Advantages of Bequests
Your attorney can help you structure a bequest that fulfills your wishes and meets your loved ones’ financial needs. This can be done by drafting a new will or living trust, or by adding a codicil (amendment) to your existing documents. Through a bequest, you can make a substantial gift to further your support for peace, without depleting current assets. Other advantages include:
- Simplicity. A few sentences are all that is needed to complete your gift.
- Flexibility. Until your will or trust goes into effect, you can revise your plans.
- Versatility. You can bequeath a specific amount, a gift contingent upon certain events, or a percentage of your estate.
- Tax Benefits. Your estate is entitled to an unlimited estate tax charitable deduction for gifts to qualified charitable organizations like the Nuclear Age Peace Foundation.
Four Simple Steps to Leave a Bequest
- Determine whether you’d like to make a gift of a specific asset, such as a certain amount of cash, securities or property, or if you’d like to leave a percentage of your estate.
- Decide if you want to direct your gift to help a particular project or leave your gift unrestricted, allowing it to be used where needed most.
- Meet with your attorney to include your gift in your will or revocable living trust.
- Share your intentions with us so we can honor your wishes. We are also happy to respect your wishes regarding anonymity.
Language for a Bequest
A popular bequest option is to leave a percentage of your estate, so your gift will remain proportionate to the size of your estate, no matter how it fluctuates. The following are two main methods for leaving a bequest in your will or trust.
1. Specific Bequest Language: This is an outright gift of a specific amount from your estate. Please check with us if you want to restrict your bequest to a specific program or purpose to assure we can use it exactly as you intend.
I hereby give to the Nuclear Age Peace Foundation, a nonprofit California corporation headquartered in Santa Barbara, California, the sum of $________ (or_______% of the estate or description of property) to be used for its general support (or for the support of a specific program).
2. Residual Bequest Language: This is an outright gift of the remainder of your estate after all other specific bequests, debts and taxes have been paid.
I hereby give to the Nuclear Age Peace Foundation, a nonprofit California corporation headquartered in Santa Barbara, California, all (or _______%) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support(or for the support of a specific program).
An attorney’s professional training is required for the preparation of wills and trusts. These examples are offered as a public service to provide accurate information of a general nature only, and is not intended as legal advice. Please consult with an attorney. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
Donations are tax-deductible to the full extent of the law. The Nuclear Age Peace Foundation is a 501(c)(3) not-for-profit, tax-exempt California corporation. Federal Tax ID # 95-3825265.