Gift of commercial annuities | Dana-Farber and the Jimmy Fund

Commercial Annuities

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.

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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Sample language to share with your attorney:

"I bequeath (a specific dollar amount/_______percentage or the entire residue of my estate) to Dana-Farber Cancer Institute, Inc., 450 Brookline Avenue, Boston, Massachusetts 02215 (for cancer research and patient care, or for a specific purpose important to you). Dana-Farber’s Federal Tax ID: 04-2263040."

Next Steps

  1. Contact Erin McKenna at 800-535-5577 or Erin_McKenna@dfci.harvard.edu for additional information on commercial annuities.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Dana-Farber and the Jimmy Fund in your plans, please use our legal name and federal tax ID. See below for sample language to share with your attorney.
  4. Please let us know if you have made this gift to Dana-Farber and the Jimmy Fund in your estate plans, and we would be happy to recognize you in our Dana-Farber Society, a special community of forward-thinking donors who have made a legacy gift.

Legal Name: Dana-Farber Cancer Institute, Inc.
Address: 450 Brookline Ave, Boston, MA 02215
Federal Tax ID Number: 04-2263040

A charitable bequest is one or two sentences in your will or living trust that leave to
Dana-Farber and the Jimmy Fund a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I bequeath (a specific dollar amount/_______percentage or the entire residue of my estate) to Dana-Farber Cancer Institute, Inc., 450 Brookline Ave, Boston, MA 02215 (for cancer research and patient care, or for a specific purpose important to you). Dana-Farber’s Federal Tax ID: 04-2263040."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Dana-Farber and the Jimmy Fund or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Dana-Farber and the Jimmy Fund as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Dana-Farber and the Jimmy Fund as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Dana-Farber and the Jimmy Fund where you agree to make a gift to Dana-Farber and the Jimmy Fund and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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