TEAM MPN TO FUND RESEARCH

What will your legacy be?

Alec Pauluck passed away in 2011.  Two years later, in 2013, he provided a gift to fund the MPN Research Foundation. The gift from Mr. Pauluck demonstrates the importance to plan ahead to ensure you have a real impact on the programs you feel strongly about.

By remembering the MPN Research Foundation in your estate plans you will all of us find a cure for MPNs.

Let us help you realize your legacy.

Plan a gift that will give hope

Including the MPN Research Foundation in your will represents a deep commitment. All gifts received from a will be invested as part of the MPN Research Foundation’s permanent endowment. The Foundation only uses the interest from the endowment to fund research for better treatments and a cure for MPN blood cancers. With a gift through your estate, you will be supporting our efforts until we find a cure.

We can provide with the language to include the Foundation in your Will, or to talk with you or your financial advisor about a wide variety of options. 

We take great pride in our single goal: to stimulate research in pursuit of new treatments — and eventually a cure — for polycythemia vera, essential thrombocythemia and myelofibrosis, known collectively as myeloproliferative neoplasms (MPN).

It is only possible thanks to the generosity of patients, their family and friends like you. By including the MPN Research Foundation in your plans, you can support our mission to find a cure by designing a plan as part of your estate that benefits all patients after your lifetime. You do not have to be a certain age or extremely wealthy. You just need a plan, and you have come to the right place to learn more.

Putting your family first

When planning a future gift, it is sometimes difficult to determine what size donation will make sense. Emergencies happen, and you need to make sure your family is financially taken care of first. Including a bequest of a percentage of your estate ensures that your gift will remain proportionate no matter how your estate’s value fluctuates over the years.

Is this gift right for you?

In general, a charitable bequest works for anyone who would like to help find a cure for MPN blood cancers and support the MPN Research Foundation in the future. Because you can change your mind at any time and make your gift in relative proportion to bequests to family and friends, this type of gift has universal appeal.

Profile of a giver

You want to help find a cure for MPN blood cancers and support the MPN Research Foundation after your lifetime.
You have a will or living trust, or are ready to create one.
You are young or old, wealthy or middle class.
You want to make a charitable gift while ensuring family is taken care of first.
You want to maintain the flexibility to change your mind at any time.
You want estate tax relief.

Please note: The MPN Research Foundation is a non-profit organization and does not provide tax, legal, or financial advice. Any document or information shared by our staff is intended to be educational. We strongly encourage donors to seek counsel from their own legal and financial advisors. Please be aware that any information or documents shared by our staff cannot be used to avoid tax-related penalties.

Putting a gift in your will

We hope you will consider including a gift to the MPN Research Foundation in your will or living trust. Called a charitable bequest, this type of gift offers these main benefits:

• Simplicity – Just a few sentences in your will or trust are all that is needed. The official bequest language for the MPN Research Foundation is: “I give, devise, and bequeath to the MPN Research Foundation, a not-for-profit organization located in Chicago, Illinois, _______ percent (%) of the rest, residue, and remainder of my estate as an unrestricted gift to be used at the discretion of the Board of Directors of the MPN Research Foundation to help develop better treatments and a cure for MPN blood cancers.”

• Flexibility – Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
• Versatility – You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to us.
• Tax Relief – If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift’s full value.

Your circumstances may change and you can change your gift at any time.

To make a charitable bequest, you need a current will or revocable living trust.

Your gift can be made as a percentage of your estate or, you can make a specific bequest by giving a certain amount of cash, securities or property. After your lifetime, the MPN Research Foundation receives your gift.

Frequently Asked Questions

What will this cost?

When drafting your will, you may spend a few hundred dollars or several times that amount depending on where you live. Whatever the going rate in your area, resist the “deal.” Instead, select a qualified attorney who can help you save money and eliminate heartache in the end.

Do I need a will?

Everyone needs a will, no matter if you are young or old, sick or healthy, single or married.

If you leave this world without a will, your assets will be distributed by the state. As many know, the state may not make the best decisions or have your wishes in mind. Likewise, having an outdated will also means that your current intentions will not be carried out. So when change occurs in your life, remember to update your will.

What can my will do?

It allows you to:

• Choose the way you want to divide your property among your friends, relatives and those things that are important to you—not the way the state decides.
• Make special financial arrangements for your family members who are minors, disabled or unfamiliar with money management.
• Name a guardian for your minor children.
• Select an executor (personal representative) who will pay attention to your wishes and is well qualified to settle your estate promptly and economically.
• Provide vital support for your favorite charitable institutions.
• Devise a plan, with the help of a qualified attorney and other advisors, to minimize the taxes on your estate.

When and how should I update my will?

• Here are some circumstances that make it vital to update your will if:
• You want to name a different executor, trustee or guardian.
• Your assets have significantly increased or decreased in value.
• You have moved to another state.
• Your situation or a beneficiary’s situation has changed. Has your family changed because of marriage, divorce, birth, adoption or death?
• You want to include a gift to us in your will. Consider leaving us a percentage of your estate or the balance remaining after your loved ones receive their inheritances.
• The estate tax laws have changed. Check with your estate-planning attorney to make sure your estate plan is up-to-date with any federal estate tax law changes.

How do I update my will?

Step 1: Get a copy of your current will.

Step 2: Mark the areas you would like to change.

Step 3: Meet with your estate-planning attorney to draft and prepare your new document.

It takes just a few sentences in your will to include the MPN Research Foundation.

The official bequest language for the MPN Research Foundation is: “I give, devise, and bequeath to the MPN Research Foundation, a not-for-profit organization located in Chicago, Illinois, _______ percent (%) of the rest, residue, and remainder of my estate as an unrestricted gift to be used at the discretion of the Board of Directors of the MPN Research Foundation to help develop better treatments and a cure for MPN blood cancers.”

Step 4: Consider discussing changes with us if they may affect the MPN Research Foundation.

Do I need a living will?

A living will is a way of letting your family and doctors know about your health care wishes in case you ever become unable to speak for yourself because of injury or illness. Another document, called a medical power of attorney, is also commonly used.

A living will is a document that can direct your doctor to withhold or withdraw life-prolonging treatment if you are terminally ill and unable to communicate your wishes or permanently unconscious with no hope of recovery. It can tell your doctor to provide only those treatments that will relieve pain and provide comfort.

A living will can help your loved ones do what is right if you become hurt or disabled.

What is a medical power of attorney?

A medical power of attorney is broader in scope and allows you to name a person, called your agent, to make a full range of health care decisions for you only when you are incapable of communicating those decisions yourself. It also allows you to give specific instructions to your agent about the type of care you would want to receive.

Many people choose to have a living will and a medical power of attorney. If you do have both, make sure they are kept together so that your representative will know all of your wishes.

How does a medical power of attorney differ from a legal power of attorney?

A power of attorney is a legal document allowing another person or entity you choose (called your agent) to act on your behalf, in terms of financial matters such as handling your finances and paying bills.

With a power of attorney, you ensure that if you cannot take care of items yourself, your affairs will still be handled. In the document, you give your agent authority only for the types of transactions you desire. For example, you could have someone perform any of the following tasks:

• Write checks
• Borrow money
• Sell assets
• Manage property
• Handle legal claims
• Gain entry to safe-deposit boxes
• Prepare and file tax returns
• Deal with insurance and retirement benefits
• Exercise stockholder rights
• Contract for services
• Make gifts to family and charitable organizations

Your power can be drafted to become effective now or later, if you become incapacitated. This is called a springing power.

A power of attorney must be signed by you and may need to be witnessed or notarized, depending on state law. Your selected agent could be your spouse or adult child, a financial professional, or an organization such as a bank. Choose someone you trust to honor your wishes. If you select an individual, name a successor in case the first person predeceases you.

How do I find an agent?

It is imperative that you choose someone you trust to make decisions for you. A good candidate is someone who knows your values and wishes, and who is likely to be available.

Do I need a power of attorney?

Yes! In case of a sudden accident or prolonged illness or incapacity, you will want someone you trust to have the legal right to make financial decisions you would typically make, until you are able to make those decisions for yourself again.

When does this document end?

This document is used only while you are living and becomes invalid upon your death.

Where do I go for help?

Because the laws vary from state to state, consult an estate-planning attorney for more information.

How will my state of residence affect my plan?

All 50 states have laws that recognize the use of these documents. With living wills, for example, your state law may decide at what point it goes into effect. It may also limit treatments to which the living will applies.

Where do I find assistance?

Begin your inquiry with your estate-planning attorney. If you do not have one, ask your friends, family, or colleagues for a referral. Your CPA, banker, financial advisor and insurance agent are also good resources, as these professionals frequently work closely with estate planning attorneys in assisting their clients.

You can make a bequest to the MPN Research Foundation for a percentage of your estate or a specific dollar amount. You can designate your bequest for general use or you can establish an endowment that will honor the memory of a family member or another loved one. These endowments live forever since only the income is used annually.

How do I complete my gift? 

1. Choose what to give.  Pick from one of these three options.

• A general bequest gives a stated sum of money. If there is insufficient cash in your estate to cover the bequest, other assets will be sold for cash to honor your wishes for us.
• A residuary bequest gives the “rest, residue and remainder” of your estate, or, more commonly, a percentage of the residue after all other bequests, debts and taxes have been paid.
• A contingent bequest requires a certain event to occur before the gift can happen. For example, you could bequeath funds to a family member if person survives you; if not, the funds would then go to the MPN Research Foundation.

Did you know?
You can make your bequest in honor or in memory of someone special. Please contact Pam Soto at (312) 683-7226 mpnrfdevelopment@gmail.com to learn more.

2. Decide how you would like the MPN Research Foundation to use your gift. Choose from one of the following options.

• An unrestricted bequest allows us to use the assets in the most beneficial way.
• An endowment bequest means your gift will be invested and becomes part of our endowment. A distribution to support blood cancer research is made each year. Because the principal remains intact, the fund will support our mission until we find a cure for MPNs.

3. Meet with your estate-planning attorney. 

Whether you need to create a will or trust, or simply update an old document, you will want to seek the help of an estate-planning attorney.

The official bequest language for the MPN Research Foundation is: “I give, devise, and bequeath to the MPN Research Foundation, a not-for-profit organization located in Chicago, Illinois, _______ percent (%) of the rest, residue, and remainder of my estate as an unrestricted gift to be used at the discretion of the Board of Directors of the MPN Research Foundation to help develop better treatments and a cure for MPN blood cancers.”

4. Let us know of your plans.

If you have already designated the MPN Research Foundation with a bequest, please let us know so that we can welcome you as a member of the Legacy Club.

Gifts of Retirement Plan Assets 

Do you have money saved in an employee retirement plan, IRA or tax-sheltered annuity? Each of these retirement plan assets contains income that has yet to be taxed. Your beneficiaries will owe the income tax at your death, totaling up to 39.6 percent, which may be reason enough to consider giving your loved ones less heavily taxed assets and leaving your retirement plan assets to charity instead.

Consider leaving a portion of your retirement plan assets to the MPN Research Foundation. This will help get the most value from your nest egg, protect your heirs from heavy taxes and you will help find a cure for MPNs.

How It Works

If you die with retirement plan assets in your estate, those assets are subject to income taxes. This can reduce the amount that normally would be passed to heirs by up to 39.6 percent. In contrast, as a nonprofit organization, we are tax-exempt and eligible to receive the full amount and bypass any federal taxes. Income taxes can be eliminated or reduced through a carefully planned charitable gift.

Consider these gift options:

• Designate the MPN Research Foundation as the primary beneficiary for a percentage (1 to 100 percent) of your retirement plan assets.
• Designate a specific amount to be paid to us before the remainder is divided among family beneficiaries.
• Make us the contingent beneficiary to receive the balance only if your loved one, as primary beneficiary, doesn’t survive you.

Did you know?
If your children are the beneficiaries of your IRAs and other retirement plan assets, federal income taxes may erode up to 39.6 percent of the amount they receive.

How to Complete Your Gift 

Once you have considered the tax implications, you will see the value of leaving your retirement plan assets to us.

Changing Beneficiaries

If you have decided to shield your heirs from heavy income taxation by making a charitable donation of your retirement plan assets upon your death, simply contact your retirement plan administrator for a change of beneficiary form. Then decide what percentage you would like the MPN Research Foundation to receive, and name us, along with the percentage, on the beneficiary form. Note that if you are married, your surviving spouse is usually entitled by law to receive the entire amount in certain qualified plans (but not IRAs). Your spouse, however, can sign a written waiver allowing the gift to us. Finally, return the form to your plan administrator, and keep a copy with your will and other estate planning documents.

Did you know?
The more money you have in an employee retirement plan, IRA or tax-sheltered annuity, the more money your heirs will be obligated to pay in income taxes.

For More Information

Consulting an estate-planning attorney is a smart investment that can save you and your family money and heartache. Please seek legal advice before deciding who will get what in your estate plan.

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Here are practical, simple tips on getting your plans in order to protect your family and support your favorite organizations.