In general, estate or planned giving options fall under three categories: bequests (estate gifts), life income, and other planned giving vehicles. If you would like additional information, please call Dave Benson at 952-837-9980.
To aid you in your planning - see explanations of each category below:
ESTATE GIFTS (BEQUESTS)
You can use your will or bequest, a codicil to your will, or alternatives to wills such as your IRA or pension plan to leave a permanent legacy for the IWMF.
Some Definitions: Bequests are made in wills, codicils, living trusts, and other estate plans whereby money, property or both are given to a nonprofit organization. A codicil is a written change or amendment to a will. A bequest or codicil could take the form of a fixed amount or a percentage of your estate plan.
Examples: “I give, devise and bequeath to the International Waldenstrom’s Macroglobulinemia Foundation, a nonprofit foundation located in Sarasota, Florida, [dollar amount or percentage] to be used for its __________purposes. I further direct that interest or other income which may be earned by said bequest shall be paid to IWMF from the date of my decease until paid.”
LIFE INCOME GIFTS
Life income gifts offer the donor income for life or for a specified term of years after making an irrevocable gift to the IWMF.
Example: A Charitable Remainder Trust provides income to the donor’s beneficiaries and the remainder to the IWMF. Payments are determined annually and depend on the value of the trust assets as recalculated yearly.
Example: A Gift Annuity provides the donor with a contractual promise of fixed income each year. The payout rate depends upon the age of each beneficiary at the time the gift is made and when the payments begin. Payments can be deferred for several years.
OTHER PLANNED GIFTS
Here are three examples of other planned gifts to IWMF:
- A Life Estate provides the IWMF with a gift of residence or farm while allowing the donor the right to continue to live there for the remainder of his or her life.
- A Charitable Lead Trust provides the IWMF with income for a term of years and leaves the remainder to the heirs of the benefactor.
- Life Insurance designations allow a charity to receive benefits upon the death of the insured.
IMPORTANT NOTE: We greatly appreciate your interest in providing financial support for the IWMF and strongly encourage you to see your attorney or tax advisor as you put your plans on paper.