Planned Giving

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Giving from Your Retirement Plan

Gift of Retirement Plan Diagram

You've worked hard and planned for retirement. Now, with a little creativity, you can leverage your retirement assets to benefit you and your family, reduce federal taxes, and support Garrett Regional Medical Center far into the future.

How It Works

  • Name or designate Garrett Regional Medical Center as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
  • Pass the balance of your retirement assets to Garrett Regional Medical Center by contacting your plan administrator.
  • Important! Tell Garrett Regional Medical Center about your gift. Your plan administrator is not obligated to notify us. So if you don't tell us, we may not know.

Benefits

  • Continue to take regular lifetime withdrawals.
  • Maintain flexibility to change beneficiaries if your family's needs change during your lifetime.
  • Your heirs avoid the potential double taxation on the assets left in your retirement account.

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The material presented on this Planned Giving website is not offered as legal or tax advice.
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