Remember National Brain Tumor Society in your Will
Many people affected by a brain tumor or brain cancer have chosen to express their commitment to finding a cure in their wills. You may name National Brain Tumor Society as the beneficiary of a percentage of your estate, a set dollar amount, or a particular asset. Your estate is entitled to an estate tax deduction for the full value of your bequest.
You could also name National Brain Tumor Society as a contingent beneficiary of assets you have designated for a loved one, should that person no longer be living at the time of your death.
Planning through Beneficiary Designations
Living trusts, qualified retirement plans, and the proceeds from life insurance policies are estate assets that are not transferred through a will. You may name National Brain Tumor Society as a beneficiary of these assets or as a contingent beneficiary (definition as stated above).
- Living Trusts: Living trusts can be established to provide for the current management of assets or for the future management of assets in the event they become incapacitated.
- IRA, Keogh or other qualified plans: Retirement plans left to individuals, other than a spouse, are taxed more heavily than most other assets. However, estate taxes and income taxes can be avoided if a charity, such as National Brain Tumor Society, is named as the beneficiary – generally receiving 100% of your designated assets.
- Living Trusts: Life insurance beneficiaries are a simple and commonly used way to advance research and gain tax advantages:
- Individual policies – by naming National Brain Tumor Society as owner and beneficiary you will receive an immediate income tax deduction for the lesser of your cost basis or the current value of the policy.
- Group term policies – if you are employed you may be receiving group term life insurance as a benefit. Naming National Brain Tumor Society beneficiary awards the amount that exceeds $50,000.
Gifts that pay income – Charitable Remainder Trusts
These trusts allow you to make a gift that will reward the donor with enhanced income. Choose the percentage of payout you wish to receive and when your trust terminates, National Brain Tumor Society receives the remaining principal. Many types of assets can be used to fund charitable remainder trusts including: cash, appreciated securities, real estate, collectibles, life insurance policies and municipal bonds.
- Charitable Remainder Annuity Trust: You receive a set dollar amount each year, equal to your chosen percentage of the trust’s original fair-market value.
- Charitable Remainder Unitrust: Each year you receive a variable amount, equal to your chosen percentage of the changing yearly value of the trust. Over time, a unitrust may provide some hedge against inflation.
To design a gift that benefits the people and organizations you care about most, we recommend that you obtain legal counsel who specialize in estate planning. We can work with you or your advisors to help you plan for tomorrow and receive maximum benefits today.
National Brain Tumor Society is an 501(c)(3) nonprofit organization. Our federal tax ID number is 04-3068130.
For more information, please contact the NBTS Development Office at email@example.com or 617-237-1731.