Legacy Society

Including a charitable bequest in your will or trust is a simple way to make a lasting gift to Lung Cancer Initiative and to those we serve. You can leave a bequest to LCI by adding to an existing will or drafting a new one. Make a gift of a stated dollar amount, a percentage of your estate, stocks/bonds, or the remainder after distributions to other beneficiaries. In doing so, you leave a legacy to LCI and to your community, yet preserve and enjoy assets you might need during your lifetime. Plus, the assets distributed to LCI are exempt from estate tax.

You may use this sample bequest language by taking it to your attorney or advisor: “I give (bequeath) to Lung Cancer Initiative or its successor organization, located at 5171 Glenwood Avenue, Suite 401, Raleigh, NC 27612 (EIN 26-2300885), the rest of (or portion of) my estate to advance its mission.” Please specify in your plans a percentage of the balance, or a specific dollar amount. You can also add a codicil to an existing will to incorporate charities.

Please contact phumble@lungcancerinitiativenc.org for additional guidance on making a gift through your will or trust.

FUTURE GIFTS: Your retirement fund can be taxed up to 80% if passed on to heirs, yet it is tax-free to charity. Making Lung Cancer Initiative a beneficiary of your retirement plan helps ensure that more of your estate reaches the causes most important to you. Making a future gift of retirement plan assets simply requires a designation of Lung Cancer Initiative as the beneficiary of the plan.

PRESENT GIFTS FROM RETIREMENT PLANS – QUALIFIED CHARITABLE DISTRIBUTION (QCR): An immediate gift from traditional IRA account assets (gifts from 401(k), 403(b), “ongoing” SEP or SIMPLE IRAs, and other plans do not qualify) during your lifetime. With the recent passing of a new tax code, a gift from your IRA directly to charity is more advantageous than ever. An IRA gift can reduce your tax burden and fulfill your charitable interests.

A QCR is right for you if:

• You are 70.5 or older, AND
• You do not need the IRA income (required minimum distribution) this year, OR
• You are taking the standard deduction on your taxes.

By giving directly from your IRA you are able to exclude that distribution from your adjusted gross income, which might keep you out of higher tax brackets. Check with your tax advisor before making a gift of retirement plan assets.

A Donor Advised Fund (DAF) is a philanthropic vehicle that allows you to make one contribution into the fund and then recommend grants distributed to multiple charities over time. This can simplify your giving and make it easier to support Lung Cancer Initiative and other causes you care about. DAF gifts can be immediate or designated as planned gifts. To make a planned gift through a DAF, you would simply designate your charity of choice as a beneficiary of your DAF in your estate plan, and your planned gift would be eligible for an immediate tax deduction. Then, in later years when your estate makes a contribution through the DAF, there may be estate or inheritance tax benefits as well!

Giving through life insurance is one of the simplest ways to make a significant contribution to Lung Cancer Initiative and to establish your legacy of giving. You may do so in one of two ways: 1) You can designate LCI as the primary or secondary beneficiary of either 100% or some percentage of the proceeds from the policy. 2) You can transfer to LCI ownership of the policy – either paid in full or for which you continue making premium payments. The transfer of the policy is a present gift for which a charitable tax deduction may be taken, and your continued payment of premiums is each considered a charitable contribution, deductible to the full extent of the law.