A charitable bequest is a gift made through a will or living trust. Bequests are one of Abramson Cancer Center’s most important sources of individual giving.
If you wish to make a gift to the Abramson Cancer Center through your will, you do not need to re-write your entire will to accomplish this philanthropic goal. Your attorney can draft a codicil, a simple document that acts as an addendum to the will, leaving your other estate plans in place.
If your attorney has drafted language for you, it is best to have both the designation and the language reviewed by the Office of Planned Giving at Penn Medicine to avoid any potential difficulties in the execution of the will and to ensure we can use your gift as intended.
Sample language:
I hereby give, devise, and bequeath to the Trustees of the University of Pennsylvania, a non-profit corporation organized and operated under the laws of the Commonwealth of Pennsylvania and located in Philadelphia, Pennsylvania, the sum of $ ____ (or percentage of your estate or specific description of the gist) to be used by Penn Medicine (describe purpose of gift here, if desired).
A Charitable Gift Annuity (CGA) is the simplest of life income gift arrangements. It is a contract between you and the University of Pennsylvania, providing payments for one or two annuitants at a fixed rate. In exchange for a gift of $10,000 or more, Penn Medicine will provide an attractive annuity rate and guaranteed payments for life. These payments are backed by the assets of the University and will not change regardless of fluctuation in the market or the general economy.
A Charitable Remainder Unitrust pays the beneficiary a fixed percentage of the principal of the trust as it is revalued annually. This type of trust provides the donor with the flexibility to make additional gifts to the trust. Upon termination, the remaining assets are distributed to the Penn Medicine program you wish to support.
Life insurance needs change as our life circumstances alter. Often, we find that previously purchased life insurance policies are no longer relevant to our current financial plans. If you find you no longer need an existing life insurance policy, consider naming the Abramson Cancer Center as the beneficiary of all or part of the proceeds. Contact your insurance carrier and complete a change of beneficiary form.
For many people, real estate represents a large percentage of their net worth. A gift of real estate can be one of the most tax-wise ways to support Penn Medicine.
Opportunities include:
- Convert your property into a payment stream and save taxes too.
- Make a gift of your home now and retain the right to live there for a few years or for life.
- Consider selling the property to Penn Medicine at a discount. Then, enjoy the cash from the sale to Penn Medicine and a charitable income tax deduction.
Due to the complex nature of real estate gifts and the many different forms in which real estate interests can be held, there will be certain gifts of real estate Penn Medicine will not be able to accept.
If you have any questions, please contact our development office.
You can contribute to Penn Medicine with your retirement assets in two ways:
- Retirement plan beneficiary designation
Qualified retirement plans can be the most highly taxed assets in your estate. By naming Penn Medicine’s Abramson Cancer Center as a full, partial, or secondary beneficiary of your IRA, 401(k), 403(b), or other retirement account, you can impact the programs that mean the most to you in an efficient and tax-wise manner. - Qualified charitable distribution
A Qualified Charitable Distribution (QCD), also known as the Charitable IRA Rollover, can be a great way to support Penn Medicine’s Abramson Cancer Center. This provision allows individuals aged 70 ½ and older to make a tax-free transfer each year of up to $100,000 from their traditional IRA directly to the Abramson Cancer Center without having to recognize the transfer as taxable income. Donors using a QCD do not receive an income tax charitable deduction for their gift.
As always, you should consult your tax adviser about your specific situation.