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Bequest Language

Naming The LIVESTRONG Foundation or its Endowment as a beneficiary in your estate plan is a simple and lasting way to empower and help those affected by cancer.

A bequest gift is one of the easiest ways to make a legacy gift to LIVESTRONG or its Endowment and this gift can be included in the body of your will or in an addition to it (a codicil). To name LIVESTRONG or its Endowment as a beneficiary, please use the language: "LIVESTRONG [or its Endowment] at 2201 East Sixth Street, Austin, TX 78702, EIN 74-2806618." You may designate your bequest for a specific purpose. Testamentary gifts to LIVESTRONG or its endowment are typically deductible for estate-tax purposes and may be made in the following ways:

Residuary Bequest - You may state that all or a portion of your estate be gifted to LIVESTRONG or its Endowment after specific amounts are distributed to other beneficiaries.

Specific Bequest - You may stipulate that a certain percentage of you estate, or a certain dollar amount, or particular securities or other assets be gifted to LIVESTRONG or its Endowment.

Testamentary Charitable Trust - You may establish a unitrust or annuity trust for specific beneficiaries through your will. The trust principal is transferred to LIVESTRONG or its Endowment only after the death of the last trust beneficiary.

 

Suggested Bequest Language

The provisions in your will for making a gift to LIVESTRONG or its Endowment will depend upon the type of gift and your gifting desire and circumstances. The following are helpful types of bequest language that you and your attorney may consider when making a gift provision for:

LIVESTRONG - [your gift will specifically support programs and operations conducted by LIVESTRONG]

Endowment - [the earnings from your gift will provide long-term support for the programs operated by the LIVESTRONG]

 

General, Specific Asset or Residuary Gift

"I give (insert gift; i.e.: dollar amount, percentage of estate, specific asset(s) — appreciated securities / retirement plan assets / real estate / tangible personal property, rest, residue and remainder of estate) to LIVESTRONG [or its Endowment] at 2201 East Sixth Street, Austin, TX 78702, EIN 74-2806618, to be used for its unrestricted general charitable purposes OR the purpose of [insert preferred LIVESTRONG Program designation here]. If at any time it becomes impossible or impractical for my gift to be used for the above designated purpose, LIVESTRONG's Executive Committee shall use my gift for a purpose and in a manner that it determines most closely meets the above designated purpose."

 

Contingency Gift

"I give the remainder and residue of the property owned by me at my death, whether real and personal, and wherever situate, to my beneficiary_______________ [insert beneficiary name], if my beneficiary survives me. If my beneficiary does not survive me, I give my residuary estate to LIVESTRONG [or its Endowment] at 2201 East Sixth Street, Austin, TX 78702, EIN 74-2806618, for its unrestricted general charitable purposes OR the purpose of [insert preferred LIVESTRONG Program designation here]. If at any time it becomes impossible or impractical for my gift to be used for the above designated purpose, LIVESTRONG's Executive Committee shall use my gift for a purpose and in a manner that it determines most closely meets the above designated purpose."

 

Endowment Gift for a Specific Purpose (minimum gift of $25,000)

Prior to making this gift it is recommended that you discuss your intent with LIVESTRONG Planned Giving staff, 512.279.8413 or email plannedgiving@livestrong.org:

"I give to LIVESTRONG at 2201 East Sixth Street, Austin, TX 78702, EIN 74-2806618, the sum of $__________ (or ______ percent of my estate; or the property described herein) to be used to endow The (insert preferred LIVESTRONG Program designation here) Endowed Fund OR establish, In Honor Or Memory, the Named ______________________ Endowed Fund. If, in the future, in the opinion of the LIVESTRONG Board of Directors, all or part of this fund cannot be usefully applied to the above purpose (or in the above manner), then the assets of the Endowed Fund shall be applied to and become part of the General LIVESTRONG Endowment funds."

An estate gift reflects your deepest personal wishes and it should be carefully constructed to accomplish exactly what you desire to happen to your estate assets to find the most appropriate way for you to remember LIVESTRONG or its Endowment in your estate gift planning. The above information is intended only to serve as a guideline for you and not as a substitute for professional legal, tax or investment advice or counsel.

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A charitable bequest is one or two sentences in your will or living trust that leave to LIVESTRONG a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to LIVESTRONG, a nonprofit corporation currently located at 2201 East Sixth Street, Austin, TX 78702, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to LIVESTRONG or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to LIVESTRONG as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to LIVESTRONG as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and LIVESTRONG where you agree to make a gift to LIVESTRONG and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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