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Experienced gift planning professionals at Memorial Medical Center Foundation have been assisting philanthropic friends and their financial planners for over 40 years and can help you leave a legacy and give back to your community.
Call us for further
information:
562.933.4483.
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Back to Charitable Gift Planning |
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Bequests to Memorial Medical Center Foundation
There are many different kinds of bequest options, including bequeathing a set dollar amount, a percentage of your estate, or establishing a contingency bequest, whereby the Foundation would be provided with all or a share of the estate in the event that other primary beneficiaries do not survive you. We would be happy to assist in tailoring wording appropriate to your situation.
As an alternative to a direct bequest, you may want to consider establishing an intervivos/testamentary trust, which would pay income to named beneficiaries, such as yourselves, for the rest of their lives. Upon the death of the last beneficiary, all or a part of the principal in the trust would be directed to the Memorial Medical Center Foundation to your area of interest.
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Donors who anticipate bequeathing $50,000 or more to the Foundation often elect to create a named endowed fund at the Foundation. Through these funds, donors have an opportunity to honor loved ones in perpetuity; the funds' principal would remain intact forever—only the interest is spent. In addition, donors are able to designate their funds' income to support their area of interest. Today, the Foundation oversees the management of more than 100 endowed funds. A bequest to the Memorial Medical Center Foundation may be designated for a specific purpose or be left as undesignated, meaning that the Foundation's Board of Directors would be able to apply the gift to the area of greatest need at the time the bequest is received. If you decide to make a bequest that is designated for a specific purpose, please consider doing so with the safeguard of a contingency clause.
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BEQUEST GUIDELINES
"I give (describe dollar amount, percentage of estate, or property to be given) to the MEMORIAL MEDICAL CENTER FOUNDATION, an eleemosynary corporation organized and existing under the laws of the State of California and having its principal place of business in the City of Long Beach, County of Los Angeles, State of California, for (specific purpose, if any): at ___________________ (name of institution and/or affiliated centers of excellence)"
IF A SPECIFIC GIFT DESIGNATION IS MADE, THE FOLLOWING CONTINGENCY CLAUSE SHOULD BE ADDED:
"If, at some future time, in the judgment of a majority of the Board of Directors of the Memorial Medical Center Foundation, the income or principal of the fund established by this gift can no longer be used to the best advantage for the purposes or in the manner specified, then the income, or principal, or both, may be used for such related purpose and in such other manner as the directors may deem appropriate.
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BEQUEST GUIDELINES
(For creating a named endowment fund)
I give (describe dollar amount, percentage of estate, or property to be given) to the MEMORIAL MEDICAL CENTER FOUNDATION, an eleemosynary corporation organized and existing under the laws of the State of California and having its principal place of business in the City of Long Beach, County of Los Angeles, State of California, specifically for the establishment of the (name) ENDOWMENT FUND. Said FUND, as determined under applicable policy of the MEMORIAL MEDICAL CENTER FOUNDATION, shall be used to support _____________________________ (name of program, service or department, if any) at ___________ (name of institution: see attached list for Memorial hospitals and affiliated centers of excellence). The principal of the ENDOWMENT FUND may be invested in common with other funds of like character, provided that the identity of said FUND shall be preserved, and the said FUND shall be preserved in perpetuity except as hereafter set forth. If ______________________ (name of institution) has a (name of program/service/department to receive support) at the time of my death, and MEMORIAL MEDICAL CENTER FOUNDATION accepts and establishes the ENDOWMENT FUND, and subsequent to my death the __________________________ (program/service/department) ceases to exist, then ______________________ (name of institution) or their successor in interest may apply this bequest as they see fit and as their need is greatest, so long as the same is used for charitable purposes.
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