Ways to Give a Planned Gift

Will or Living Trust

Including The New York Academy of Medicine (NYAM) in your will or living trust is the most common form of planned gift. Such a gift requires the assistance of an attorney to draft a codicil (for a will) or amendment (for a living trust) or to write a new will or living trust. Although wills and living trusts are generally revocable documents, by signing a pledge form confirming your intentions, you can be recognized for the full amount of your intention. Sample bequest language: I hereby give, devise and bequeath to The New York Academy of Medicine, located at 1216 Fifth Avenue, New York, NY, $_____ (specific dollar amount) or _____ percent of my residuary estate, (to be used for ___ purpose/to establish_______ endowment fund.

Tax-free IRA Distribution

Under recently re-enacted legislation, Congress allows donors age 70½ and older to make contributions from IRAs (Individual Retirement Accounts) without incurring taxable income. The transfer must be made to a qualified charitable institution such as NYAM and can be as much as $100,000 in 2011. The transfer must be made directly from your IRA account to NYAM. This is a wonderful opportunity to save on taxes as a transfer to NYAM from your IRA can also satisfy and avoid taxes on your required minimum distribution for this year. Note: this gift option is set to expire on December 31, 2011, and may not be available from that point forward.

IRA or Pension Plan Beneficiary

By naming NYAM as a beneficiary of your IRA, pension plan or other retirement assets, you are creating a revocable commitment to NYAM. This is a tax-wise form of giving, as funds designated in this manner are not subject to income tax after your passing. While estate taxes may or may not be a concern for you, all IRA, pension plan and pre-tax retirement assets are subject to income tax when distributed unless a non-profit institution such as NYAM is named beneficiary of some or all of the funds. Changing a beneficiary designation requires the filing of a new beneficiary designation form. As with bequests, you can be recognized by signing a pledge form confirming your intentions.

Lifetime Income to You and/or Your Spouse

Charitable Remainder Trusts and Charitable Gift Annuities allow NYAM supporters to transfer cash or appreciated securities in exchange for a fixed or adjustable income stream. The funds remaining at the end of trust or annuity term pass to NYAM. Such gifts may be for one or two lives, or a term of years. One income beneficiary must be at least 60 years of age and the minimum gift size is $10,000. Payment rates for these gift vehicles depend upon your goals, IRS limitations and the particular gift structure chosen. All versions of these gifts provide donors with an immediate partial income tax deduction, by-passing of capital gains and avoidance of estate taxes.

Life Insurance Policy

Insurance policies that are fully paid are ideal assets to gift to NYAM. Alternatively, a new insurance policy can be purchased naming NYAM as the owner with a pledge to make annual gifts to cover the premium payments. We will work with you and your financial advisor to determine the best policy to use for this purpose.

Real Estate

Charitable giving with real estate offers a wonderful opportunity to avoid capital gains taxes and to greatly benefit NYAM. There are many options to consider depending upon your needs, the property involved and the marketability of the property. Generally, NYAM requires the property to be unencumbered and that environmental inspections are performed prior to considering acceptance.