Gifts in Your Will
Gifts in your will, also known as bequests, are a time-honored way of ensuring that your annual support of City of Hope® continues for generations to come.
- To leave the majority of funds to your loved ones, name City of Hope the beneficiary of a specific amount or percentage of your estate.
- To leave City of Hope what is left after loved ones are provided for, use a residuary bequest. City of Hope will be “second in line” after all costs and bequests to others have been satisfied.
- To leave your estate to family and friends, only include City of Hope if a beneficiary is not living, name City of Hope as a contingent beneficiary. This is often used by spouses who stipulate that if the other spouse is not living, then the bequest specified for that spouse will go to City of Hope.
Gifts by Beneficiary Designation
Retirement Plan Savings
Because retirement plans can be taxed at a much higher rate than other assets, naming City of Hope a beneficiary of your retirement account can be an attractive option for leaving a legacy and reducing income tax and possibly estate taxes for your loved ones.
Leaving a gift of retirement plan assets to City of Hope means that 100% of your gift will be used to help find cures and fund compassionate patient care.
Beneficiary | Your Heirs | City of Hope |
---|---|---|
Gift Amount | $100,000 | $100,000 |
Income Tax (Est. 37%)* |
$37,000 | $0 |
Net to beneficiary | $63,000 | $100,000 |
*Tax rates shown here reflect 2018 tax law changes which are still current. Estate tax is not included because it applies infrequently.
Making City of Hope a beneficiary of a retirement account is easy. Simply ask your plan administrator for a beneficiary designation form and include City of Hope as the beneficiary of a specific percentage of the account value or as a contingent beneficiary.
Here is how to include City of Hope:
- City of Hope (Tax ID No.: 95-3435919), 1500 E. Duarte Road, Duarte, CA 91010
Life Insurance Policies
Many people have life insurance policies that have long since served their purpose. Perhaps you purchased a policy to make sure your children’s tuition needs were accounted for, but now the kids are on their own and doing well. Or perhaps you have a policy your parents purchased for you years ago. These policies can make a wonderful gift to City of Hope.
- Request a beneficiary designation form from your life insurance provider and make City of Hope a full, partial or contingent beneficiary.
- Sign over a fully paid policy. You will be allowed a tax deduction for your generosity.
Gifts of Savings Bonds
If you have savings bonds that have stopped earning interest, they may be a tax liability for you. If you redeem your bonds, you will owe income tax on the appreciation. Leaving them to loved ones means they will owe income tax when they cash the bonds and perhaps estate taxes, too. In the end, your heirs will receive only a fraction of the value of the bonds in which you so carefully invested.
Wouldn’t it be wonderful if you could avoid these taxes and give your savings bonds new life? Simply bequeath them to City of Hope. Because City of Hope is tax exempt, we will receive the full value of your savings bonds. Just a single sentence in your will or living trust completes your gift. Here is sample language:
“I bequeath my savings bonds, serial numbers___________ to City of Hope (ID No.: 95-3435919), 1500 E. Duarte Road, Duarte, CA 91010.”
Bequests From a Donor Advised Fund
As with many financial accounts, final distribution of contributions remaining in a DAF is governed by the contract you completed when you created your fund. We hope you will consider naming City of Hope a successor of your account.
Or you can name City of Hope the successor for a portion of the account value, leaving the remaining portion for your children or grandchildren to continue your legacy of philanthropy.
Gifts of Certificates of Deposit and Other Bank Accounts
Many City of Hope donors have assets — often overlooked — that make an ideal gift. These include certificates of deposit, bank accounts and brokerage accounts. These assets only transfer to City of Hope when you no longer need them. You can designate City of Hope as a beneficiary on the account.
Our Team Is Here to Help
Our experienced team is here to help you . . .
- Learn about special projects that align with your interests.
- Structure a donation that maximizes benefits for you and your loved ones.
- Stay up to date on how your gift is used.
- And more!