Legacy gifts make a tremendous difference year after year in the patient care Continuum Health Partners's hospitals are able to provide. You can leave a legacy gift to one or more of the Continuum hospitals through a simple bequest in your will or by naming the hospital as a beneficiary of your life insurance policy or qualified retirement plan. You also can arrange a tax-wise gift that will provide lifetime income for yourself and your loved ones or that will pass assets to heirs at reduced tax. Following are some of the options available to you:
Include A Bequest To A Continuum Hospital
In Your Will Or Living Trust
We deeply value the support we receive through bequests and urge you to notify
us of your intentions so we can acknowledge your generosity during your lifetime.
You may leave a specific dollar amount, a percentage of your estate, or name
a Continuum Hospital as beneficiary of your residuary estate. Following is
suggested language to review with your attorney:
| "I hereby give, devise and bequeath to _______________(Legal Designation of Continuum Hospital), ______________(dollar amount or percentage) to be used "as the Board of Trustees determines" or "for the support of ____________________________ (specify program or purpose)." |
Legal Designations for Continuum Health Partners' Hospitals are:
- Beth Israel Medical Center, First Avenue at 16th Street, New York, NY 10003
- St. Luke's-Roosevelt Hospital Center, 1000 Tenth Avenue, New York, NY 10019
- Long Island College Hospital, 339 Hicks Street, Brooklyn, NY 11201
- The New York Eye and Ear Infirmary, 310 East 14th Street, New York, NY 10003
Make A Legacy Gift Through A Beneficiary Designation
Life Insurance: One of the easiest ways to make
a significant future gift is to name a Continuum hospital beneficiary of all
or a portion of the proceeds of a life insurance policy that is no longer
needed for family protection. If you are planning to name a Continuum hospital
as the beneficiary of an entire policy, you should consider transferring the
policy ownership to the hospital to enable you to receive an immediate income-tax
deduction for the current value of the policy, as well as income-tax deductions
for future premium payments.
Retirement Plan Assets: Another simple way is to
name a Continuum hospital a beneficiary of all or a portion of a qualified
retirement plan. All one has to do is fill out a "Change of Beneficiary"
form provided by the plan administrator. The gift can then pass to the hospital
without being subject to estate and income taxes.
Receive Income By Establishing A Charitable Gift
Annuity Or Charitable Remainder Trust
A Charitable Gift Annuity makes lifetime payments to you
beginning immediately or on a future date. In either case, you will get an
immediate tax deduction for a portion of the value of your gift. Immediate-payment
gift annuities are generally established by individuals of retirement age.
The annuity rate is based on age and the number of people receiving income
(not more than two). If you use appreciated securities, you can also avoid
the payment of capital gains tax on the transfer and allow for your income
stream to be based on the full fair-market value of your gift. Additionally,
a significant part of your income payments may be tax-free.
Charitable Remainder Trusts are individually structured gift
arrangements that can make payments to you and/or others for your lifetime(s)
or a term of years (maximum 20). Upon the termination of the trust, the remainder
of the trust principal becomes available to the hospital. You can receive
either fixed or variable income, or establish a trust that will initially
minimize income payments and build principal allowing for higher income payments
at retirement. Charitable Remainder Trusts entitle you to an income-tax deduction
for part of your gift, and you may bypass capital gains tax if you fund your
trust with appreciated assets.
Establish A Charitable Lead Trust
You can transfer a portion of your estate to children, grandchildren or other
heirs with reduced gift or estate taxes through a Charitable Lead Trust, established
now or through your will or living trust. The Trust would make payments to
one or more Continuum hospitals for your lifetime, or a term of years, after
which the principal would be distributed to your heirs. A Charitable Lead
Trust is a sophisticated estate planning vehicle which can enable to you to
meet both your charitable and family goals.
Make A Gift That Provides For Loved Ones
With sophisticated estate planning, providing for a Continuum hospital and
for loved ones does not have to be an "either/or" proposition. There
are ways to provide for loved ones while supporting the Continuum hospital
of your choice. These techniques can provide estate tax savings while enabling
you to:
- Provide income to a surviving loved one for life or for a term of years;
- Provide a surviving loved one with use of your residence or vacation home,
- Transfer a portion of your estate to children, grandchildren or other heirs at reduced tax.
If you are interested in Planned Giving opportunities please click on the following link A Lasting Legacy of Your Caring or if you wish member of the Continuum Health Partners' Development Department would be pleased to speak with you and develop a personal proposal outlining the tax and financial implications of gifts that interest you. We strongly advise you to review our recommendations with your own legal and tax advisors. For further information, please contact Shanti Bajaj, Esq., Director of Planned Giving, at (212) 523-7429 or sbajaj@chpnet.org .