Life Stage Gift Planner™

 Over Age 70

For the charitably inclined, certain types of gifts can provide solutions to taxing problems:

Charitable bequest
If you would like to make a substantial gift for Northwell Health Foundation but you do not have the current disposable income or assets to do so now, consider a charitable bequest.

Cash, check, and credit card
A gift of cash is easy to do, and the gift is not subject to gift or estate taxation. A contribution that you postmark in December is deductible for that tax year—even if Northwell Health Foundation receives it in January—provided the account against which the check was written had sufficient funds to cover it in December.

Charitable gift annuity
Support Northwell Health Foundation and receive a fixed income for life. In exchange for your gift, Northwell Health Foundation will provide payments for life to you or a beneficiary you designate.

Charitable remainder annuity trust
Provides for payment of a fixed-dollar amount—annually or at more frequent intervals—to the designated beneficiary(ies). The amount must equal at least 5% of the initial fair-market value of the trust.

Real estate—retained life estate
Give property to Northwell Health Foundation while retaining the right to occupy the residence or operate the farm.

Qualified charitable distribution (QCD) gift
If you are aged 70½ or older and you want to make a current gift, you might consider using a qualified charitable distribution (QCD) from your IRA to make your annual gift to Northwell Health. Subject to meeting the requirements (described here), the amount transferred will not be included in your taxable income, and if you have reached the age of 73, the transfer will count towards your required minimum distribution.

Gifts of retirement plans at death
Retirement-plan benefits left to heirs are often more highly taxed than other assets. Consider giving them to Northwell Health Foundation instead to make a meaningful gift and leave other assets to heirs.