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Retirement Assets

Your IRA, 401(k), 403(b), or other Qualified Retirement Plan can provide a tax-smart way to make an impact on Froedtert Hospital and Medical College of Wisconsin either now or after the end of your lifetime. The Qualified Charitable Distribution or QCD (sometimes called an “IRA Charitable Rollover”) is a great way to make a tax-free gift now to Froedtert Hospital and Medical College of Wisconsin and satisfy your Required Minimum Distribution (RMD) too.

A gift of retirement plan assets could be right for you if:

  • You have an IRA or other Qualified Retirement Plan such as a 401(k) or 403(b).
  • You do not expect to need all of your retirement plan assets during your lifetime.
  • You have other assets, such as securities and real estate, that you want to pass to heirs.
  • You want to provide income or payments to loved ones after you are gone.
  • You would like to make a charitable bequest to Froedtert Hospital and MCW.

Option 1: Make a tax-free gift now with a Qualified Charitable Distribution (an “IRA Charitable Rollover”).

You can make a tax-free gift with a Qualified Charitable Distribution (QCD) from your IRA. (Other Qualified Retirement Plans such as 401(k)s and 403(b)s are not eligible). You must be at least 70½ years old to take advantage of this opportunity. Your QCD must go directly from your IRA administrator to Froedtert Hospital and MCW. The total of all of your QCD gifts in any one year cannot exceed $100,000 per person however, your spouse with a separate IRA can also make a QCD of up to $100,000 per year if they otherwise qualify.

The benefits of a QCD gift include:

  • If you don’t itemize your income tax deductions, a QCD provides the tax benefits of an itemized income tax charitable deduction.
  •  If you are age 72 and must take a Required Minimum Distribution (RMD), your QCD gift can satisfy your RMD without increasing your income taxes.
  • Your gift provides immediate support for the important work of Froedtert Hospital and MCW with a tax-free gift.

Option 2: Designate your remaining Qualified Retirement Plan assets as a contribution to Froedtert Hospital and Medical College of Wisconsin.

Another attractive option is to designate Froedtert Hospital and MCW as the recipient of some or all of what’s left in your IRA, 401(k), 403(b), or other Qualified Retirement Plan at the end of your lifetime.

In addition to having the satisfaction of making a significant future gift to Froedtert Hospital and MCW, your benefits include:

  • Your estate is entitled to an unlimited estate tax charitable deduction for the value of your Qualified Retirement Plan donated to Froedtert Hospital and MCW.
  • Since Froedtert Hospital and MCW is tax-exempt, there will be no income taxes paid on the distribution to Froedtert Hospital and MCW.
  • A tax-smart estate planning strategy is to contribute taxable Qualified Retirement Plan assets to Froedtert Hospital and MCW and preserve non-retirement plan assets for your heirs.
     

Note: Directing your Qualified Retirement Plan to charitable and noncharitable beneficiaries can accelerate the income tax. Always consult with your advisors before naming the beneficiaries of your Qualified Retirement Plan.

Option 3: Designate your remaining Qualified Retirement Plan assets for a life income plan.

Alternatively, you can designate that at the end of your lifetime some or all of the assets remaining in your IRA, 401(k), 403(b), or other Qualified Retirement Plan be used to fund a charitable remainder trust or charitable gift annuity that will make payments to family members or other loved ones for the rest of their lives. When the life income gift arrangement ends, what is left will go to Froedtert Hospital and MCW.

In addition to having the satisfaction of making a significant future gift to Froedtert Hospital and MCW, your benefits include:

  • A charitable remainder trust or charitable annuity can provide a lifetime of income or payments to your chosen beneficiary.
  • The gift portion of your charitable remainder trust or charitable gift annuity provides an estate tax charitable deduction if your estate is subject to estate taxes.
  • A tax-smart estate planning strategy is to contribute Qualified Retirement Plan assets for a life income gift and preserve non-retirement plan assets for your heirs.

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.

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