Supporter Spotlight
When Pyramid Legacy Society members Mal and Lea Bank established their charitable remainder unitrust funded with appreciated securities, they made certain Cleveland Clinic was a beneficiary.
"As an estate planning attorney, I encourage all my clients to very seriously consider charitable giving," Mr. Bank says. "Charitable giving is everyone's responsibility. It is a privilege to contribute to a great organization such as Cleveland Clinic. The more you learn about the cutting edge medical research and outstanding patient care at Cleveland Clinic, the more eager you are to provide significant support."
Charitable Remainder Trust
A trust involves the transfer of legal title of property to Cleveland Clinic to manage for the benefit of yourself and Cleveland Clinic. Trusts that make lifetime payments to Cleveland Clinic are called charitable remainder trusts.
The minimum contribution for a charitable remainder trust with Cleveland Clinic is $100,000. There are 2 basic forms of trusts differentiated by how payments are calculated to beneficiaries.
Unitrust
Payments from a unitrust vary according to the investment performance of the trust and may provide a hedge against inflation.
Annuity trust
Payments from an annuity trust are fixed when the trust is created and will not vary over the beneficiaries' lifetimes.
Planning Tip
If you fund either of these trusts with long-term appreciated securities, you'll receive an additional tax benefit and avoid capital-gain tax on the appreciation, thus preserving more of their gift to produce the payments.
Contact Us
For a confidential discussion about the benefits of making a charitable trust to Cleveland Clinic, please call Institutional Relations and Development at 216.444.1245 and ask to speak with a member of our gift planning team or email giftplanning@ccf.org.
