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Wife Honors Late Husband With Gift to Cancer Research

Lark A BoothWhen Lark A. Booth thought about her legacy, she had two clear goals: to honor her late husband, Steve Booth, and to help others. Lark decided the best way to accomplish these goals was to leave her estate to the University of Alabama at Birmingham to support cancer research.

Lark's husband, Steve, passed away in October 2010 after being diagnosed 14 months earlier with a brain tumor. Steve's treatment at UAB came from two leading physician-scientists studying new treatments for brain tumors, Dr. Louis B. Nabors III, a neuro-oncologist, and Dr. James M. Markert, a neurosurgeon.

Praise for Care
In the course of his treatment, Steve underwent two operations and several rounds of radiation and chemotherapy. Lark speaks highly of the care Steve received at the UAB Comprehensive Cancer Center at Acton Road.

"Our experience with UAB was the best under the worst of circumstances," she says. "I think Steve would be pleased that I have chosen to honor him with a planned gift. Steve was so special. He was smart, funny, kind, thoughtful, and brave. When talking about life, he was fond of saying, ‘This is not a dress rehearsal.'"

Paying It Forward
Lark hopes her gift to UAB will help people who find themselves in the same situation she and Steve faced five years ago. She believes her gift can be part of something great, by helping fund research and foster the development of new treatments. Lark is grateful that she can honor Steve's memory and contribute to the ongoing work to find new treatments, therapies, and cures that will ease the burden on patients and their families.

Help support the UAB programs that mean so much to you through legacy giving. To learn more, contact the Office of Planned Giving at 205-996-7533 or plannedgiving@uab.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to the University of Alabama at Birmingham 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, [name], of [city, state, ZIP], give, devise and bequeath to the University of Alabama at Birmingham [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 UAB 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 gift 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 receive an immediate federal income tax charitable deduction. 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 UAB as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 UAB 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 UAB where you agree to make a gift to UAB 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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