What is a Charitable Bequest?
A charitable bequest is simply a gift to the American Association for Cancer Research (AACR) made through your will or trust. You can leave a specific dollar amount, a percentage of your estate, or what’s left of your estate after other provisions and taxes are satisfied. If you already have a will, your attorney may be able to add a charitable bequest to the AACR. Although a charitable bequest does not provide income tax savings, there may be estate tax benefits. We will be happy to work with you and your advisors to help you achieve your specific planning objectives.
Types of Bequests
An unrestricted or outright bequest assures that your gift will be directed by the AACR’s leadership to meet our most pressing needs. You may also designate your gift for a special purpose or program within the scope of AACR’s mission. You can restrict the use of principal, income, or both.
Residuary bequests help you to balance the needs of your heirs with your desire to provide for the future of the AACR. Through such a gift, a fixed amount or a percentage of your estate is reserved to provide for your heirs first. Any remainder or residue, or a percentage thereof, is then passed on to the AACR.
A contingent bequest results in a gift to the AACR only under the circumstances you describe, such as the death of your primary heirs. By naming the AACR as a contingent beneficiary, you can determine the disposition of your estate despite changing circumstances.
Click here for sample wording for bequests to the AACR.
Please notify us of your planned gift so that we may express our gratitude and enroll you in the Dr. Bayard D. Clarkson Legacy Society. Use this confidential form to share your wishes.
Aruna K. Pappu, Esq.
Email: [email protected]