What is a Legacy Gift?
A
legacy gift, also known as a planned gift or bequest, is a donation that an individual arranges in the present but is allocated to a charity or cause in the future, often through their will or estate plan. In the context of cancer, legacy gifts can significantly impact cancer research, patient care, and support services.
Why Consider a Legacy Gift for Cancer?
Legacy gifts provide a lasting impact by funding critical
cancer research, advancing medical treatments, and supporting patients and families. These gifts ensure that future generations benefit from today's generosity, potentially leading to breakthroughs in cancer treatment and prevention.
Types of Legacy Gifts
Bequests: A specific amount or percentage of your estate left to a cancer charity.
Charitable Remainder Trusts: Provides income to the donor during their lifetime, with the remainder going to the charity.
Life Insurance Policies: Naming a cancer charity as a beneficiary.
Retirement Plans: Designating a cancer organization as a beneficiary of your IRA, 401(k), or other retirement accounts.
Real Estate: Donating property or including it in your will for a cancer charity.
Identify Your Goals: Determine what you want your gift to achieve. Do you want to support research, patient care, or education?
Consult Professionals: Speak with financial advisors, estate planners, and lawyers to understand the best options for your situation.
Choose an Organization: Select a reputable cancer charity that aligns with your goals.
Draft Legal Documents: Work with your attorney to include the legacy gift in your will or estate plan.
Notify the Charity: Inform the cancer organization of your plans so they can acknowledge and plan for your gift.
Benefits of Legacy Gifts
Legacy gifts offer various benefits:Examples of Impact
Legacy gifts have funded groundbreaking
cancer research projects, developed new treatments, and provided essential support services for patients and families. For example, a substantial bequest might endow a research chair focused on
innovative cancer treatments, or a charitable trust might fund a patient support program for years to come.
Conclusion
Legacy gifts are a powerful way to contribute to the fight against cancer. By planning a legacy gift, you can make a significant and enduring impact on cancer research, patient care, and support services, ensuring that your generosity benefits many generations to come.
