Leave a Legacy | | Loyola Medicine

Leave a Legacy

Planned gifts enables you to leave a meaningful legacy.

Planned gifts enable you to make a meaning impact today while leaving a lasting legacy for future generations. In addition, potential tax benefits to these gifts can help you achieve financial goals while also supporting Loyola Medicine. These valuable gifts allow us to invest in our future and plan for the healthcare of tomorrow.

Bequests

There are a number of ways you can make a bequest to Loyola Medicine:

Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Loyola Medicine.

Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Loyola Medicine.

Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Loyola Medicine.

Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Loyola Medicine.

Bequest Benefits

A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

Restricted Bequests

If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, contact us. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives.

Bequest Language

In order to make a bequest, you should speak with your attorney who will be able to assist you in including Loyola Medicine in your will or trust. We have provided some basic bequest language to assist you and your attorney.

1. Specific Bequest

If you are considering making an outright bequest to Loyola Medicine or one of our hospitals, we recommend the following language:

Bequest of a Specific Dollar Amount

I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Loyola Medicine, a nonprofit organization located at 2160 S. First Street, Maywood, IL, 60153, Federal Tax ID #36-4015560, for Loyola University Health System's general use and purpose.

Bequest of Specific Personal Property

I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Loyola Medicine, a nonprofit organization located at 2160 S. First Street, Maywood, IL, 60153, Federal Tax ID #36-4015560, for Loyola University Health System's general use and purpose.

2. Percentage Bequest

If you are considering making a bequest of a percentage of your estate to Loyola Medicine, we recommend the following language:

I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Loyola Medicine, a nonprofit organization located at 2160 S. First Street, Maywood, IL, 60153, Federal Tax ID #36-4015560, for Loyola Medicine's general use and purpose.

3. Residual Bequest

I hereby give, devise and bequeath to Loyola Medicine, a nonprofit organization located at 2160 S. First Street, Maywood, IL, 60153, Federal Tax ID #36-4015560, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Loyola University Health System's general use and purpose.

4. Contingent Bequest

If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Loyola Medicine, a nonprofit organization located at 2160 S. First Street, Maywood, IL, 60153, Federal Tax ID #36-4015560, DESCRIPTION OF PROPERTY to be used for Loyola University Health System's general use and purpose.

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Office of Philanthropy: 2160 S. First Avenue Maywood, Il 60153
Phone Number: 708-216-3201
Email: philanthropy@luhs.org