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The Detroit Medical Center has more than once been referred to as "Detroit's medical powerhouse." Its internationally recognized research programs have been at the forefront of advances in medicine for well over five decades. Several of its hospitals have been providing healing services and compassionate care since the mid-19th century. Its medical education programs produce a large portion of the doctors and specialists who staff medical offices and hospitals throughout the region, and the continuing education programs help those practicing in the community maintain cutting-edge skills while working full-time. Because of the generosity of its benefactors, the Detroit Medical Center continues to set a standard of excellence in a multitude of medical specialties. All gifts and contributions to the Detroit Medical Center are tax-deductible. We offer a variety of giving opportunities - some of which provide for income in the donor's retirement years while still allowing the Detroit Medical Center to continue serving as a beacon of hope for those in need of its services. Outright Gifts You can give a tax-deductible gift to support the hospital or program of your choice. Donations can be made directly to the Detroit Medical Center, any of the member hospitals or through any of the special events sponsored by our several hospitals, volunteer organizations and affiliated groups. In addition to cash, you may also give real estate, securities and personal property, which will provide an immediate tax benefit. Gifts can also be made as tributes honoring others or recognizing important lifetime milestones. The Detroit Medical Center will inform the designated person of the remembrance. Likewise, donations can be made to memorialize a deceased person with the Detroit Medical Center notifying the family of your kindness. If you itemize your charitable contributions, your net gift (donation less any fair market value received) is tax-deductible up to 50% of your adjusted gross income. If you contribute appreciated long-term securities or real estate, you may deduct the full market value (up to 30% of your adjusted gross income) in any tax year. You completely avoid any capital gains tax on your paper profit. Special recognition is provided through The Woodward Society for benefactors who contribute a minimum of $1,000 annually or $25,000 over time. Pledges can also be made in which the gift is payable over a period of years. Bequests The Detroit Medical Center and its member hospitals accept legacies and gifts through a contributor's will. The gift may be one of property, a percentage of the donor's estate, a residual of the estate, or a specific dollar amount. These types of bequests, if communicated to us, assure the donor recognition and membership in the Woodward Legacy Club. Charitable Remainder Annuity Trust With this option, the donor receives a fixed income from the gift for the remainder of his/her life. The amount to the donor is based on the initial value of the trust's assets. Charitable remainder annuity trusts can be structured to pay benefits to one or more recipients with the remainder interest going to the Detroit Medical Center or one of its member hospitals. Life Insurance Policies This strategy enables a donor to make tax-deductible life insurance premium payments to the Detroit Medical Center or one of its institutions. The DMC or hospital, as owner and beneficiary of the policy, receives payment and the donor receives recognition at the level of the face value of the policy. If you have a paid-up life insurance policy that is no longer needed, you can contribute it to the Detroit Medical Center or one of its hospitals and take a tax deduction for its value. Life Estate The Detroit Medical Center can become the owner of the remainder interest in real estate. While the donor is still living, he/she has a legal interest in the life estate with full rights to live on the property (or rent/sell those rights). The donor receives an immediate income tax deduction for the remainder of the interest value. The Detroit Medical Center recommends that you seek the advice of an attorney or other qualified estate planning professionals. This information is illustrative in nature. For more detailed information, contact: DMC Development
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