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Charitable Remainder Trust is a unique giving opportunity

Joanne Jacobs

Joanne Jacobs

Joanne and Irwin “Jake” Jacobs were grateful for Dana-Farber Cancer Institute when Jake underwent treatment for non-Hodgkin’s lymphoma in 1987.

“We received a tremendous amount of care and it was so encouraging to us,” Joanne says. “Jake’s Dana-Farber team answered every question we had.”

After Jake’s successful treatment, the Jacobs enjoyed traveling, time with family, and Jake even learned to play the banjo. They knew they wanted to give back to Dana-Farber and the Jimmy Fund, yet taking care of their own needs during retirement was also a priority. Establishing a Charitable Remainder Trust (CRT) to benefit Dana-Farber was the perfect way to accomplish both. A CRT would provide the Jacobs with income for life and ultimately support the mission of Dana-Farber.

“Our CRT was the right thing to do,” says Joanne.“It’s a great long-term investment for Dana-Farber and for our family.”

The Jacobs created the CRT with a monetary gift and designated Dana-Farber as a remainder beneficiary—ensuring the Institute receives support after the Jacobs’ lifetimes. Besides generating regular annual income for the Jacobs, the CRT gift also allowed them to receive an income tax deduction.

Jake battled prostate and esophageal cancer before he passed away in 2008, and Joanne was treated for breast cancer in 2008. These challenging experiences further deepened the Jacobs’ respect for Dana-Farber, and reaffirmed their decision to make a planned gift.

“We met so many amazing people through the Dana-Farber community,” adds Joanne. “It was very important to us to give back through our CRT.”

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A charitable bequest is one or two sentences in your will or living trust that leave to Dana-Farber Cancer Institute a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

"I bequeath to Dana-Farber Cancer Institute, Inc., Boston, Massachusetts [ _____ dollars or _____ percent of my total or residual estate."]

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Dana-Farber and the Jimmy Fund or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Dana-Farber and the Jimmy Fund as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Dana-Farber and the Jimmy Fund as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Dana-Farber and the Jimmy Fund where you agree to make a gift to Dana-Farber and the Jimmy Fund and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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