You must make such a bequest in your will or in a properly prepared codicil—in writing, signed by you, and witnessed according to the laws of your state. You can specify that the bequest be used for a certain purpose, or you can make it an unrestricted gift. An unrestricted gift will be used where it is most needed. Bequests are deductible from your gross estate and can therefore offer estate tax savings.
A bequest can take many forms:
Specific: You name the Cutaneous Lymphoma Foundation as the direct beneficiary of a stated amount of money, a life insurance policy, an IRA, other IRDs, or a particular piece of property.
Percentage: The Cutaneous Lymphoma Foundation receives a certain percentage of your estate as designated by you. Most people do not know what the exact worth of their estate will be at their death. This may be the best choice for some people to leave their family and charitable organizations the appropriate proportion.
Residuary: You designate the Cutaneous Lymphoma Foundation to receive all or a portion of the remainder of your estate once specific gifts to family are fulfilled.
Contingent: The Cutaneous Lymphoma Foundation receives all or a portion of your estate if your named individual beneficiaries do not survive you.
Restricted: Although the Cutaneous Lymphoma Foundaiton generally prefers gifts without limits, you have every right to restrict your bequest to a specific area of work or program. If you will be restricting your gift, be sure to contact the Foundation to make sure we can use your gift as you have intended.
Charitable Remainder Trust: You can create a trust for a relative’s benefit and name the Cutaneous Lymphoma Foundation to receive whatever is left when the trust terminates.
In Memoriam: You can make a bequest in memory of a loved one.
If you have already included the Cutaneous Lymphoma Foundation in your estate plans, please contact the office so our staff can thank you for your gift and keep you informed of our ongoing activities. If you are considering making a planned gift to the Cutaneous Lymphoma Foundation and have not yet decided the form of your gift, please contact your estate planner.
Suggested Wording:
“I hereby bequeath the sum of $___________ as a charitable bequest to the Cutaneous Lymphoma Foundation, Birminghm, Michigan, (Tax ID # 38-3443135) to be used for the charitable purposes of such organization.”