Planned Giving Opportunities


Bequest Intentions

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.

Sample Language:

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

Charitable Remainder Unitrust and Remainder Annuity Trusts

A charitable remainder unitrust and remainder annuity trust share common advantages with two important distinctions. A charitable remainder unitrust pays the beneficiary a fixed percentage of the principal of the trust as it is revalued annually. This type of trust provides the donor with the flexibility to make additional gifts to the trust. In contrast, a charitable remainder annuity trust pays the beneficiary a fixed dollar amount, which is determined when the trust is established. Additional gifts to this type of trust are not permitted. Depending on your needs, you may find one trust arrangement more attractive than the other.

For more information about Charitable Remainder Unitrust and Remainder Annuity Trusts, visit http://plannedgiving.med.upenn.edu/charitableremainderunitannuityrust.php

Charitable Gift Annuity (CGA)

A charitable gift annuity (CGA) is a contract, under which Penn Medicine, in return for your gift of cash or marketable securities, agrees to pay one or two individuals, for life, a guaranteed, fixed amount of money based on their age.

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
Annuity Rate 4.8% 5.3% 5.8% 6.5% 7.5% 8.4%
Annual Payment $480 $530 $580 $650 $750 $840
Charitable Deduction $1,907 $2,367 $3,064 $3,754 $4,384 $5,242

For more information on CGAs, visit http://plannedgiving.med.upenn.edu/charitablegiftannuity.php

Real Estate

A gift of real estate can be structured to meet your estate planning, retirement income, and lifestyle needs -- and can be one of the most tax-wise ways to support Penn's Abramson Cancer Center.

Opportunities include:

  • Using your property to make a gift that pays you income
  • Giving your property to Penn's Abramson Cancer Center, but retaining the right to live in it for a period of years or the rest of your life
  • Qualifying for a charitable deduction for your gift
  • Minimize capital gains tax, and future estate and inheritance tax

Retirement Assets

Naming Penn's Abramson Cancer Center as a beneficiary of a retirement plan will reduce the size of the taxable estate and avoid subjecting the estate or beneficiaries to income taxation on those assets. It is an excellent way of making a significant contribution to Penn's Abramson Cancer Center at a very low cost, because we are able to avoid both income and estate taxes on the distribution.

Careful planning for the disposition of retirement plan assets can help to avoid undesirable and unnecessary tax costs:

  • Assets are subject to federal income tax as they are distributed to the plan participant on his/her beneficiaries.
  • Failure to take the required minimum distribution after the age of 70 1/2 results in a 50% tax on the undistributed amount.
  • At the death of the plan participant, any remaining assets are included in calculating the gross estate
  • Generation-skipping tax may apply to substantial retirement plan assets that pass to grandchildren or to other remote generations.

For more information on Retirement Assets, visit http://plannedgiving.med.upenn.edu/retirementplan.php

Life Insurance

A wonderful way to make a legacy gift is through life insurance policies that can generate a current income tax deduction for you.

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