Like retirement plan assets, commercial annuities provide for tax-deferred growth while the owner is living. Because distributions from commercial annuities are subject to income taxes, they are often considered among the best assets to leave to charity. Due to our tax-exempt status, Dana-Farber and the Jimmy Fund can receive your commercial annuity completely tax-free when you name us as beneficiary.
Upon withdrawal, even after death, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming us as beneficiary, Dana-Farber Cancer Institute can receive your commercial annuity completely tax-free and any assets contributed to Dana-Farber and the Jimmy Fund 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.
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