Frequently Asked Questions
1. What are the three kinds of gifts I can give to Fox Chase Cancer Center ?
Generally speaking, during your lifetime you can make an outright gift of cash or securities.
Upon your death you can make a gift through your will or revocable trust, or through a distribution from a retirement plan or life insurance policy.
You also have the option of making a gift that returns lifetime payments to you, your spouse, or other individuals, such as a charitable gift annuity or a charitable remainder unitrust or annuity trust.
2. What sort of assets can I use to make a gift?
Cash, publicly traded securities, the balance in your retirement account. Other assets can be very valuable but are more complicated to administer and must be reviewed by us before we can accept them as gifts: real estate and closely held stock.
3. What tax deduction will I receive for my gift?
It depends on the form your gift takes:
4. Can Fox Chase Cancer Center serve as the Executor of my estate?
No. State law, the limitations of our corporate powers, and our internal policies prevent us from taking such a role in your affairs.
5. I want to set up a life insurance policy, name Fox Chase as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
No. The IRS would not consider that a "completed gift" - they'd say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. Fox Chase must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.
6. I'm interested in establishing a charitable gift annuity. What financial provisions do you make for the income payments to me and my spouse?
Your charitable gift annuity will be treated as a general obligation of Fox Chase , backed by all its assets. Fox Chase Cancer Center is in full compliance with provisions regarding non-profits' offering of gift annuities. We have an unbroken record in making timely payments to our annuitants, and that ongoing responsibility is a key element in our financial policies.
7. If I create a bequest or life-income gift, will Fox Chase continue to ask me for annual contributions?
We will, because the commitments address two different needs. Your planned gift is a significant addition to our long-term financial strength -- our ability to meet the challenges and opportunities the future will bring. The obligations and expenses that we encounter today, however, are met through your annual gift. We are very grateful that you want Fox Chase to succeed both today and in the future.
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