You can support The Sarcoma Alliance in a variety of ways, including through your estate. Including the Alliance in your estate plan will not only assist you in reaching and achieving your own philanthropic and charitable giving goals, but it will also allow the Alliance to continue its mission of improving the lives of people affected by sarcoma. It is important for everyone to consider estate planning. It can ensure that your wishes are carried out and make a difficult time easier for family and friends. And it can be tailored to be simple or complex, depending on your needs. So, whether or not the Alliance is included in your plans, we strongly recommend that you speak to an adviser about setting up an estate plan.
There are many charitable planned giving options available to you. For example, you can make a planned gift to the Alliance by naming the Alliance as a beneficiary of your last will and testament, life insurance policy or retirement plan.
You can also name the Alliance as a beneficiary of a charitable trust. Your attorney or financial advisor can advise you of the various types of charitable trusts and assist you in establishing a trust that is tailored to your personal needs.
Some of these planned giving strategies may have a greater tax benefit to you than others, so please consult with your attorney or financial advisor on which strategy would work best for you.
1. Gifts under a will:
You may either make a general or restricted gift to The Sarcoma Alliance. A general or unrestricted gift is most helpful, since it allows the Alliance to use the gift wherever the need is greatest. A restricted gift is one that is designated for a specific program or service of the Alliance. If you wish to make a restricted gift to the Alliance, please contact Alyssa O’Driscoll at the phone number or email address below prior to finalizing your gift, in order to ensure that the Alliance’s program(s) you wish to designate are properly and accurately described.
In addition, both general and restricted gifts may be of a specific dollar amount or a percentage of your estate.
The following is some example language that may be used to name The Sarcoma Alliance as a beneficiary of your last will and testament:
a. GENERAL TESTAMENTARY GIFT: SPECIFIC MONETARY AMOUNT: I hereby give and bequeath _______________________ Dollars ($__________________) to The Sarcoma Alliance, located at 775 E. Blithedale Avenue #334, Mill Valley, California 94941, or its successors-in-interest, to be used for general purposes.
b. GENERAL TESTAMENTARY GIFT: PERCENTAGE OF RESIDUE OF ESTATE: I hereby give and bequeath ________ percent (_____%) of the rest and residue of my estate to The Sarcoma Alliance, located at 775 E. Blithedale Avenue #334, Mill Valley, California 94941, or its successors-in-interest, to be used for general purposes.
c. RESTRICTED TESTAMENTARY GIFT: SPECIFIC MONETARY AMOUNT: I hereby give and bequeath _____________________ Dollars ($__________________) to The Sarcoma Alliance, located at 775 E. Blithedale Avenue #334, Mill Valley, California 94941, or its successors-in-interest, to be used for [insert donor restriction].
d. RESTRICTED TESTAMENTARY GIFT: PERCENTAGE OF RESIDUE OF ESTATE: I hereby give and bequeath ________ percent (_____%) of the rest and residue of my estate to The Sarcoma Alliance, located at 775 E. Blithedale Avenue #334, Mill Valley, California 94941, or its successors-in-interest, to be used for [insert donor restriction].
2. Gifts from a trust and contingent gifts
You may also make gifts to The Sarcoma Alliance while still addressing your family’s current and future needs. The most common means of doing so is through a trust. One of the simplest forms of a trust is to name the Alliance as a contingent beneficiary of a trust estate following the occurrence of a specific event (such as a child reaching a certain age). The following language is an example of wording that may be used in the event The Sarcoma Alliance is named as a contingent beneficiary of a trust estate. Please keep in mind that such gifts may also be restricted and may be of either a specific dollar amount or a percentage of the trust estate.
[Insert contingency (e.g., Upon the death of my spouse)], the Trustee shall distribute ________________ Dollars ($__________________) to The Sarcoma Alliance, located at 775 E. Blithedale Avenue #334, Mill Valley, California 94941, or its successors-in-interest, free and clear of trust, to be used for general purposes.
One form of trust gift is a charitable remainder trust, which is established by irrevocably transferring assets to a trustee you select, subject to a written trust agreement. The trustee invests the assets and pays the income to you or another beneficiary you select, for life or for a term of twenty years or less. At the end of the trust term, the assets will pass to the Alliance. The market value of the transferred assets may be deductible for federal estate tax purposes.
The charitable lead trust is the opposite of the charitable remainder trust. Income from assets you transfer to the trust is paid to the Alliance during the term of the trust, after which the assets are transferred back to you or to your heirs.
Trusts can be customized to fit a wide variety of needs, so you should consult with your attorney or financial advisor to create a plan that works best for you.
3. Contractual Gifts
The Sarcoma Alliance may also be named as the beneficiary of an asset that passes outside the terms of a will or a trust such as life insurance policies and retirement accounts (e.g., IRA, 401(k)).
If you own a life insurance policy that is no longer needed for the protection of your family, you may make a gift of the policy to the Alliance. You may be entitled to a charitable income tax deduction for approximately the fair market value of the property. If you continue to pay the premiums on the policy, you may receive an income tax deduction for the premium payments, as well.
In addition, you can retain ownership of the policy, but name the Alliance as a beneficiary of the life insurance policy. You do not receive an income tax deduction, since you retain ownership, but your estate may receive an estate tax charitable deduction for the proceeds eventually paid to the Alliance.
If you are considering a bequest to The Sarcoma Alliance, you may wish to use assets in your IRA, 401(K) or other tax-deferred retirement accounts, and bequeath other assets to your heirs. These accounts are typically subject to income tax when funds are withdrawn and, if left to heirs other than your spouse, may subject to estate taxes as well. When the assets in your retirement accounts are distributed to the Alliance, income and estate taxes may be avoided.
In order to clarify the intention of the donor, the contractual instrument governing the asset should set forth the following as the official recipient of the gift:
The Sarcoma Alliance, located at 775 E. Blithedale Avenue #334, Mill Valley, California 94941, or its successors-in-interest.
4. Real Estate
There are several ways you can include a gift which includes real estate in your estate planning. In addition to an outright gift of commercial or residential real estate or undeveloped land as part of a will or trust, you can also make a gift of your personal residence, while retaining the right for you and your spouse to continue to use the home for your lifetimes. This special arrangement, called a retained life estate, involves transfer of ownership of your residence to the Alliance, while you continue to live there.
You are responsible for maintenance, taxes and insurance, but may be able to obtain an income tax charitable deduction for the value of the Alliance’s future interest in the residence (based upon your age and the fair market value of the property).
Please note that, due to the unique nature of real estate, all potential gifts of real estate must be discussed in advance with the Alliance so that we may determine whether the Alliance is able to accept the gift.
5. General Information
Before making any decisions on a planned gift, we strongly recommend that you consult with your attorney or financial advisor. We will be pleased to meet with you and your advisors to discuss the various opportunities available to assist you in developing a plan that meets your philanthropic and financial objectives.
If you have any questions regarding planned giving, please contact Alyssa O’Driscoll at the Alliance office – telephone 415/381-7236 or at [email protected].
In addition, below please find some general information that may be beneficial to you in finalizing your estate plan:
The Sarcoma Alliance, a California non-profit corporation and 501(c)(3) organization, classified as a public charity, exempt from federal income tax
The Sarcoma Alliance
775 E. Blithedale Avenue #334
Mill Valley, CA 94941
Attention: Executive Director