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Planned Giving

Sprague HavenIn 1920, a group of local residents raised $100,000 in only 10 days to build a much-needed 32-bed hospital in Berea. During the five years it took to build this new facility, which would later become Southwest General Health Center, patients were cared for in the former home of the generous Milton Sprague – also known as Sprague Haven.

Nearly 100 years later, this tradition of philanthropy continues through the Sprague Haven Society. As a member of the Sprague Haven Society, you have the chance to leave a legacy through a planned or after-life gift. Planned giving can be a powerful way for families to pass along shared beliefs and values and is often an important part of your own personal legacy.

The most common forms of planned gifts are:

  • Bequest: A provision made in a donor's will, through which an organization receives cash and/or other assets at the time of the donor's death.
  • Charitable Gift Annuity: A legal contract between the donor and the organization, through which the donor exchanges cash, stocks, or other assets for an agreed-upon income for life.
  • Retirement Funds (IRA, 401k): If you are 70 ½ or older and take required minimum distributions from your IRA, you pay income tax on those distributions. A charitable alternative may be to make direct transfer from your IRA to Southwest General for a tax-free gift of up to $100,000 each year.
  • Life Estate Contract: An agreement established by donors transferring a deed of real property to an organization while reserving for themselves and/or someone else the right to live on or use the property for life. Charitable deductions for life estate contracts are limited to properties that are either personal residences or farms.
  • Life Insurance Policy: A legal contract that when the donor, or person who’s name the insurance policy is in, passes away, Southwest General would be a partial or full beneficiary of the policy.

For more information on planned giving, please call the Foundation office at 440-816-6713.