Legacy Giving
The Foundation of the ACLP has as a chief goal supporting our more junior members, both practitioners in training and early career practitioners. Please consider supporting our mission with a legacy gift. There are several alternatives.
Simple Bequest
You can leave the Foundation of the ACLP a bequest in your will or trust. You can designate a specific amount or a percentage of total estate. Your assets remain in your control and can change your gift at any time. Here is an example of bequest language for your will. You can also make a codicil to your existing will adding this bequest. A codicil sample codicil is shown here, but we recommend working with your attorney to be sure your decision is best documented: the codicil must be signed and executed in the state of the original will, and state laws differ in how many witnesses are required or what language must be included. The tax ID number of the Foundation of the ACLP is 27-1235892, and our address is 5034A Thoroughbred Lane, Brentwood, TN 37027. Please let us know of your future gift at info@clpsychiatry.org.
Designating the Foundation of the ACLP as Beneficiary
Consider leveraging your donation by giving assets which have appreciated. Your estate receives a tax deduction based on value of such assets at the time of transfer, regardless of the price you originally paid, and you pay no capital gains tax. If you have a stock or investment account, designate the Foundation of the ACLP as a beneficiary of a percentage of the fund value. You, or your broker/investment holder, will need to complete a beneficiary designation form or a T.O.D. (Transfer on Death) form. Similar designations may be made for retirement accounts that you may hold. A transfer will be made automatically on death, independent of your will or trust. Of course, you can alter these provisions at any time should your circumstances change.
Similarly, you may have an insurance policy which you no longer need. Consider designating the Foundation of the ACLP as a beneficiary of a percentage of your policy proceeds. You will need to update your beneficiary designation form or your P.O.D. (Pay on Death) form.
Consult your investment adviser to understand the tax deductions which may result from such gifts. In cases where these assets were acquired with pretax dollars, such as Individual Retirement Accounts, 401(k), and 403(b) plans, savings may be substantial. Your heirs will potentially pay both income tax and estate tax on such assets, which you avoid with beneficiary designations. The tax ID number of the Foundation of the ACLP is 27-1235892, and our address is 5034A Thoroughbred Lane, Brentwood, TN 37027. Please let us know of your future gift at info@clpsychiatry.org.
Donating Tax-free during your Lifetime
The Foundation of the ACLP is a registered non-profit corporation, and contributions are tax-deductible. Our Tax ID # is 27-1235892. We can also accept contributions from donor-advised funds.
You can leverage your donation by giving assets which have appreciated, such as stocks. You may receive a tax deduction based on the value of such assets at the time of transfer, not dependent on the price you originally paid, and you pay no capital gains tax. Please contact us if you are interested in this option at info@clpsychiatry.org.
If you are more than 70 ½ years old, you may be able to make Qualified Charitable Distributions, also known as Charitable IRA Rollover Gifts, from your traditional Individual Retirement Account (this does not apply to 401(k), 403(b), or SEP plans). Whether or not you are making a required minimum distribution, donating from your traditional IRA may provide a tax benefit even if you take the standard deduction.
| If you are considering any of these options, please feel free to contact us at info@clpsychiatry.org. The Foundation of the ACLP cannot provide legal or financial advice, and we urge you to seek appropriate expertise in planning your donation. |
| Example of bequest language |
| I give, devise, and bequeath to the Foundation of the Academy of Consultation-Liaison Psychiatry, a 501(c)(3) corporation with a tax ID # of 27-1235892, located at 5034A Thoroughbred Lane, Brentwood, TN 37027, [the sum of $__ /percentage of __% of my estate] to be used for its general purposes. |
| Sample codicil |
|
I, [name], a resident of the County of [county], State of [state], declare that this is the codicil to my last will and testament, which is dated [date original signed].
I add or change said last will in the following manner:
[List changes or additions to the original will. Reference section number of the will and the specific language you will be affecting. See suggested bequest language.]
Otherwise, I hereby confirm and republish my will dated [date original signed], in all respects other than those herein mentioned.
I subscribe my name to this codicil this [day, e.g. 1st] day of [month], [year], at [full address where signed], in the presence of [full name of first witness to codicil], [full name of second witness to codicil], and [full name of third witness to codicil], attesting witnesses, who subscribe their names here in my presence.
__________________________________________________
Maker
ATTEST
On the date last above written, [name], known by us to be the person whose signature appears at the end of this codicil, declared to us, [full name of first witness to codicil], [full name of second witness to codicil], and [full name of third witness to codicil], the undersigned, that the foregoing instrument, consisting of [number of pages to codicil] page(s) was the codicil to the will dated [date original signed]; who then signed the codicil in our presence, and now in the presence of each other, we now sign our names as witnesses.
Witness Address:
__________________________________________________
Witness Address:
__________________________________________________
Witness Address:
__________________________________________________ |
