Giving through a charitable bequest
Including the Children’s Cancer Center in your will or as a beneficiary will strengthen our ability to provide essential coping tools to the children we serve now and in the future. Leaving a lasting legacy is easier than you think! Bequests are future gifts everyone can afford. Bequests cost nothing now, yet you can achieve your philanthropic goals as a visionary of our future.
View Sample Bequest Language
What is a charitable bequest?
In the estate planning process, you can designate a beneficiary to receive some portion of your assets in your will. This is a type of planned gift called a bequest.
Charitable bequests are specifically made to a charitable organization, like Children’s Cancer Center. This type of bequest can be a transfer of cash, securities or other property made through your estate plans.
What are common types of charitable bequests?
Specific: A gift of a specific amount or item/asset from the estate to Children’s Cancer Center. See sample bequest language for this type of gift
Residual: A gift to Children’s Cancer Center made from the residue of the estate after all other wishes are fulfilled or a percentage of the estate.
Contingent: A gift to Children’s Cancer Center only in the event that the designated beneficiaries (usually children or family members) are unable to accept the estate gift.
Perpetual: A series of gifts to Children’s Cancer Center over a period of time.
Charitable bequest FAQs
How does a charitable bequest work?
A bequest – charitable or not – can be made for either:
- A specific dollar amount
- A percentage of your estate
- All or a portion of what is left after you have made bequests to your loved ones — often called a residuary bequest
What are the benefits of a charitable bequest?
There are numerous benefits to charitable bequests.
A meaningful part of your legacy
A charitable bequest costs you nothing now yet gives you the satisfaction of knowing you have provided for a charity or nonprofit organization’s future. And they can be simple to establish relative to their potentially significant impact.
Flexible and simple setup
To get started, you can simply add a few lines of text to your probated will or living trust. You may also modify your bequest if your circumstances change.
Charitable bequest tax deductions
Charitable bequests could help reduce federal estate taxes because there’s no limit to the value of charitable bequest assets that can be deducted from the total estate’s value. Also, the specific assets that are counted for the charitable deduction don’t have to be cash. You can include other assets like stocks, IRAs and real estate.
The Children’s Cancer Center does not provide tax, legal or accounting advice. This material is prepared and made available to you for informational purposes only and is not intended to provide or be relied upon for tax, legal or accounting advice. You should always consult a tax professional to determine your particular tax benefits that may result from any particular type of gift to charity.