A Smart Gift to Leave to Glens Falls Hospital Foundation
Banks and life insurance companies typically sell commercial annuities. They provide the owner with fixed or variable income based on commercial rates of return. Because commercial annuities are subject to income and estate taxes, and for larger estates, federal taxes, they are often considered among the best assets to leave to charity. The best way to give a commercial annuity in support of our work after your lifetime is to name us as beneficiary.
Upon withdrawal, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming us as beneficiary, Glens Falls Hospital Foundation can receive your commercial annuity completely tax-free and any assets contributed to Glens Falls Hospital in this manner will result in a charitable deduction and help reduce any estate tax your estate might incur.
Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
- Contact Glens Falls Hospital Foundation at 518-926-5960 or firstname.lastname@example.org for additional information on commercial annuities.
- Seek the advice of your financial or legal advisor.
- If you include Glens Falls Hospital in your plans, please use our legal name and federal tax ID.
Legal Name: Glens Falls Hospital Foundation
Address: 126 South Street, Glens Falls, NY 12801
Federal Tax ID Number: 14-1790805