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Charitable Remainder Annuity Trusts
Charitable remainder annuity trusts enable you to contribute to the Hospital while providing an income for yourself and/or another beneficiary for life or a term of years. Charitable Remainder Annuity Trusts will continue to have value as a charitable planning vehicle as estate taxes are phased out over the next 10 years.
The Type of Income You Receive
The annuity trust pays you and/or another designated beneficiary a fixed annual income (in quarterly installments), based on a percentage of the initial market value of the trust. Depending on the funding assets and investments, the trust may pay you tax-free income.
How it Works
How You Save Taxes
When you establish an annuity trust, you receive an immediate federal income tax deduction for a portion of your gift. A gift of appreciated property will avoid any capital gains taxes as well. You can also currently realize significant estate tax savings.
How You Can Establish Your Own Annuity Trust
A NewYork Presbyterian Hospital annuity trust can be established through Swerdlin-White, a Division of Bank of New York, with an irrevocable gift valued at $50,000 or more. Typically, cash or publicly traded stocks and bonds fund an annuity trust. It is preferred that the projected or determined term of the trust be no more than 25 years. Your trust is invested and administered by Bank of New York and you may designate the future use of your gift in support of the Hospital. Should you choose to establish the trust at another financial institution, we would be happy to provide assistance in facilitating the creation of the trust.
Note: As you consider any Charitable Gift Plan please consult with your advisor to determine the tax/financial implications for you and your family.
Calculate the benefits of a Charitable Remainder Annuity Trust
Contact
- Marc Krause
- Director of Planned Giving
NewYork-Presbyterian Hospital
Telephone: (212) 821-0512
E-mail: mak2009@nyp.org
- Peggy Jackson
- Planned Giving Officer
NewYork-Presbyterian/Columbia
Telephone: (212) 342-0982
E-mail: maj9032@nyp.org
