Bequests
Planning Considerations
The Tax Relief Act of 2001 has provided for the ultimate elimination of the Federal Estate tax. This may permit you to fund a more substantial bequest in support of the areas of research and treatment that are of greatest interest to you and your family. If you find that you would like to include a bequest in your Charitable Gift Plan, you might consider the following alternatives:- Cash bequest - The Hospital receives a specific dollar amount.
- Bequest of property - The Hospital receives specific assets, such as securities, an interest in real estate (such as a residence), or tangible personal property (e.g., works of art, antiques, coins).
- Residuary bequest - The Hospital receives all or a percentage of the remainder of your estate after the payment of any specific bequests and all estate-related expenses.
- Testamentary trust - Your trust provides one or more heirs with income for life,or a term of years, or both, after which the assets pass to NewYork-Presbyterian Hospital.
- Retirement plan - The Hospital is designated as a beneficiary of your IRA, Keogh, tax-sheltered annuity, qualified pension, or profit-sharing plan. [Read more]
- Testamentary QTIP trust - Your trust provides income, and principal if needed, to your spouse for life, after which the assets pass to the Hospital.
- Contingent bequest - The hospital is given a bequest only in the event of the death of other beneficiaries.
- How you save taxes - A bequest is currently deductible for federal estate tax purposes, and there is no limit on the amount of the estate tax charitable deduction. In addition, bequests generally are not subject to state inheritance or estate taxes. In a large estate, the savings currently may be more than half of the value of the bequest to NewYork-Presbyterian.
- Making a bequest to NewYork-Presbyterian - You can make a bequest to the Hospital by creating a new will, adding a codicil to your current will, designating the Hospital as a beneficiary of your retirement plan, or including the Hospital in your revocable trust or other estate plan.
Bequest Language
The corporate name of the Hospital is "NewYork-Presbyterian Hospital". The following example may be tailored to best suit your interests.
Example: Unrestricted Bequest: "I give, devise, and bequeath to NewYork-Presbyterian Hospital, a corporation ceated under the new York State Not-for-Profit Corporation Law and located in New York, New York, the sum of $_____ (or description of property) to be used for the general corporate purposes of NewYork-Presbyterian Hospital as its Board of Trustees shall determine."
The IRS tax identification number for NewYork-Presbyterian is 13-3957095
Note: As you consider any Charitable Gift Plan please consult with your advisor to determine the tax/financial implications for you and your family.
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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
