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Real Estate

Leverage a Significant Asset for Your Benefit and Ours

An outright, irrevocable gift of real estate to MSK offers you immediate benefits and may be more advantageous to you than leaving the real estate to MSK in your will. In addition, when you make an outright gift of real estate that is not subject to a mortgage:

  • You are eligible for an income tax charitable deduction equal to the full fair market value of the property, not just the original cost.
  • If you've owned the property for at least one year, you will not have to pay any capital gains tax at the time of transfer.
  • You provide crucial support to the ongoing mission of Memorial Sloan Kettering and become a member of the Cullum Society.

 

Options to Consider

There are numerous ways to make a gift of real estate, each with its own unique benefits:

  • Life Income Gift. Fund a charitable trust, which can provide you, your spouse, or other beneficiaries annual income for life.
  • Retained Life Estate. With this type of gift, you donate property—such as your home, vacation home, or farm—while retaining the right to live there for the rest of your life. You continue to care for the property, pay the taxes and insurance, and receive all rental income. After your lifetime, that of another person, or a term of years, MSK takes possession of the property.
    • In the year you make your gift, you become eligible for an income tax charitable deduction for a portion of the appraised value of the property.
    • If at any point you no longer wish to occupy the property, you can rent it and receive an additional source of income. Or, you can give MSK the right to use the property for the rest of your life. This may provide you with another charitable deduction.

Next Steps

  1. Request a personal real estate illustration or additional information from our Office of Planned Giving staff.
    Toll free: 800-688-1827
    Email: plannedgiving@mskcc.org
  2. Seek the counsel of your financial or legal advisor.
  3. 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 charitable bequest is one or two sentences in your will or living trust that leave to Memorial Sloan Kettering Cancer Center 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 to Memorial Sloan-Kettering Cancer Center, a New York nonprofit corporation having a principal place of business at 1275 York Avenue, New York, NY 10065, Federal Tax ID #13-1924236, ____percent of my total estate (or $_____, or other property) to be used or disposed of as Memorial Sloan-Kettering Cancer Center in its sole discretion deems appropriate.

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 MSK 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 MSK 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 MSK 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 MSK where you agree to make a gift to MSK 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.

A tax imposed at one's death on the transfer of most types of property. Currently federal estate taxes are assessed in 2019 on estates worth more than $11.2 million. The maximum estate tax rate is 40 percent. Some states also impose taxes at death that vary depending on state law.

A written legal instrument created by a grantor for the benefit of him/herself (during life) or others (during life or at death).

A revocable trust established by a grantor during his or her lifetime in which the grantor transfers some or all of his or her property into the trust.

Equity or debt instruments, typically shares listed on a stock exchange, which can be readily bought or sold.