If you wish to make a gift to the Abramson Cancer Center through your will, you do not need to re-write your entire will to accomplish these philanthropic goals. Your attorney can draft a CODICIL, a simple document that acts as an addendum to the will, leaving your other estate plans in place.
I hereby give, devise, and bequeath to the Trustees of the University of Pennsylvania, a non-profit corporation organized and operated under the laws of the Commonwealth of Pennsylvania and located in Philadelphia, Pennsylvania, the sum of $ ____ (or percentage of your estate or specific description of the gist) to be used by Penn Medicine (describe purpose of gift here, if desired).
For more information about bequests, visit http://plannedgiving.med.upenn.edu/bequest.php
For more information about Charitable Remainder Unitrust and Remainder Annuity Trusts, visit http://plannedgiving.med.upenn.edu/charitableremainderunitannuityrust.php
A CGA can have one or two lifetime beneficiaries, and you do not need to be one of them. It is a great option for people who want to make a gift to an individual and to Penn's Abramson Cancer Center. You can establish a CGA to pay a lifetime annuity to another individual -- for example, a sibling or parent -- with the remainder designated to fund a program at Penn's Abramson Cancer Center.
Sample Rate Chart for a $10,000 Gift Annuity on a Single Life
|Annuitant Age at Gift||Age60||Age65||Age70||Age75||Age80||Age85|
For more information on CGAs, visit http://plannedgiving.med.upenn.edu/charitablegiftannuity.php
Careful planning for the disposition of retirement plan assets can help to avoid undesirable and unnecessary tax costs:
For more information on Retirement Assets, visit http://plannedgiving.med.upenn.edu/retirementplan.php
You may have one or more fully paid up life insurance policies, which may have been purchased many years ago for purposes that are no longer relevant, and on which no further premiums are due. These policies can be donated to Penn's Abramson Cancer Center, which can turn them in for their cash surrender value, applying the cash to the purpose specified by you.
For more information on Life Insurance, visit http://plannedgiving.med.upenn.edu/lifeinsurance.php