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Gift Planning
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Gift Planning

Assets Beneficiary

Naming the Chinatown Health Clinic Foundation on a retirement or other account, or on a life insurance policy, is a simple way to provide support without writing or re-writing your will or living trust. These assets will pass directly to CHCF without going through the probate process. The benefits include:
  • Easily accomplished through completion of beneficiary form
  • Income tax savings when retirement plan assets are used
  • Possible estate tax deduction
  • Support our mission far into the future

Here some common assets for which beneficiary designations may be made.

Retirement Accounts

You can name the Chinatown Health Clinic Foundation as a beneficiary of all or a specified percentage of your IRA, 401(k), 403(b) or other retirement plan. Retirement assets are subject to both income and estate tax, and are often considered among the best assets to leave to charity. Individuals who inherit retirement plan assets must in most cases pay income tax on them. As a charity, the Chinatown Health Clinic Foundation would not pay taxes on these assets and would have full use of them.

There may be tax and financial planning implications in naming beneficiaries of a retirement plan. Consult with your attorney or tax advisor in arranging for the disposition of these assets.

Bank and Investment Accounts and Commercial Annuities

You may leave a legacy for the Chinatown Health Clinic Foundation by naming us as a Transfer-on-Death (TOD) or Payable-on-Death (POD) beneficiary on a bank or investment account or a commercial annuity, where permitted by state law and the financial institution.

Life Insurance Policies

If you have a life insurance policy that is no longer needed for your family, designating the Chinatown Health Clinic Foundation as a beneficiary offers a simple way to support our work.

How to Name the Chinatown Health Clinic Foundation

Ask your retirement plan administrator or institution for a change of beneficiary or other appropriate form. Please identify the Chinatown Health Clinic Foundation on the form as follows:

Legal Name:
Tax ID #:
Chinatown Health Clinic Foundation
268 Canal Street, New York, NY 10013

Please let us know when you have made a beneficiary designation for the Chinatown Health Clinic Foundation so that we may properly acknowledge your donation. For more information contact Regina Lee, J.D., chief development officer at 212-379-6988 or rlee@cbwchc.org.


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