Life Income Gifts

Life income gifts allow you to donate to MSK and provide an income for you or your family for a designated period of time. By choosing this gift option, you can take care of your loved ones today and leave a legacy at MSK. 

Special alert for you! Charitable gift annuity rates have gone up again, making your payout rates higher than they have been in over a decade. Get the details so you can lock in fixed, reliable income regardless of the economy’s ups and downs.

 

 

Gift Annuity

A gift annuity is a simple contract between you and MSK. You make a gift of cash or securities today, and we provide you (and a second individual if you choose) with fixed payments each year for the rest of your life. When you create a gift annuity with MSK, you will also become a member of the Cullum Society. After the last person receiving payments from your gift annuity passes away, the remaining balance is used to help us develop new and better cancer therapies for patients worldwide.

Benefits

With this type of gift you can:

Gift Annuity Payout Rates

Your payout rate is based on your age and the number of people receiving payments. This rate is determined when you create the gift annuity, and because it is not tied to the stock market or interest rates, it will never change. Use our interactive tool to calculate your potential benefits.

Guidelines
  • We welcome gift annuities with an initial gift amount of $10,000 or more.
  • Up to two people, both at least 60 years of age, may receive lifetime payments.
Next Steps
  1. Request personalized gift annuity calculations from our Gift Planning staff that illustrate the possible tax benefits. Call us at 800-688-1827 or email giftplanning@mskcc.org.
  2. Seek the counsel of your financial or legal advisor.
  3. Complete the gift annuity application that was provided with your personalized calculations and return it along with a check or notification that you will be transferring securities in exchange for a gift annuity.

 

 

Charitable Remainder Trust

A charitable remainder trust is a special kind of irrevocable trust funded with cash or appreciated assets. The trust makes regular payments to you for life or, if you prefer, for a fixed term up to 20 years. You may also choose for others to receive payments, such as your spouse or children. At the end of the trust term or your lifetime, the remaining amount in the trust is used by MSK to advance cancer care and research.

There are two kinds of Charitable remainder trusts.

  1. Charitable Remainder Unitrust: This is the most popular form of charitable remainder trust. Each year, it pays you a variable amount based on a set percentage of the value of the trust assets, which are recalculated annually. 
  2. Charitable Remainder Annuity Unitrust: A less common choice, this type of trust pays you the same fixed dollar amount every year. You select the amount when setting up the trust.
Benefits

With this type of gift you can:

  • Potentially increase your income stream from low-yield assets you use to fund the trust.
  • Receive an income tax charitable deduction for a portion of your gift's value, depending on your tax situation.
  • Pay no up-front capital gains tax when you give appreciated assets to the trust.
  • Potentially enjoy other tax benefits, depending on how the trust assets are invested.
  • Provide long-term support for cancer research and care.
  • Enjoy membership and special benefits as part of the Cullum Society.
Guidelines
  • Charitable remainder trusts typically make most financial sense when funded with a large contribution, such as $250,000 or more.
  • Your payments are based on a percentage of the trust's value. The percentage generally must be at least 5 percent. The trust payout is determined in consultation with the attorney you work with to establish your trust.
Next Steps
  1. Request personalized trust calculations from our Gift Planning staff that illustrate the possible tax benefits. Call us at 800-688-1827 or email giftplanning@mskcc.org
  2. Seek the counsel of your financial or legal advisor.
  3. Select a trustee to manage and invest your charitable remainder trust. This may be an institutional trustee, such as a bank, or you may choose an individual.

 

 

Pooled Income Fund

A pooled income fund consists of gifts from multiple donors that are combined into a trust and invested for the benefit of all donors and ultimately MSK. You or your beneficiaries receive a proportional share of the fund's annual income for life, while also enjoying the benefits that come with being a member of the Cullum Society. At the death of the last income beneficiary, the principal of your gift will be used by MSK to advance cancer care and research.

Benefits

With this type of gift you can:

  • Receive a source of income for life.
  • Receive an income tax charitable deduction for a portion of your gift's value, depending on your tax situation.
  • Provide long-term support for cancer research and care.
Guidelines
  • Pooled income funds require an initial gift of $10,000 or more.
  • Up to two people, both at least 60 years old, may receive lifetime payments.
  • You may add to the fund at any time in amounts of $1,000 or more.
Next Steps
  1. Request personalized pooled income fund calculations from our Gift Planning staff that illustrate the possible tax benefits. Call us at 800-688-1827 or email giftplanning@mskcc.org.
  2. Seek the counsel of your financial or legal advisor.
  3. Complete the pooled income fund application provided with your personalized calculations and return it along with a check or notification that you will be transferring securities to create a pooled income fund gift.

 

 

We Can Help

Contact our Gift Planning staff at 800-688-1827 or giftplanning@mskcc.org for additional information on life income gifts and how they can help support MSK's mission.

Please use our legal name, address, and federal tax ID if incorporating MSK into your plans:
Legal Name: Memorial Sloan Kettering Cancer Center
Address: 1275 York Avenue, New York, NY 10065
Federal Tax ID Number: 13-1924236

 

 

Calculate the Benefits

 

NEW OPTION! If you are 70 1/2 or older, you can fund a gift annuity with a one-time lifetime tax-free charitable distribution from your IRA (up to $53,000). This option comes with special rules, so please contact the Office of Gift Planning at 800-688-1827 or giftplannning@mskcc.org to discuss.

Rates are subject to change. New York regulates the maximum allowable rate for its residents; thus, the rates for New York residents may vary slightly. If you reside in New York, please contact us directly. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

 

Return to Gift Planning Home

 

Information contained herein was accurate at the time of posting. The information on this website is not intended by Memorial Sloan Kettering Cancer Center as legal, tax, financial or other advice. For such advice, please consult an attorney or tax advisor. Any references to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Consulting with an attorney skilled in estate planning is essential to developing an estate plan that meets your particular circumstances. The concepts discussed here are intended to suggest strategies and are presented for illustrative purposes only.

New York residents: A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or Memorial Sloan Kettering Cancer Center, 1275 York Avenue, New York, NY 10065. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.