Bequest Language
Making a gift in your will or living trust, known as a bequest, is one of the most effective ways to make a lasting impact and guarantee that your legacy endures. Your gift may be a specific dollar amount, a percentage of your estate or the remainder after all other provisions are specified.
Types of Bequests
Erie Family Health Foundation accepts gifts of cash and cash equivalents and publicly traded securities. Gifts of tangible personal property, real estate and restricted securities may be accepted subject to prior review by a Gift Acceptance Committee. If you are considering a gift of any of these types of assets, please contact us to discuss your gift interests.
Specific Bequest. A specific bequest involves making a gift of a specific dollar amount. For example, you may wish to leave $10,000 to Erie Family Health Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Erie Family Health Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Erie Family Health Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave $100,000 to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the money will go to Erie Family Health Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Erie Family Health Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Erie Family Health Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave $100,000 to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the money will go to Erie Family Health Foundation.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Erie Family Health Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Erie Family Health Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Erie Family Health Foundation, a nonprofit organization located at 1701 W. Superior St., Chicago, IL, 60622, Federal Tax ID #81-4172423, for Erie Family Health Foundation's general use and purpose.
2. Contingent BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Erie Family Health Foundation, a nonprofit organization located at 1701 W. Superior St., Chicago, IL, 60622, Federal Tax ID #81-4172423, for Erie Family Health Foundation's general use and purpose.
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Erie Family Health Foundation, a nonprofit organization located at 1701 W. Superior St., Chicago, IL, 60622, Federal Tax ID #81-4172423, $100,000 to be used for Erie Family Health Foundation's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Erie Family Health Foundation flexibility should it no longer be possible for Erie Family Health Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Erie Family Health Foundation, it shall become impossible for Erie Family Health Foundation to use this bequest to accomplish the specific purposes of this bequest, Erie Family Health Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to Erie Family Health Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Erie Family Health Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
