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Sample Bequest Language

If you are planning a charitable bequest or trust designation, please contact the Abbott Northwestern Hospital Foundation as early as possible in the process. Our staff is available to provide information on giving vehicles, to suggest wording, and to describe developments in health-related research and education to help guide your gift designation.

The following are examples of bequest statements that may be used as models by you and your attorney in preparing your bequest or trust designation. We welcome the opportunity to work with you and your advisers to develop language tailored to your specific needs. Such collaboration ensures that the correct legal language is used and that your wishes are accurately understood. Please contact our gift planning team for additional information.


General
Unrestricted Residual Bequest
I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_________ % of the residue of my estate) or (the sum of $__________), to be used by Abbott Northwestern Hospital, wherever the needs and opportunities are greatest.

Unrestricted Contingent Bequest
In the event that __________ predeceases me, I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_________ % of the residue of my estate) or (the sum of $__________), to be used by Abbott Northwestern Hospital wherever the needs and opportunities are greatest.

Unrestricted Named Endowment
I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to establish the John and Jane Doe Permanently Endowed Fund, to be used by Abbott Northwestern Hospital wherever the needs and opportunities are greatest.


Research
Unrestricted Bequest for Research
I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to the Abbott Northwestern Hospital Foundation General Research Fund.
Designated Bequest for Research
I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799 (_______% of the residual) or (the sum of $__________), to the [Medical Department] for research efforts in the area of [Research Activity].

Example: I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799(_______% of the residual) or (the sum of $__________), to the Virginia Piper Cancer Institute for research efforts in the area of pediatric oncology.

Specific Bequest to Establish a Named Permanent Endowment Fund
I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to establish the John and Jane Doe Permanently Endowed Cancer Research Fund.

- or -

I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to establish the John and Jane Doe Permanently Endowed Cancer Research Fund, as outlined in an endowment description previously agreed to by the Abbott Northwestern Hospital Foundation and me.

- or -

I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to establish the John and Jane Doe Permanently Endowed Cancer Research Fund. This fund will be set up to conduct research at the Virginia Piper Cancer Institute in the area of pediatric leukemia.


Specific Department or Program
Unrestricted Bequest, Designated for a Particular Department or Program

I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_________% of the residue of my estate) or (the sum of $__________), for the benefit of the [Medical Department or Program].
Designated Bequest, Designated for a Particular Department or Program

I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_________% of the residue of my estate) or (the sum of $__________), for the benefit of the [Medical Department or Program] for [Specific Activity].

Specific Bequest to Establish a Named Permanent Endowment Fund
I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to establish the John and Jane Doe Permanently Endowed Fund to benefit the [Medical Department or Program].

- or -

I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to establish the John and Jane Doe Permanently Endowed Fund, as outlined in an endowment description previously agreed to by the Abbott Northwestern Hospital Foundation and me.

- or -

I give the Abbott Northwestern Hospital Foundation, 800 East 28th Street, Minneapolis, MN 55407-3799, (_______% of the residual) or (the sum of $__________), to establish the John and Jane Doe Permanently Endowed Fund. This fund will be set up to conduct research at the [Medical Department or Program] in the area of [Specific Activity].

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A charitable bequest is one or two sentences in your will or living trust that leave to Abbott Northwestern Hospital Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Abbott Northwestern Hospital Foundation, a nonprofit corporation currently located at Mail Route 16509, 800 East 28th Street, Minneapolis, MN 55407-3799, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Foundation where you agree to make a gift to the Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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