Through your will you can arrange for specific assests; including cash, stocks, or property to go to the Lake of the Woods District Hospital Foundation.
Alternatively, you might leave the estate residual (the amount left over after paying debts and making all the specified designations) to the Hospital Foundation.
The amount donated will generate a tax credit on your final tax return. Ordinarily, the maximum amount of donations on which a credit can be claimed is 75% of net income. However, in the year of death and the preceding year, the limit increases to 100%. A charitable bequest may be an attractive solution if your estate is likely to have a substantial tax liability. Additionally, bequeathing a portion of your estate to your hospital will help to ensure that your loved ones continue to receive quality care after you’re gone.