What is a Bequest?
A
bequest is a gift left in a will or trust to a specific beneficiary. In the context of cancer, bequests often refer to donations or gifts left to cancer research institutions, hospitals, or charities dedicated to supporting individuals affected by cancer.
Why are Bequests Important for Cancer Research?
Bequests play a crucial role in funding
cancer research. These donations provide financial resources that enable scientists to conduct groundbreaking studies, develop new treatments, and ultimately find cures for various types of cancer. Without such funding, many research projects would struggle to progress.
How Can I Make a Bequest to a Cancer Charity?
To make a bequest to a cancer charity, you need to include specific language in your will or trust. It is advisable to consult with a legal professional to ensure that your bequest is properly documented. You can specify the amount or percentage of your estate you wish to leave and designate it to a particular cancer charity or research institution.
What Are the Tax Implications of Making a Bequest?
Bequests to recognized charitable organizations are generally exempt from
estate taxes. This means that the value of the bequest is deducted from the total value of the estate, potentially reducing the estate tax liability. It is advisable to consult with a tax advisor or attorney to understand the specific tax implications based on your circumstances.
Funding
clinical trials to test new treatments.
Supporting patient care and providing resources for those affected by cancer.
Investing in state-of-the-art research facilities and equipment.
Developing educational programs to raise awareness about cancer prevention and early detection.
Can I Remain Anonymous When Making a Bequest?
Yes, you can choose to remain anonymous when making a bequest. Most cancer charities respect the wishes of their donors and can ensure that your identity is kept confidential if you prefer.
Your overall financial situation and how the bequest will impact your beneficiaries.
The specific charity or institution you wish to support and their mission.
Legal and tax implications of the bequest.
Consultation with a legal professional to ensure your wishes are clearly documented.
Are There Alternatives to Bequests?
If you are not ready to make a bequest, there are other ways to support cancer research and charities. These include making
donations during your lifetime, setting up a charitable trust, or participating in fundraising events. Each option has its own benefits and can significantly contribute to the fight against cancer.
