The Lieber Institute “Legacy Investor” recognizes individuals who have included the Institute in their legacy plans. A legacy or planned gift is a financial contribution pledged now but conveyed to the Lieber Institute after your lifetime.  To explore planned giving options in complete detail and discover which will best meet your needs, we suggest engaging an estate attorney. As a first step, read on for an overview of the most popular options for making a lasting impact after your lifetime.

Will Bequest:  Structure your Will to include a gift to Lieber Institute with the following sample language:

Specific Dollar Amount
I hereby give, devise, and bequeath {specific dollar amount} OR {% of total estate} to the Lieber Insitute for Brain Development, a nonprofit organization located at 855 N Wolfe Street, Suite 300, Baltimore, MD 21205 Federal Tax ID #26-3690883, for the organization’s general use and purpose.

Restricted Bequests
I hereby give, devise, and bequeath {specific dollar amount} OR {% of total estate} to the Lieber Institute for Brain Development, a nonprofit organization located at 855 N Wolfe Street, Suite 300, Baltimore, MD 21205 Federal Tax ID #26-3690883, for the following (name of specific program or project).

If you are making a restricted bequest, we recommend that your attorney include the following provision to allow flexibility should it no longer be possible for the Lieber Institute to use your gift as you originally intended:

“If, in the judgment of the Board of Directors of the Lieber Institute, it shall become impossible or impractical for the to use this bequest to accomplish the specific purposes of this bequest, the Lieber Institute may use my gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.”

Retirement Plan Beneficiary
Most retirement plans are income tax-deferred, meaning you do not pay income tax on the funds contributed to your plan or on the growth of the assets within the fund. However, you are responsible for paying the tax when the funds are distributed. Your beneficiary is also required to pay the income tax that has not been paid. Charitable organizations, like the Lieber Institute, are tax-exempt and not liable for unpaid taxes. If you name Lieber Institute as a beneficiary of your retirement plan, the full amount of your gift will be used for toward our mission to prevent mental illness and brain disorders. To name the Lieber Institute as a beneficiary, contact your plan administrator and request a beneficiary change form.

Arrange a Charitable Trust
With a charitable remainder trust, you receive income each year (either fixed or variable) from assets you place in the trust. After your lifetime, the balance in the trust goes to the Lieber Institute.

Use Life Insurance to Make a Gift
You can name the Lieber Institute as primary beneficiary of your life insurance policy or as contingent beneficiary should your other beneficiaries not survive you. After your lifetime, the benefits from your policy pass to the Lieber Institute free of federal estate tax. Simply contact your insurance carrier and request a beneficiary change form.

You can also donate your paid-up life insurance policy to the Lieber Institute. If the policy has cash value, the Lieber Institute has the option of either holding the policy until the maturity date or surrendering the policy to receive the policy’s current cash value.

Designate Financial Accounts
Another way you can include the Lieber Institute in your estate plan is by designating us as the beneficiary of a financial account, including a bank or brokerage account, or an asset, such as a certificate of deposit. All you need to do is complete a beneficiary designation form (often called a transfer-on-death or pay-on-death form) provided by the financial institution. After your lifetime, the asset passes directly to the Lieber Institute.

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.