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Planned Giving - The Legacy Society

Planned gift, deferred gift, estate gift - different names for a way to manage your affairs, plan for the future, and make a gift to the Pennington Biomedical Research Center. Pennington invites you to join us today in Changing The Health of Future Generations by joining The Legacy Society.

These are the most common types of planned gifts and a variety of tools to help you and your advisors:

Income Producing Plans
A number of plans allow you to make a gift to Pennington and receive an income for yourself and your beneficiaries. The most common plans is a charitable gift annuity.

A charitable gift annuity is one of the easiest and most popular ways to make a charitable gift and receive an annual income. This is a simple contract between the donor and the foundation. Under the terms of the gift annuity agreement with the foundation, the donor makes a donation in exchange for fixed payments by the foundation to one or two annuitants for their lifetimes, after which the remaining amount passes to the foundation for whatever purpose the donor specifies. With a charitable gift annuity you will receive fixed payments for life, regardless of market fluctuations. You will also have the peace of mind of knowing that you have made a wonderful gift that keeps giving back to you.

Charitable Lead Trusts
A charitable lead trust can provide significant charitable and tax benefits. During the term of the trust, a percentage of the assets is paid out each year to the Pennington research program of your choice, and at the end, all of the remaining assets can return to you or pass to your heirs. Gift or estate tax paid on this gift can be reduced because the present value of the payments to Pennington is subtracted from the value of the gift.

This can be an excellent way to support the Pennington Biomedical Research Center and to pass on family business interests or other appreciating assets to family members with reduced taxes.

Bequests
When you leave a bequest to Pennington, you can make a generous gift without reducing your current income. Gifts in wills or revocable trusts account for a major portion of Pennington's endowment and provides significant funding for programs, facilities, and research needs. You can specify the areas of research that you wish your gift to benefit. You also can create special funds in your name or in memory of loved ones. Charitable bequests are normally deductible in full for estate tax purposes.

If you would like to ensure that your support of Pennington continues beyond your lifetime, consider including us in your will through a bequest. Some sample language that you and your attorney may want to use as you plan your will include:

A specific bequest for unrestricted use...
"I bequeath the sum of $________ to the Pennington Biomedical Research Foundation to be used as its board directs."

A residuary bequest restricted to a research program...
"I bequeath __% of all the rest, residue and remainder of my estate to the Pennington Biomedical Research Foundation to be used to support diabetes research programs."

Life Insurance
If you have a life insurance policy that you no longer need, a gift of a life insurance policy can be a way to combine charitable objectives with tax advantages for you.

An irrevocable gift of life insurance may be appropriate when the growth of your assets or the reduced needs of your dependents make the policy unnecessary.

For more information on making a planned gift to the Pennington Biomedical Research Center, contact Jennifer Winstead or Ann Wilkinson.

This information is not intended as legal advice. For legal advice, please consult an attorney.

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