Charitable lead trusts | Dana-Farber and the Jimmy Fund

Provide for Your Loved Ones and Dana-Farber and the Jimmy Fund

Charitable Lead Trusts

To benefit from the tax savings that result from supporting Dana-Farber and the Jimmy Fund without giving up any assets that you'd like your family to receive someday, you can establish a charitable lead trust (CLT) to benefit Dana-Farber and the Jimmy Fund.

Types of CLTs to consider:

  • A charitable lead annuity trust pays a fixed amount each year to Dana-Farber and the Jimmy Fund and is more attractive when interest rates are low.
  • A charitable lead unitrust pays a variable amount each year based on the value of the assets in the trust. With a unitrust, if the trust's assets go up in value, for example, the payments to Dana-Farber and the Jimmy Fund go up as well.

Dana-Farber and the Jimmy Fund receive payments for as long as you choose, and remaining assets are given to your heirs at the end of the trust term. Any appreciation to the assets that occurs will be distributed to your heirs with reduced or no estate or gift tax liability.

Emily Kneen

Emily Kneenwas inspired by her daughter to create a CLT to benefit Dana-Farber and the Jimmy Fund.

Read her story

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Fund Your Charitable Lead Trust With:

Sample language to share with your attorney:

"I bequeath (a specific dollar amount/_______percentage or the entire residue of my estate) to Dana-Farber Cancer Institute, Inc., 450 Brookline Avenue, Boston, Massachusetts 02215 (for cancer research and patient care, or for a specific purpose important to you). Dana-Farber’s Federal Tax ID: 04-2263040."

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Next Steps

  1. Contact Erin McKenna at 800-535-5577 or Erin_McKenna@dfci.harvard.edu to talk about supporting Dana-Farber and the Jimmy Fund by setting up a charitable lead trust.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Dana-Farber and the Jimmy Fund in your plans, please use our legal name and federal tax ID. See below for sample language to share with your attorney.
  4. Please let us know if you have made this gift to Dana-Farber and the Jimmy Fund in your estate plans, and we would be happy to recognize you in our Dana-Farber Society, a special community of forward-thinking donors who have made a legacy gift.

Legal Name: Dana-Farber Cancer Institute, Inc.
Address: 450 Brookline Ave, Boston, MA 02215
Federal Tax ID Number: 04-2263040

A charitable bequest is one or two sentences in your will or living trust that leave to
Dana-Farber and the Jimmy Fund 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

"I bequeath (a specific dollar amount/_______percentage or the entire residue of my estate) to Dana-Farber Cancer Institute, Inc., 450 Brookline Ave, Boston, MA 02215 (for cancer research and patient care, or for a specific purpose important to you). Dana-Farber’s Federal Tax ID: 04-2263040."

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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 may qualify for a federal income tax charitable deduction when you itemize. 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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