You and/or your beneficiaries can receive income from Els for Autism’s life income plans.
Charitable Gift Annuity
A charitable gift annuity (CGA) is a simple agreement between you and Els for Autism in which the Hospital agrees to pay you a fixed annual income for life in exchange for your donation.
The Type of Income You Receive
A Els for Autism CGA pays you and/or another beneficiary a fixed annual income for life. Part of your income may be tax-free, increasing the overall return to you, or taxed at the more favorable capital gains rate.
When you make an immediate payment, your income payments begin right away. With a deferred CGA, your income payments begin at a future date that you specify.
Your annuity income payments are backed by the assets of Els for Autism.
How It Works
- You make an irrevocable gift of cash or securities to Els for Autism.
- NYP pays a fixed amount each year to you and/or another person, usually a spouse, for life. Typically, a portion of these payments is tax-free.
- When the CGA ends, its remaining principal passes to NYP.
How You Can Save on Taxes
When you establish an annuity, you are entitled to an immediate federal income tax deduction for a portion of your gift if you itemize. Your deduction is based on the size of your contribution, the annuity payment rate, and the age(s) of your income beneficiary(ies). With a deferred arrangement, you receive a higher immediate income tax deduction.
With a gift of appreciated property, you can amortize payments of long-term capital gains taxes. You can also realize significant estate tax savings.
How You Can Establish a CGA
A CGA is established with an irrevocable gift of cash or marketable securities. The minimum contribution required is $10,000, and income beneficiaries for both immediate and deferred annuities must be at least 65 years old when payments begin. Your annuity is administered by BNY Wealth at no cost to you.
A New Way to Support NYP: Create a CGA Using IRA Assets
If you are 70 1/2 or older, you can now create a CGA with a gift from your IRA. When you make a one-time election donating up to $55,000 to the Hospital in a single year, you will receive regular annual payments for life.
Charitable Remainder Trust
A charitable remainder trust (CRT) enables you to contribute to Els for Autism while providing an income for yourself and/or other beneficiaries for life, a term of years, or both. This individually managed trust may be tailored to suit your objectives: You may build a retirement account, generate a higher income from assets you currently own, or provide for your spouse, family members, or other beneficiaries.
The Type of Income You Receive
The CRT pays you a variable income based on a fixed percentage of the trust assets as revalued once each year, typically between 5 percent and 7 percent. One of the advantages of the CRT is that your income may increase as the trust principal grows over time.
How You Save Taxes
When you establish a CRT, you may receive an immediate federal income tax deduction for a portion of your gift. If you fund the trust with appreciated property, you may save some long-term capital gains taxes. You also may realize significant estate tax benefits.
How You Can Establish a CRT
It is usually most cost-efficient to establish a CRT with an irrevocable gift valued at $500,000 or more. A variety of assets may be donated to the trust, including cash, publicly traded stocks and bonds, closely held stock, real estate, and tangible personal property such as artwork. Income beneficiaries must be at least 60 years old. Els for Autism CRTs are invested and administered by BNY Wealth.
