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.
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.