A bequest in your will, one of the simplest ways to make a future gift to the Hereditary Disease Foundation, can take different forms and be easily modified to address your changing needs. Below is sample language to discuss with your attorney and include on a beneficiary designation form:

I give and bequeath the sum of $_____ (or a portion/residue of my estate) to Hereditary Disease Foundation, of 601 West 168th Street, Suite 54, New York, NY 10032, to be used in support of its general charitable purposes. The tax identification number is 23-7376197.

Even if you do not have a will, designating the Hereditary Disease Foundation as a beneficiary of your retirement plan or bank account provides a meaningful way to support HDF while fulfilling your financial and philanthropic goals. Gifts of assets from qualified plans such as 401(k), 403(b), IRA, Keogh, life insurance, or savings and checking accounts can all help leave your legacy.

To do so, you simply complete a beneficiary designation form and return it to the plan’s custodian. Typically, there are additional tax benefits available when donating this type of asset. For example, much of the value of an IRA you bequeath to your heirs could be eaten up by taxes. Naming the HDF as beneficiary of a qualified retirement plan may avoid income and estate taxes that otherwise might be due.

The basic information you need to include HDF as a beneficiary is:

Legal Name: Hereditary Disease Foundation
Address: 601 West 168th Street, Suite 54, New York, NY 10032
Federal Nonprofit Tax Identification Number: 23-7376197

Life insurance policies that are no longer needed to secure your family’s financial future may also be contributed. Though this option, you can make an irrevocable gift of an existing policy to Hereditary Disease Foundation, or, alternatively, can name HDF as a beneficiary of a policy held in your name. Issuing a policy in the form of an irrevocable gift qualifies donors for an income tax deduction for the cash value of the policy or the total premiums paid, while naming HDF as a policy beneficiary makes the donor’s estate eligible for a charitable estate tax deduction for the amount passed to HDF.

You would simply complete and return to the insurance company a form designating the Hereditary Disease Foundation as recipient of all or a portion of the ultimate benefit associated with the policy. Life insurance can represent a significant gift to the HDF at a relatively low cost to you.

If you are over 70 1/2 and hold an IRA, you may consider contributing a Qualified Charitable Distribution (QCD) to Hereditary Disease Foundation or another public charity. QCDs can be counted toward your Required Minimum Distribution (RMD) as long as certain rules are met. Funds must be directly transferred to the charity from the IRA custodian company according to specified deadlines, and special tax filing requirements apply. Consult a tax advisor and your financial institution to determine if making an IRA QCD gift is appropriate for your situation. As of January 26, 2021.

You are generally able to recommend in advance (on a form provided by the account manager) that at the end of your lifetime a lump-sum grant be made from your donor-advised fund account to charity. Check your donor-advised fund’s policies and guidelines to confirm the steps necessary to make this gift.