Legacy Giving: How to Leave a Lasting Impact on Santa Fe Healthcare

TL;DR: Legacy giving lets you support Santa Fe healthcare through your will, trust, or beneficiary designation without changing your current finances. A gift to St. Vincent Hospital Foundation can help CHRISTUS St. Vincent Regional Medical Center serve Northern New Mexico for generations. The Foundation can answer questions, provide sample bequest language, and help you get started when you are ready.

Legacy giving is one of the simplest ways to make a long-term difference for local healthcare. For many people, it begins with a simple sentence in a will or living trust naming a nonprofit organization as a future beneficiary.

For Santa Fe residents, a planned gift can be a way to care for family first while also supporting the hospital, programs, and caregivers that serve Northern New Mexico. St. Vincent Hospital Foundation raises and manages philanthropic funds for CHRISTUS St. Vincent Regional Medical Center, including support for medical equipment, capital projects, staff training, community health programs, and patient care needs.

If you’re considering a legacy gift, the Foundation can answer your questions and provide information about giving options. You can call 505-913-5209 or visit the Foundation’s General Support page whenever you’re ready to learn more.

What Is Legacy Giving?

In short: Legacy giving is a way to include a charitable donation in your estate plan. The gift usually takes effect after your lifetime, costs nothing during your life, and lets you direct accumulated assets to causes you care about.

Legacy giving, also called planned giving, means arranging a charitable gift as part of your estate plan. The gift may be made through a will, living trust, retirement account, life insurance policy, or another planning tool.

For many donors, legacy giving feels more manageable than a large cash gift during life. You keep full control of your assets while you are living. The gift is carried out according to the instructions in your estate plan after your lifetime.

Because legacy gifts are typically funded through assets accumulated over a lifetime rather than day-to-day income, they are often larger than donations made from annual giving alone. That may include savings, real estate, retirement funds, insurance policies, or a percentage of an estate.

You do not need to be wealthy to include a charitable gift in your estate plan. Anyone who has a will, trust, or beneficiary designation can name a nonprofit organization. A gift may be a specific dollar amount, a percentage of your estate, or what remains after other loved ones and obligations have been provided for.

National giving data shows that charitable bequests accounted for $42.68 billion in 2023. Fidelity Charitable also reports that charitable bequests have made up about 8 to 10 percent of total U.S. giving over the past four decades. These numbers show that legacy giving is a well-established way for people to support the causes they care about.

For donors who care about healthcare in Santa Fe, naming St. Vincent Hospital Foundation as a beneficiary in an estate plan can connect personal values to a lasting community benefit. The Council of Nonprofits’ Guide to Legacy Giving is also a helpful overview for donors who want to understand the basic concept before speaking with an estate planning attorney or financial advisor.

Types of Legacy Gifts

In short: The most common legacy gift is a simple charitable bequest in a will or trust. Other types of planned giving include beneficiary designations, charitable trusts, gift annuities, and donor-advised funds, each with different tax and income considerations.

There are several types of planned giving, but most people begin with a simple bequest. A bequest is often the easiest option because it can be added to a will or living trust with help from an estate planning attorney. For many donors, this is all that’s needed to leave a meaningful legacy.

Common types of legacy gifts include:

• Bequest by will or living trust: You name a nonprofit organization to receive a specific dollar amount, a percentage of your estate, or the remainder of your estate after other gifts are made. This type of charitable bequest is usually revocable, which means you can update it if your circumstances change.
• Beneficiary designation: You name a nonprofit organization as a beneficiary of a retirement account, such as an IRA or 401(k), or a life insurance policy. This option may avoid probate and can be tax-efficient because qualified charities generally do not pay income tax on retirement account distributions.
• Charitable remainder trust: You transfer assets into a trust that pays income to you or your chosen beneficiaries for a set period or lifetime. After that, the remaining assets go to the nonprofit organization. This option is more complex and should be reviewed with legal and tax advisors.
• Charitable gift annuity: You transfer assets to a nonprofit organization in exchange for a fixed lifetime income stream. A portion of the gift may qualify for a charitable deduction, depending on your circumstances and current tax rules.
• Donor-advised fund: You contribute to a charitable giving account, may receive an immediate tax deduction, and recommend grants to nonprofit organizations over time. Some donors also name charities as successor beneficiaries of a donor-advised fund.

For most donors, a simple bequest in a will or trust is enough to leave a meaningful healthcare legacy. More advanced options can be appropriate in certain situations, but they are best explored with professional guidance.

Because tax rules depend on your full financial picture, use resources such as IRS Publication 526 for general education only. Before making decisions, speak with an estate planning attorney, financial planner, or tax advisor who understands your situation.

Why Healthcare Is a Powerful Legacy

In short: A legacy gift to a hospital foundation supports healthcare infrastructure that serves an entire community. In Northern New Mexico, St. Vincent Hospital Foundation funds programs, equipment, training, and care needs that operating budgets and insurance may not cover.

Healthcare reaches people at some of life’s most vulnerable moments. Unlike many charitable causes that serve a specific population or interest, healthcare touches nearly everyone at some point in life. A gift to a hospital foundation can support newborn care, emergency care, cancer care, behavioral health support, medical equipment, workforce development, and patient care programs.

CHRISTUS St. Vincent Regional Medical Center is Northern New Mexico’s only full-service healthcare system. According to the Foundation, CHRISTUS St. Vincent serves more than 300,000 people across seven counties and was founded in 1865 by the Sisters of Charity as New Mexico’s first hospital. Legacy gifts to St. Vincent Hospital Foundation help strengthen the region’s healthcare system for future generations. You can learn more through the Foundation’s page on CHRISTUS St. Vincent Regional Medical Center.

Hospital foundations help fund needs that are not always covered by operating budgets or insurance reimbursements. These can include major equipment, facility improvements, clinical training, community health education, indigent care, and programs that support patients outside a standard medical visit.

St. Vincent Hospital Foundation’s work includes programs that address practical community needs. The HUGS Program provides behavioral health case management for people who use the emergency room frequently. Reach Out and Read supports children’s literacy during pediatric visits. The Career Pathways Fund helps hospital staff pursue professional growth and workforce development. These legacy giving programs help strengthen healthcare beyond the walls of the hospital by supporting patients, families, and caregivers throughout the community.

The Foundation also supports major care initiatives, including the Cancer Center campaign. Gifts to cancer care in Santa Fe can help patients receive treatment closer to home, near family, work, and support systems.

For someone thinking about estate planning in Santa Fe, healthcare is often a deeply personal cause. Many families have been touched by CHRISTUS St. Vincent through births, surgeries, emergencies, cancer care, rehabilitation, or end-of-life care. A legacy gift can help keep that care available for future patients and families, making it an investment in the long-term health of the community you call home.

How to Get Started with a Legacy Gift to St. Vincent Hospital Foundation

In short: Adding a legacy gift to an existing will or trust may require a short amendment through your estate planning attorney. St. Vincent Hospital Foundation can answer questions, provide bequest language, and help you explore your options without any obligation.

If you already have a will or living trust, ask your estate planning attorney about adding a charitable bequest. In many cases, this can be handled through a short amendment, often called a codicil for a will or an amendment for a trust. Your attorney can prepare the necessary documents and help ensure your wishes are accurately reflected.

If you do not have a will or trust yet, creating an estate plan is an opportunity to include legacy giving from the beginning. Your attorney can help you decide how to provide for loved ones, choose beneficiaries, name decision-makers, and include charitable gifts that reflect your values.

To include St. Vincent Hospital Foundation in your estate plan, your attorney or financial planner will need the Foundation’s legal name and Federal ID number:

Legal name: St. Vincent Hospital Foundation Federal ID: 85-0282847

You may choose to tell the Foundation about your legacy gift, but you are not required to disclose the amount. Some donors prefer to keep plans private. Others choose to notify the Foundation so it can plan for future support and help direct the gift according to their wishes, such as general support, cancer care, workforce development, or another priority. Your privacy is always respected.

Legacy gifts are often revocable. If your family, finances, or wishes change, you can usually update your will, trust, or beneficiary designation at any time. Your advisor can explain which gifts are revocable and which are not. For a clear donor-facing overview, the GiveDirectly guide to planned and legacy giving explains several common approaches.

When you’re ready to learn more, contact St. Vincent Hospital Foundation at 505-913-5209 or visit the Foundation’s General Support page. The Foundation can answer questions and provide sample bequest language to share with your estate planning attorney.

Frequently Asked Questions

What is the difference between legacy giving and planned giving?

Legacy giving and planned giving are closely related terms. Planned giving usually refers to the structure of the gift, such as a bequest, trust, or beneficiary designation. Legacy giving refers to the purpose behind the gift, which is leaving a lasting charitable impact. In practice, the terms are often used interchangeably to describe charitable gifts arranged through estate planning.

Do I need to be wealthy to make a legacy gift?

No. A legacy gift can be any amount, percentage, or remaining share of an estate. Many donors choose a modest bequest because it lets them support family first while still helping a cause they value. Even a small gift can make a meaningful difference when combined with gifts from other donors. St. Vincent Hospital Foundation welcomes legacy gifts of all sizes to support healthcare in Santa Fe and Northern New Mexico.

Is a charitable bequest tax-deductible?

A charitable bequest to a qualified 501(c)(3) nonprofit organization may reduce the taxable value of your estate. Tax treatment depends on your estate, current law, and your full financial situation. For general information, review IRS Publication 526. For personal guidance, speak with an estate planning attorney or tax advisor before making decisions.

Can I change or revoke a legacy gift after I set it up?

Yes. Unless a gift is specifically designated as irrevocable, many legacy gifts can be changed or revoked. A charitable bequest in a will or living trust is usually revocable, which means you can update it if your circumstances or wishes change. Some giving tools may be irrevocable, so ask your attorney or advisor before signing documents. You retain control of your assets during your lifetime.

How do I include St. Vincent Hospital Foundation in my will?

Give your estate planning attorney the legal name St. Vincent Hospital Foundation and Federal ID number 85-0282847. Then specify whether your gift will be a dollar amount, a percentage of your estate, or a residual bequest. You can contact the Foundation at 505-913-5209 for sample bequest language or review giving options on the General Support page.

 

Disclaimer: This article is provided for informational purposes only and should not be considered legal, financial, or tax advice. Estate planning decisions are personal and depend on your individual circumstances. Consult a qualified estate planning attorney, financial advisor, or tax professional before making changes to your estate plan.