Vim & Vigor - Winter 2011 - Gwinnett Medical Center - (Page 53)

FOR A LIMITED TIME: IRA-Funded Gifts Are Tax-Free Jim and Billie Ellis JIM AND BILLIE ELLIS This couple has been inﬂuential in the Gwinnett community for more than 40 years and is a devoted supporter of the GMC Foundation. The Ellises’ most recent donation was to the Center for Surgical Weight Management at Gwinnett Medical Center– Duluth, at the Glancy Campus. They selﬂessly gave $300,000 to this life-changing service. They wanted to give directly to a service to which they had a personal connection. Their daughter was among one of the ﬁrst to receive bariatric surgery at GMC–Duluth. By donating, they enabled many others to receive the same top-notch care and life transformation that their daughter did. The Ellises believe in the law of the harvest: Whatever is sowed will also be reaped. They continually give to the GMC Foundation because they have seen the blessings that come from their donations. “Through the years, we have reaped far more from our giving,” says Jim Ellis, president and CEO of Jim Ellis Automotive Dealerships. “The joys and satisfactions that come from giving are more than we ever imagined.” To learn more about the Gwinnett Medical Center Foundation and the contagious act of giving, visit gwinnettmedicalcenter.org/foundation. Get In on Giving Extended legislation has brought a terrific philanthropic opportunity for people age 70 1/2 and older. Normally, when you take money out of your IRA, that money is taxed. But until the end of 2011, people age 701/2 and older are allowed to transfer funds directly from their IRA to a qualified charity without paying taxes on the transferred amount. It is possible for married couples to give as much as $100,000 each from their IRA accounts (for a total of $200,000). In some cases, this opens an opportunity for accelerated payments on pledges. Although this provision applies to IRA accounts, it does not extend to 401(k)s or other tax-favored retirement planning vehicles. The legislation also does not allow you to claim a charitable deduction for this type of IRA gift. Transferring IRA funds is easy, however, and you do not have to pay taxes on the amount of the charitable contribution. Thus, this strategy is popular with those who do not itemize their deductions or donors who have reached the maximum deductions allowed under the current tax laws. Contributions from the community enable Gwinnett Medical Center to purchase state-ofthe-art equipment, recruit world-class physicians and provide excellent results for patients—so consider using some of your IRA funds to help GMC transform healthcare. For more information, call 678-312-8500 today. DONATE Vim & Vigor · WI NTER 2011 53 http://www.gwinnettmedicalcenter.org/foundation

Table of Contents for the Digital Edition of Vim & Vigor - Winter 2011 - Gwinnett Medical Center

Vim & Vigor - Winter 2011 - Gwinnett Medical Center
Contents
Phil's Feature
New Hip, New Life
Building Better Heart Care
Back in Action
Supplementary Knowledge
Keys to Survival
Clearing the Air
Mark Harmon of NCIS fame makes 60 look good
This One's For the Girls
Life After a Loss
Do Your Diabetes Homework
Healthy Returns
Prime Time Health
The Future of Breast Health
Growing Generosity
Out of the White Coat
Transforming Healthcare

Vim & Vigor - Winter 2011 - Gwinnett Medical Center