk. To ensure the safety of everyone, you and anyone accompanying you should:
- Let us know if you are ill or if you are currently experiencing any of these symptoms: Fever, body aches, headache, cough, sore throat, runny or stuffy nose, nausea, vomiting, diarrhea, fatigue, new loss of taste or smell, shortness of breath or difficulty breathing.
- Sanitize your hands.
- Wear your face covering over your mouth and nose. Ask for a face mask, if you do not already have one.
- Allow extra time for a health screening when you arrive. At our hospitals, we will take your temperature and ask additional screening questions at each entrance.
3. During Your Visit
Please wear your face covering over your mouth and nose at all times and maintain a safe six-foot distance from others to the greatest extent possible. You may notice extensive safety precautions in waiting areas and other public spaces, including:
- Hand sanitizer stations
- Furniture rearranged or removed to promote social distancing
- Floor markers to guide you in maintaining a safe, six-foot distance from others
- Safety messages posted as a reminder to all
- Magazines, coat racks, beverage stations and other commonly shared items removed
- Enhanced cleaning practices, including frequent disinfecting of high-touch surfaces such as elevator buttons, vending machines and door handles
4. When You Meet With Your Care Team
You can expect thoughtful, expert care in a safe environment.
- To keep everyone safe, our staff and providers are required to get vaccinated unless they qualify for a medical or religious exemption.
- You and your care team will stay masked whenever possible. Patients may be instructed to take off face coverings, if needed to provide care.
- Your care team will wear personal protective equipment.
- Our providers and staff are screened for signs and symptoms of COVID-19 prior to reporting to work to confirm they are well.
- Examination and procedure rooms are thoroughly cleaned and disinfected between every patient using stringent guidelines.
- Froedtert Pharmacy offers many ways to stay safe while getting your prescriptions, including free home delivery, drive-thru and curbside pickup.