Beneficiary Designations
3 Ways to Make an Impact at MSK—Beyond Your Will
Not everyone wants to make a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
- Life insurance policies
- Savings accounts/certificates of deposit
- IRAs and retirement plans
Life Insurance
Make a Major Gift With Ease
A life insurance policy may provide a way for you to make a much larger contribution to cancer research and patient care than you ever thought possible. As your life evolves, your need for life insurance may as well.
Ways to Give
- Name MSK as the recipient of all or part of the proceeds of a life insurance policy that is no longer needed for family protection.
- Contribute a paid-up policy during your lifetime, resulting in a charitable deduction if you itemize for an amount approximately equal to your policy's cash surrender value.
- Depending on state law, purchase a new life insurance policy in which you name MSK as owner and beneficiary or co-beneficiary.
Next Steps
- Contact your life insurance company to request a change-of-beneficiary form.
- Name Memorial Sloan Kettering Cancer Center (MSK) as a beneficiary of all or a percentage of the policy’s value.
- Return the updated form to your insurance company.
- Contact our Office of Planned Giving staff for information or assistance. Notifying us of your intended gift allows us to thank you and make sure we have a clear understanding of your plans. It also gives us an opportunity to welcome you into the Cullum Society. Your notification will be treated confidentially, if you so desire.
Toll free: 800-688-1827
Email: plannedgiving@mskcc.org - Please use our legal name, address, and Federal Tax ID if incorporating MSK into your plans:
Legal Name: Memorial Sloan Kettering Cancer Center
Address: 1275 York Avenue, New York, NY 10065
Federal Tax ID Number: 13-1924236
Savings Account/Certificate of Deposit
Your Savings Can Help Save Lives
A savings account or certificate of deposit can provide immediate support to MSK after your lifetime when you name MSK as a beneficiary on a payable-on-death account.
Advantages
- It's easy. Just ask your bank representative to explain the one or two easy steps you need to take.
- Avoids delays or unnecessary expenses to your loved ones.
- Allows you to maintain control of the assets throughout your lifetime. If your circumstances change, you may revoke the gift, withdraw the assets, or close the account.
Next Steps
- Contact your financial institution for the forms needed to change the ownership of your account or certificate of deposit.
- Name Memorial Sloan Kettering Cancer Center (MSK) as a beneficiary of all or a percentage of the account's value.
- Return the updated form to your financial institution.
- Contact our Office of Planned Giving staff for information or assistance. Notifying us of your intended gift allows us to thank you and make sure we have a clear understanding of your plans. It also gives us an opportunity to welcome you into the Cullum Society. Your notification will be treated confidentially, if you so desire.
Toll free: 800-688-1827
Email: plannedgiving@mskcc.org - Please use our legal name, address, and Federal Tax ID if incorporating MSK into your plans:
Legal Name: Memorial Sloan Kettering Cancer Center
Address: 1275 York Avenue, New York, NY 10065
Federal Tax ID Number: 13-1924236
A payable-on-death account is not available in all states. Please consult with a financial advisor.
Retirement Account
A Tax-Smart Way to Support Memorial Sloan Kettering
Donations of retirement account assets are among the most tax-smart gifts you can make to MSK. Although IRAs and 401(k) accounts are excellent vehicles for accumulating assets for your use during retirement, they are far less effective for transferring wealth to your loved ones. Those who inherit your retirement plan assets could see up to 37 percent of the value depleted by federal income taxes. The only exceptions are distributions from a Roth IRA, which are usually tax-free, and distributions on nondeductible contributions made to a conventional IRA.
If you choose to contribute all or part of these assets to MSK, however, our status as a nonprofit organization means that we can use 100 percent of your gift to support our lifesaving work.
Next Steps
- Contact the administrator of your IRA or retirement plan to request a change-of-beneficiary form.
- Name Memorial Sloan Kettering Cancer Center (MSK) as a beneficiary of all or a percentage of the plan’s value.
- Return the updated form to the plan administrator.
- Contact our Office of Planned Giving staff for information or assistance. Notifying us of your intended gift allows us to thank you and make sure we have a clear understanding of your plans. It also gives us an opportunity to welcome you into the Cullum Society. Your notification will be treated confidentially, if you so desire.
Toll free: 800-688-1827
Email: plannedgiving@mskcc.org - Please use our legal name, address, and Federal Tax ID if incorporating MSK into your plans:
Legal Name: Memorial Sloan Kettering Cancer Center
Address: 1275 York Avenue, New York, NY 10065
Federal Tax ID Number: 13-1924236

Learn More
Create your legacy with our complimentary guide, or browse the information on this page to discover how to make a gift through a beneficiary designation.
If you are 70½ or older, you can make an impact today by transferring any amount up to $100,000 directly from an IRA to MSK without tax complications.
We Can Help
Contact the Office of Planned Giving at 800-688-1827 or plannedgiving@mskcc.org for additional information on beneficiary designations and how they can help support MSK and our mission. Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.