You can reduce your taxes while powering lifesaving cancer research at Fred Hutch in the years to come.
You may have a life insurance policy that has served its purpose and you no longer need it. If so, you can use it to fund a legacy gift for Fred Hutch to further our pioneering work to cure cancer faster. You can transfer ownership of the policy to Fred Hutch or name us as a beneficiary.
Transfer ownership:Giving a life insurance policy to Fred Hutch during your lifetime can help our mission in one of two ways. We can cash it in (assuming there is a build-up in value) and use the proceeds immediately towards our mission. Alternatively, it might make more sense to retain the policy until maturity. In that case, we would use the death proceeds to support our mission in the future. Either way, you are helping to advance the work of the internationally renowned scientists at Fred Hutch.
Because it is an irrevocable gift, you may receive an immediate tax deduction when you transfer the policy to Fred Hutch. For any continuing premium payments you make, you will receive a charitable deduction in the year of the payment.
Name us as a beneficiary:You can name Fred Hutch as a beneficiary of all or a portion of your life insurance policy. With this gift arrangement, Fred Hutch will receive the proceeds of your policy when you pass away. You can change your beneficiary at any time. However, this flexibility means you will not receive an income tax deduction. Instead, your estate will receive a charitable deduction, which may reduce your estate taxes.
Another option, perhaps when your family is young, is for you to name Fred Hutch as the contingent beneficiary. This allows you to make sure you have provided for your loved ones should you predecease them, while also potentially providing a legacy gift to Fred Hutch.
The gift is easy to arrange — you simply complete and sign a beneficiary designation form.
When you redeem savings bonds, you will owe income tax on the appreciation. So will the person who inherits them. You can eliminate the income tax on bonds you plan to redeem by donating them to Fred Hutch. Because Fred Hutch is tax-exempt, 100 percent of your gift of savings bonds will go to supporting our shared mission in the fight against cancer.
- Reduce your income tax with a current gift.
- Reduce income tax and possibly estate taxes for your loved ones.
- Create your lasting legacy with Fred Hutch.
With this option, you can transfer assets to your children while reducing or eliminating gift or estate taxes, and create your legacy with Fred Hutch. You will receive a gift or estate tax deduction when you fund the trust. Annual payments are made to Fred Hutch for a period of time, after which your family will receive the remaining trust assets, as well as any increase in value, free of any estate or gift taxes.
- Reduce gift or estate taxes.
- Transfer assets to your family at reduced or no cost.
- Make annual gifts to Fred Hutch.
To turn your passion for curing cancer into a lasting legacy, contact us at 800.279.1618 or at firstname.lastname@example.org for more information about legacy giving.