Creating a Legacy for the Future
Legacy gifts make a tremendous difference year after year in the education that Phillips Beth Israel School of Nursing is able to provide. You can leave a legacy gift to the School through a simple bequest in your will or by naming the School 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 Phillips Beth Israel School of Nursing 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 Phillips Beth Israel School of Nursing as beneficiary of your residuary estate. Following is suggested language to review with your attorney:
| "I hereby give, devise and bequeath to Phillips Beth Israel School of Nursing, ______________(dollar amount or percentage) to be used "as the Board of Trustees determines" or "for the support of ____________________________ (specify program or purpose)." |
Make A Legacy Gift Through A Beneficiary Designation
Life Insurance: One of the easiest ways to make a significant future gift is to name Phillips Beth Israel School of Nursing as 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 the School as the beneficiary of an entire policy, you should consider transferring the policy ownership to the School 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 Phillips Beth Israel School of Nursing as 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 School 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 School. 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 Phillips Beth Israel School of Nursing 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 Phillips Beth Israel School of Nursing and for loved ones does not have to be an "either/or" proposition. There are ways to provide for loved ones while supporting the School. 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, a member of Phillips Beth Israel School of Nursing Development Office would be pleased to speak with you to 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 Bruce Lander at (212) 636-8419 or blander@chpnet.org.
