Bequest

A bequest is a gift in your will, or in a codicil to your will. The following language can be used to name Penn Medicine in your estate planning: “I give, devise, and bequeath to The Trustees of the University of Pennsylvania, a nonprofit corporation located in Philadelphia, Pennsylvania, for Penn Medicine, the sum of $__________ (or _____% of the residue of my estate).” Bequests can be a designated amount, a specific asset, or a percentage of your net estate.

Charitable Gift Annuity

Through a charitable gift annuity, you provide an outright investment through a gift of cash or stock, and Penn will make fixed payments to one or two people for life. Payments to beneficiaries of the annuity may be current or deferred, and are generally tax-free in part. Annuity payout rates are determined based upon age of the annuitant(s). The gift qualifies for an income tax deduction, and stock gifts used to establish a charitable gift annuity reduce capital gains taxes. This option is ideal for donors who want guaranteed income at attractive rates.

Charitable Lead Trust

A charitable lead trust is one that furnishes charitable gift payments to Penn Medicine, with remaining assets passing to individuals or reverting to the donor when the trust terminates. This is an opportunity ideal for passing appreciated assets to heirs and mitigating tax costs.

Charitable Remainder Trust

A charitable remainder trust is a tax-exempt trust that provides fixed, variable, or deferred payments to individuals, with the remaining assets passing to Penn Medicine when the trust terminates. Penn manages charitable remainder trusts funded with $100,000 or more in cash, securities, or real estate. The gift qualifies for an income tax deduction, and is well-suited for converting appreciated, low-yield assists into a payment stream with no immediate capitals gains tax.

Life Insurance

Give Penn Medicine a fully-paid-up life insurance policy and deduct the approximate cash value for income tax purposes. Or designate “The Trustees of the University of Pennsylvania for Penn Medicine” as the beneficiary of a policy for a deferred gift.

Real Estate

A residence, rental property, or undeveloped land can be a perfect asset to use in making an outright gift or a gift in trust. Gifts can be structured so that you receive income or continue to live in the property you donate. Your tax deduction is based on your qualified appraisal.

Retirement Assets

Designate “The Trustees of the University of Pennsylvania for Penn Medicine” as the successor beneficiary of your 401(k), 403(b) or IRA. By directing retirement plan assets to Penn Medicine, you can prevent your heirs from owing income and estate taxes on these assets. Or, make a withdrawal from your plan after age 70-½ and make a gift to PENN Medicine without including the withdrawn amount in your income. This limited-time provision allows you to avoid the limitations on itemized deductions.

Need an appointment? Request one online 24 hours/day, 7 days/week or call 800-789-PENN (7366) to speak to a referral counselor.