Gift in Your Will or Living Trust

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You want to leave money to Torrance Memorial Medical Center in your will. You also want the flexibility to change your will in the event that life circumstances change. You can do both.

In as little as one sentence, you can complete your gift. This type of donation to Torrance Memorial in your will or living trust helps ensure that we continue our mission for years to come.

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An Example of How It Works

Young family with kidsWith three minor children, Andrew and Amy knew that it was time to create an estate plan for their family. They found that the estate planning process helped them reflect on the people and nonprofits that were important to them and the legacy they would like to leave. They learned how easy and flexible it can be to include one sentence to make a gift to Torrance Memorial for a percentage of their estate or a specific dollar amount.

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Next Steps

  1. Contact Sandy VandenBerge at (310) 784-4843 or sandy.vandenberge@tmmc.com for additional information or to chat more about the different options for including Torrance Memorial in your will or estate plan.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Torrance Memorial in your plans, please use our legal name and federal tax ID.

Legal name: Torrance Memorial Medical Center Health Care Foundation
Address: 3330 Lomita Blvd., Torrance, CA 90505
Federal tax ID number: 95-3528452

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Personal Estate Planning Kit

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A charitable bequest is one or two sentences in your will or living trust that leave to Torrance Memorial Medical Center a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Torrance Memorial Medical Center, a nonprofit corporation currently located at 3330 Lomita Blvd., Torrance, CA 90505, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Torrance Memorial or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Torrance Memorial as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Torrance Memorial as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Torrance Memorial where you agree to make a gift to Torrance Memorial and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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