Unidentified breakthroughs are just waiting to be discovered, but we can’t do it without the support of generous people like you. One way you can support orthopedic research initiatives is through legacy giving.
Legacy giving, also known as planned giving, is a powerful way for individuals, like yourself, to leave a lasting impact at OCRI. It allows supporters to make charitable contributions through their estate plans, typically by bequeathing assets such as money, property, or securities after their passing.
This type of giving ensures that one’s philanthropic values endure for generations to come, providing vital support to the future of orthopedic research. Here are some ways you might consider leaving your mark on orthopedic innovation:
Include specific language in your will or trust naming OCRI as the beneficiary of a testamentary gift. You can specify a specific dollar amount, a percentage of your estate or the residue of your estate.
Sample Bequest Language:
The following is sample bequest language that can be used to include a planned gift to OCRI in your estate plan. Always consult your attorney before executing a will, trust or other estate planning document.
“I give [X percent (X%) of my estate] to OrthoCarolina Research Institute, Inc., a North Carolina non-profit corporation, for the benefit of pediatric orthopedic research.
Name OCRI as the beneficiary of your retirement funds {e.g. IRA, 401(k) or 403(b) plans} to reduce or eliminate taxes.
Make a gift of life insurance either by irrevocably designating OCRI as the owner and beneficiary of the policy or by designating OCRI as a beneficiary of all or a portion of its proceeds.
Establishing a TOD provision for your bank or money market accounts is a cost-effective way to leave a legacy and retain complete ownership of your account while you are living. A TOD account automatically transfers its assets to the named beneficiary when the account holder dies. To make a TOD gift, you simply fill out a form provided by your financial or brokerage firm, naming OCRI as the beneficiary. These assets will then pass directly to OCRI without going through the probate process. In addition, the assets are subtracted from your taxable estate, which may save estate taxes.
Make a future gift to OCRI while retaining income payments for yourself for a number of years. You receive an immediate income tax charitable deduction in the year the gift is made or, in the case of testamentary CRTs, reduce your overall estate tax liability, while ultimately benefiting OCRI.
Make a current gift of income payments to OCRI while retaining the right for the remaining principal to be returned to you (and/or others) upon your death or after a fixed number of years. You may receive a tax deduction and/or reduce your overall estate tax liability.
If you have any questions about how to incorporate OCRI into your planned giving arrangements, contact us at research@orthocarolina.com
OrthoCarolina Research Institute is a fully registered and compliant 501(c)3 tax-exempt organization. Our Tax ID number is #:01-0648145 and your donation is tax-deductible within the guidelines of US law.
