Research Progress - with your help! - with your help! - report on progress on crystallizing pVHL, by Dr. Diana Griffith, Massachusetts General Hospital
Funding for the VHL Family Alliance is provided by contributions from our members and friends. As we continue to build a valuable chain of information for patients, families, and physicians, private giving will be the key to our success.
Should you want to include a gift to the VHL Family Alliance in your will or other estate plans, the appropriate wording is, "I give and bequeath the sum of $____ to the VHL Family Alliance, a Massachusetts not-for-profit corporation," or "I give and bequeath ____ percent of my residuary estate to the VHL Family Alliance, a Massachusetts not-for-profit corporation." Another option is to create a charitable remainder trust.
Who does a charitable remainder trust benefit?
Someone who
has a highly appreciated asset with a low basis
wants to avoid the 28% capital gains taxes on the sale of the asset
will benefit from a large income tax deduction
may desire a guaranteed lifetime income
desires to benefit the VHL Family Alliance and/or other charities
desires to reduce his/her estate taxes.
How does the trust operate?
the donor transfers an asset, preferably an appreciated asset, to a Charitable Remainder Trust
the trustee or the Donor sells the asset
the trustee invests the tax-free proceeds in income-producing assets
the donor receives a stream of income for a term of years or over his or her lifetime
at the donor's death (or sometimes after the death of donor's spouse and/or children), the remaining trust assets go to charity
What are the benefits to the donor?
this trust avoids capital gains tax on the initial contributed asset. Charitable remainder trusts do not pay income taxes.
it reduces current income taxes because of current charitable income tax deduction as the deduction can be carried forward for up to five years.
it saves estate taxes because the asset transferred to the trust is removed from the donor's taxable estate
the donor has a lifetime income
the trust is usually exempt from the donor's creditors
What are the benefits to the family?
a substantial charitable gift is made in recognition of the donor and his/her family
income generated from the annual distribution can be used to pay life insurance premiums on the life of the donor which is held in an irrevocable trust and will pass free of estate taxes upon the donor's death
a positive feeling that you are a true supporter of the VHL Family Alliance - an investment in our children's future.
For more information, call your attorney, or Tom Rodenberg, 816-229-2132.
As published in the VHL Family Forum, 4:4, December 1996. For permission to reprint, please contact the VHL Family Alliance, editor@vhl.org. Further information is available from the VHL Family Alliance, info@vhl.org.
