What Can I Give?

Gifts of Retirement Plan

You can designate BIDMC as a beneficiary of part or all of the remainder of your IRA or retirement plan.

Distributions from retirement plans at the death of the survivor of the account holder can be subject to both income and estate taxes. These taxes can leave less than 30 cents on the dollar of the plan's balance for your children or other heirs.

By naming BIDMC as the beneficiary of the remainder of your retirement plan, 100 percent of the plan's balance is available for BIDMC's use, since the distribution avoids both income and estate taxes.

Summary of benefits:

  • A simple change of beneficiary form (available from your IRA administrator) is needed to complete this gift.
  • If your circumstances change, you can easily alter your intentions without modifying your will/estate plans.
  • You will avoid income taxes and possibly estate taxes with this gift.
  • 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.

Gifts of Real Estate

A gift of real estate to BIDMC is a unique way to provide a lasting benefit to the hospital-while also providing a convenient way for you to enjoy a charitable deduction based on the current fair market value of your property and to reduce the size and complexity of your estate.

You can provide a significant gift to BIDMC through a gift of real estate. It is possible to donate all or a percentage of your property. Not only can real estate be used to make outright gifts, it can also be used creatively to make future gifts to BIDMC.

For example, a "retained life estate" gift allows you to make a future gift of your home (or a portion of your home) to BIDMC while retaining the right to live in it for the rest of your lifetime along with the right to any income earned from the property. You can also make a gift of a vacation home or condominium and retain the right to part-time use.

You can take a substantial charitable tax deduction now for the future gift of your home, and, in this way, increase your current disposable income. The property is also removed from your estate, potentially saving on estate taxes. Your property simply needs to be mortgage-free. You also continue to take care of maintenance and property taxes.

Real estate can also be used to fund a charitable remainder trust, which would provide you income for the rest of your life.

There are many types of real estate suitable for a gift to BIDMC including:

  • personal residence
  • vacation property
  • commercial property
  • undeveloped land
  • building lot
  • farm or ranch

Gifts of Life Insurance

Life insurance offers you the opportunity to make a significant gift to BIDMC with tax benefits. If you have more insurance coverage than you need, you may consider giving BIDMC a paid-up policy. By transferring the ownership of your policy to BIDMC, you receive a charitable income tax deduction equal to the policy's cash surrender value or cost basis, whichever is less.

Summary of benefits:

  • Receive a federal income tax deduction in the year that you make the 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.

For more information on planned gifts of assets, please contact Noreen Mitchell at (617) 667-1387 or noreen.mitchell@bidmc.harvard.edu.

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