Making a bequest to a charitable organization is not only a sign of benevolence; it's the mark of savvy estate planning. There are many unique ways to make a gift in your will that can produce remarkable tax-saving benefits for your estate.
More importantly, your bequest will become an enduring testimonial of your desire to help shape the future. In addition, you will gain a kind of immortality that can't be achieved any other way. Here are some popular bequests:
By making an unrestricted gift, you allow us to apply funds to our most pressing needs. You simply bequest to us a given sum of money or other asset. Then our governing board will determine the best use of your bequest. Your gift can also be contingent. For example, you direct specific funds to go to an individual if that person survives you; otherwise, the funds are paid to us.
Percentage or Residue
You may choose to leave us a percentage of your estate or the balance remaining after bequests made to your heirs. A percentage will adjust for any substantial change in the value of your estate. This is especially practical if you are unsure what amount of money will be available after your lifetime.
Trust for Spouse
By means of your will, you may want to place some or all of the residue of your estate under the management of a Trustee for the benefit of your spouse in a "QTIP" Trust. Your executor or personal representative must file an election of your estate tax return to create this trust. This special trust for surviving spouses stipulates your spouse is to receive the trust income, together with principal advances if necessary, for his or her support for life. At your spouse's death, all or part of the trust remainder will be distributed to us.
Life Income and Lead Trust Plans
A charitable remainder trust provides that we or another Trustee are to hold and invest a principal amount and pay an income amount or a percentage to a named beneficiary or beneficiaries for life or a term of years. After that, the remainder is distributed to us. There are several types of life income plans from which to choose. An alternative to these plans is a charitable lead trust that pays us a fixed dollar amount or a percentage of trust assets for a designated term or a lifetime, after which the principal passes to your named beneficiaries. With either arrangement, your estate can realize significant estate tax savings.
You can establish a permanent memorial fund with the income used by the charitable organization as you specify. The principal will be invested and will continue to provide support to the organization in perpetuity. The fund can be established in your name or in memory of another person.
How We Can Help?
Please share with us your bequest intentions so that we can thank
you and, if you wish, discuss your desires for the use of the gift. We
can also help you and your attorney formulate a plan to carry out your
wishes and achieve valuable tax savings.
The following information provides
language to use for bequests' instructions.
Language for General Bequests:
I hereby give to the Cowley County Community
College Endowment Association, Arkansas City, Kansas the sum of ($________)
or (all my right, title and interest into the following described property:______________)
or (_________% of the rest, residue and remainder of my estate). The donor
may stipulate that the funds go to establish a scholarship or benefit a
specific program at Cowley or may be discretionary funds to be used in
a manner determined appropriate in assisting the mission of the college.
Language for Specific Purpose Bequests:
I hereby give to the Cowley County
Community College Endowment Association, Arkansas City, Kansas the
sum of ($________) or (all my right, title and interest into the
following described property:______________) or (________% of the rest,
residue and remainder of my estate). This gift is furnished to (establish
the _______________ Endowed Scholarship) or (provide support for the
_____________________program at Cowley College).
Scholarships may be named by the donor.
If you have questions or would like more information, please
contact Ben Schears at 800.593.2222 ext 5319 or 620-441-5594 or firstname.lastname@example.org.