Leave a Lasting Legacy

Home » Leave a Lasting Legacy

Here are a few common questions we hear about leaving a legacy, and the answers below.

“How do I set up a charitable donation?”

“How can I name a charity in my will?”

“Do I need a donor-advised fund to bequest a donation?”

“What are the different ways to leave a bequest to your charity?”

“Can I name your charity as a beneficiary?”

Working towards a world without inflammatory breast cancer involves both advancements in medical research and support for those affected by the disease. There’s been significant progress, but there’s still much to do. Including The IBC Network Foundation in your plans can leave a lasting legacy in the fight against inflammatory breast cancer (IBC).

BEQUESTS

By adding The IBC Network Foundation to your will or trust, you can make a lasting impact on the fight against inflammatory breast cancer. Adding specific language in your estate planning documents allows you to ensure future funding. Here are examples of how you might phrase this in your will or trust:

For a Specific Bequest: “I give and bequeath the sum of $[amount] to The IBC Network Foundation, a nonprofit organization with a mission to fund research and raise awareness for inflammatory breast cancer, located at P.O. Box 908, Sealy, TX 77474, for its general purposes.”

For a Residual Bequest: “I give and bequeath all (or [percentage]%) of the rest, residue, and remainder of my estate to The IBC Network Foundation, a nonprofit organization with a mission to fund research and raise awareness for inflammatory breast cancer, located at P.O. Box 908, Sealy, TX 77474, for its general purposes.”

For a Contingent Bequest: “In the event that my [primary beneficiary] predeceases me or otherwise fails to survive me, I give and bequeath the sum of $[amount] (or [percentage]%) of my estate to The IBC Network Foundation, a nonprofit organization with a mission to fund research and raise awareness for inflammatory breast cancer, located at P.O. Box 908, Sealy, TX 77474, for its general purposes.”

IRA CHARITABLE ROLLOVER

Donors aged 70.5 and older can make a tax-free gift to The IBC Network Foundation directly from their IRA through a Qualified Charitable Distribution (QCD). Here’s what you need to know:

Here’s what you need to know:

Eligibility:

  • Donors must be 70.5 years old or older at the time of the donation.

Tax Benefits:

  • QCDs are tax-free, meaning the distribution is not included in your taxable income.
  • This benefit applies even if you do not itemize deductions on your tax return.
  • Making a QCD can lower your taxable income, which might reduce your tax liability.

Required Minimum Distribution (RMD):

  • If you are required to take a Required Minimum Distribution (RMD) from your IRA, a QCD can satisfy all or part of this requirement.
  • Using a QCD for your RMD can help reduce the amount of taxable income you must report.

How to Make a QCD:

  1. Contact Your IRA Custodian: Inform your IRA custodian that you want to make a Qualified Charitable Distribution to The IBC Network Foundation. They may have specific forms or procedures for this process.
  2. Provide Charity Information: Ensure you have the correct details for The IBC Network Foundation, including:
    • Name: The IBC Network Foundation
    • Address: P. O. Box 908, Sealy, TX 77474
    • EIN: 38-3850833
  3. Specify the Amount: Indicate the amount you wish to donate. The maximum annual amount for a QCD is $100,000 per individual.
  4. Send the Check Directly: The check must be made payable directly to The IBC Network Foundation. If the check is made payable to you and then you donate it, it will not qualify as a QCD.
  5. Retain Records: Keep records of the QCD for your tax return, including the acknowledgement letter from The IBC Network Foundation and the documentation from your IRA custodian.

By utilizing QCDs, donors can support inflammatory breast cancer research through The IBC Network Foundation while potentially reducing their taxable income and fulfilling their RMD requirements.

Stock Gifts

Here’s how it works and the benefits you may receive:

Benefits of Donating Appreciated Stock and Securities:

1. Tax Deduction:

  • When you donate appreciated stock or securities that you’ve held for more than one year, you can typically claim a tax deduction based on their full fair-market value at the time of the donation.
  • This deduction can help reduce your taxable income, subject to IRS limits.

2. Avoid Capital Gains Tax:

  • By donating the stock directly to The IBC Network Foundation, you avoid paying capital gains tax on the appreciated value of the stock.
  • If you were to sell the stock first and then donate the proceeds, you would incur capital gains tax on the appreciation.

3. Support a Cause:

  • Your donation will directly support research and care for those facing inflammatory breast cancer through The IBC Network Foundation.

How to Donate Appreciated Stock and Securities:

1. Identify the Stocks or Securities:

  • Determine which appreciated stocks or securities you wish to donate. These should be held for more than one year to maximize tax benefits.

2. Contact Your Financial Advisor or Broker:

  • Inform your financial advisor or broker that you wish to donate stock to The IBC Network Foundation. They can assist with the transfer process.

3. Provide the Charity’s Information:

  • Ensure you have the correct details for The IBC Network Foundation, including:
    • Name: The IBC Network Foundation
    • Address: P. O. Box 908, Sealy, TX 77474
    • EIN: 38-3850833

4. Complete the Transfer:

  • Your financial advisor or broker will transfer the stock directly to The IBC Network Foundation’s brokerage account. Make sure to follow their specific procedures for charitable donations.

5. Notify The IBC Network Foundation:

  • Inform The IBC Network Foundation of your intended gift. Provide them with details such as the name of the stock, the number of shares, and the approximate value. This helps them acknowledge your gift and provide a receipt for tax purposes.

6. Obtain a Receipt:

  • The IBC Network Foundation will send you a receipt acknowledging your donation. Keep this for your tax records.

By donating appreciated stock and securities, you can make a significant impact on the fight against breast cancer while enjoying potential tax benefits.

Giving from Your Donor-Advised Fund (DAF)

Giving from a donor-adfised fund (DAF) is a flexible and tax-efficient way to support The IBC Network Foundation. Here’s how it works and what you need to do:

Benefits of Using a Donor-Advised Fund:

  1. Flexibility:
    • You can recommend how much and how often you want to donate to The IBC Network Foundation.
  2. Tax Efficiency:
    • Contributions to a DAF are tax-deductible at the time of the donation to the fund, not when the money is granted to the chrity. This allows you to potentially receive an immediate tax deduction.

How to Recommend a Grant from Your DAF:

  1. Contact Your Financial Institution:
    • Get in touch with the sponsoring organization of your donor-advised fund (e.g., Fidelity Charitable, Schwab Charitable, Vanguard Charitable, etc.
    • Follow their specific procedures for recommending a gratn.
  2. Provide the Charity’s Information:
    • Ensure you have the correct details for The IBC Network Foundation:
      • Name: The IBC Network Foundation
      • Address:  P. O. Box 908, Sealy, TX 77474
      • EIN: 38-3850833
  3. Recommend a Grant:
    • Specify the amount you wish to grant and the frequency (one-time or recurring).
    • Some DAF sponsorsr allow you to recommend grants online through their website, while others may require a form.
  4. Notify the IBC Network Foundation:
    • After recommending a grant, notify The IBC Network Foundation to ensure they are aware of your donation and can acknowledge it properly.
    • Email:

      he***@th***********.org











    • Include details such as your name, the amount of the grant, and the name of the DAF sponsoring organization.
  5. Receive Acknowledgement:
    • The IBC Network Foundation will send you an acknowledgment of your grant, which you can keep for your records.

By giving through your donor-advised fund, you can easily support the critical research funded by The IBC Network Foundation while maximizing the impact of your charitable contributions.

Beneficiary Designations

Designating part or all of your IRA, other retirement accounts, bank accounts, or life insurance policies to The IBC Network Foundation is a meaningful way to support research for inflammatory breast cancer. Here’s how you can do it:

How to Designate Your IRA, Retirement Accounts, Bank Accounts, or Life Insurance Policies:

  1. IRA or Retirement Accounts:
    • Beneficiary Designation:
      • Contact your IRA or retirement account administrator and request a beneficiar designation form.
      • Designate The IBC Network Foundation as a primary or contingent beneficiary of your IRA or retirement account.
      • Provide the necessary information for The IBC Network Foundation:
        • Name:  The IBC Network Foundation
        • Address:  P. O. Box 908, Sealy, TX 77474
        • EIN: 38-3850833
  2. Bank Accounts:
    • Payable on Death (POD) Designation:
      • Visit your bank and requrest a Payable on Death (POD) form.
      • Designate The IBC Network Foundation as the beneficiary of your bank account.
      • Provide the necessary information for the IBC Network Foundation:
        • Name:  The IBC Network Foundation
        • Address:  P. O. Box 908, Sealy, TX 77474
        • EIN: 38-3850833
  3. Life Insurance Policies:
    • Beneficiary Designation:
      • Contact your life insurance company and request a beneficiary designation form.
      • Designate The IBC Network Foundation as a primary or contingent beneficiary of your life insurance policy.
      • Name:  The IBC Network Foundation
      • Address:  P. O. Box 908, Sealy, TX 77474
      • EIN: 38-3850833

Steps to Complete the Designation:

  1. Obtain the Form:
    • Contact the relevant financial institution (IRA administrator, bank, or insurance company)
  2. Fill Out the Form:
    • Complete the form with the necessary information, ensuring you designate The IBC Network Foundation as a beneficiary.
  3. Submit the Form:
    • Return the completed form to the financial institution as instructed.
  4. Notify The IBC Network Foundation:
    • Inform The IBC Network Foundation of your designation to ensure they are aware of your intentions and can acknowledge your generosity.
    • Email:

      he***@th***********.org











    • Include details such as your name, the type of account, and the percentage or amount designated.

By designating The IBC Network Foundation as a beneficiary of your IRA, other retirement accounts, bank accounts, or life insurance policies, you can create a lasting impact on the research and fight against inflammatory breast cancer.

 

Translate »

Pin It on Pinterest

Share This