Charitable Gift Annuities
Supporting research to cure cancer faster is important to you, but making sure your future is financially secure is just as important. Now you can achieve both of these objectives with a charitable gift annuity.
Partnering with us, you can choose from a variety of ways to receive a steady income while you fund the lifesaving mission of Fred Hutch.
A charitable gift annuity is an agreement between you and Fred Hutchinson Cancer Research Center in which you make a gift, and in turn, we pay you a fixed amount each year from the investment you made. Immediate annuities are eligible to people ages 60 and older, while deferred annuities can be created for those ages 50 and older, with payments beginning at age 60 or older.
Deferred charitable gift annuity:
Similar to a standard charitable gift annuity, this method allows you to postpone the first payment to a date of your choice. At the time of your gift, you still receive an immediate tax deduction, but you can choose to defer the start of income payments you receive from Fred Hutch.
Many of our supporters like this option because it allows them to save money for future expenses or plans, such as retirement. This is also a great option if you’re someone who wants to support Fred Hutch and put away funds for the future of your children.
Benefits to you:
- Receive an immediate income tax deduction.
- Potentially reduce your taxes by removing assets from your estate to fund important research.
- Set aside funds to be used at a future date.
- Benefit yourself or your heirs with steady income.
- Gain the satisfaction of knowing you are helping in the fight against cancer with your gift.
There is also the option to make a gift by setting up a flexible annuity, which is much like a deferred annuity, but you do not need to establish the date of first payment at the time you make your gift. Instead, you give yourself the flexibility to finalize the date closer to the time of payment. This allows you to take into account the timing of other events in your life, particularly retirement.
Designating the beneficiary of a charitable gift annuity:
Often, we are asked if someone other than a donor themselves can benefit from a charitable gift annuity. The answer is yes. You can choose to name another party to receive income from your annuity for their lifetime. For some donors this means benefitting parents, siblings, friends or employees.
Specifications can be made to ensure you and the other party are paid simultaneously, or on a contingency basis. Many married couples prefer a simultaneous payment in which the full annuity amount is paid to the surviving annuitant after their spouse’s lifetime.
Please be sure to consult your financial advisor to see which is best for your situation.
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.
Fred Hutchinson Cancer Research Center is a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code, and contributions made to it are tax-deductible to the extent permitted by law. The purpose of these web pages is to provide general educational information about charitable gifts, financial considerations and estate planning. They are not intended as legal, accounting or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisers should be obtained. Consult an attorney for advice if your plans require revision of a will or other legal document.