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Life Income Gifts

There are several different types of life income arrangements available for you to support BIDMC. Life income gifts, such as charitable gift annuities, deferred gift annuities, and charitable remainder trusts, provide an income stream for life or a term of years. Depending on the gift option you choose, your income can be fixed or variable over your lifetime. And, if you make your gift with appreciated property, you can reduce or eliminate your capital gains taxes.

In addition, you also receive a charitable income tax deduction that you can use in the year that you make your gift. And when the plan ends, the life income gift will benefit the department or program at BIDMC that you specifically designated.

Charitable Gift Annuity

A charitable gift annuity is a simple contract between you and Beth Israel Deaconess Medical Center (BIDMC). The contract states that in exchange for your gift to BIDMC, the Medical Center agrees to pay you and/or another beneficiary a fixed dollar amount annually for life.

Annuities can be established with minimum gifts of $10,000 and can be structured in several different ways to suit your particular situation.

Part of the income paid to you and your beneficiary(ies) may be tax-free, or taxed at the more favorable capital gains tax rate, depending on the asset you use to fund the annuity. The income is based on the age of the income beneficiary(ies) at the time of the gift. At the death of the last income beneficiary, BIDMC will then use the principal in accordance with the terms of your gift.

Summary of benefits:

  • Save on capital gains, gift, and/or estate taxes.
  • Transfer low or non-income producing assets to BIDMC in exchange for an attractive lifetime income.
  • Earn a federal income tax deduction to be used in the year you make your gift.
  • Make a more significant gift to BIDMC.
  • Receive membership in the Lunn Society, BIDMC's recognition society for individuals who have made a planned gift.

Deferred Gift Annuity

For some people, a charitable gift annuity is a great option; however they prefer not to receive the income immediately. A deferred gift annuity allows you to make your gift now and receive a charitable tax deduction, but you begin receiving your income at a pre-determined date in the future. By deferring your income for a year or more (perhaps until you retire), you are offered a higher gift annuity rate and a higher tax deduction.

Summary of benefits:

  • Save on capital gains, gift, and/or estate taxes.
  • Transfer low or non-income producing assets to BIDMC in exchange for an attractive lifetime income starting at a pre-determined date.
  • Delay your income stream until a later date and receive an increased income over an immediate payment charitable gift annuity.
  • Earn a federal income tax charitable deduction to be used in the year you make your gift.
  • Make a more significant gift to BIDMC.
  • Receive membership in the Lunn Society, BIDMC's recognition society for individuals who have made a planned gift.

Charitable Remainder Trusts

Charitable remainder trusts are individually managed accounts from which payments are made to the named beneficiary(ies) for his or her lifetime or a term of years. On the death of the last named beneficiary or end of the trust term, the principal is transferred to BIDMC to be used in accordance with your wishes.

Charitable remainder trusts at BIDMC can be established with gifts of $100,000 or more. You determine the rate of annual payments at the outset, subject to certain guidelines. The trusts pay out to the named beneficiary(ies) for their lifetime(s). Charitable remainder trusts can be structured in a variety of ways to suit your particular situation.

Summary of benefits:

  • A charitable remainder trust offers a quarterly variable income stream for your lifetime(s).
  • You have the possibility of increased income over time.
  • You receive a federal income tax charitable deduction to be used in the year you make your gift.
  • By transferring appreciated securities for this gift, you will avoid capital gains taxes on the transfer.
  • You have the ability to make a more significant gift to BIDMC.
  • You receive membership in the Lunn Society, BIDMC's recognition society for individuals who have made a planned gift.

Note: The information on this website is not intended to serve as legal or financial advice. When planning a specific charitable gift, the services of a legal or financial advisor should be obtained.

Development Planned Giving

Noreen M. Mitchell
Office of Development
Beth Israel Deaconess Medical Center
330 Brookline Avenue (OV)
Boston, MA 02215
617-667-1387
noreen.mitchell@bidmc.harvard.edu