Giving options offer flexibility and benefits
Feeling grateful for what your doctor did for you? Amazed by what our researchers are doing to advance the care of cancer? Interested in partnering with us to help find a cure for cancer? Consider supporting the NYU Cancer Institute at NYU Langone Medical Center (NYULMC) through a bequest or other planned gift.
Planned giving is a way to support the institution through your will, a retirement account, a trust, or other vehicles to make a charitable contribution to The Cancer Institute after your death. “We work with donors to help them direct their contributions to something that can make them feel special or great,” explains Marilyn Van Houten, senior director of planned giving at NYULMC.
“Helping the next generation can really make a difference,” adds Michelle Gelber, director of planned giving. “A donation made today can help someone years from now through the fruits of research.”
While leaving a portion of your estate to The Cancer Institute in your will or trust is the most obvious way to include the institution in your estate planning, there are other ways to do so without having to change your will or trust. The planned giving team at NYULMC can work with you to help you find the vehicle that works best for you. Other options include:
- Designating The Cancer Institute as a beneficiary of a retirement account, such as an IRA or 401(k) plan. While bequests and retirement plan assets given to loved ones are subject to estate taxes, retirement plan assets are subject to the additional burden of federal and state income taxes, because pretax dollars were used to create the retirement funds. So designating The Cancer Institute as a beneficiary of your IRA accounts may reduce the tax burden for your family members.
- Designating The Cancer Institute as a beneficiary of a life insurance policy or bank account. The funds go directly to The Cancer Institute without having to go through the probate process.
- Including The Cancer Institute as a beneficiary of a charitable remainder trust, charitable gift annuity, or charitable lead trust. These vehicles generate income for you during your retirement years, with the remainder transferrable to The Cancer Institute upon your death.
Gifts of any size are appreciated. “We can’t emphasize enough how important every single gift is to make this institution run,” says Ms. Van Houten.
For more information about planned giving for The Cancer Institute, you may:
- Call the Planned Giving Office at 212.404.3653.
- E-mail firstname.lastname@example.org .
- Visit us online at development.med.nyu.edu/charitable-gift-planning .