Sample Bequest Language

Bequests

A bequest is one of the easiest gifts to make. With the help of an advisor, you simply include language in your will or trust specifying a gift to be made to family and/or WISE & Healthy Aging as part of your estate plan.

 Benefits of Your Bequest Include:

  • Receive estate tax charitable deduction.
  • Lessen the burden of taxes on your family.
  • Leave a lasting legacy.

Bequest Options

A bequest may be made in several ways:

  • Gift of a percentage of your estate
  • Gift of a specific dollar amount or asset
  • Gift from the balance or residue of your estate

Making a Bequest of Your Retirement Assets

A retirement asset, such as an IRA account, makes an excellent bequest to us. If the IRA were given to your family, much of the value may be lost through estate and income taxes. By designating WISE & Healthy Aging as the beneficiary of all or part of your IRA (using a beneficiary designation form provided by your custodian), the full value of the gift is transferred tax-free at your death and your estate receives an estate tax charitable deduction.

Sample Bequest Language:

Specific Bequest Language

A specific bequest allows you to make a gift to WISE & Healthy Aging of a set dollar amount or a specific asset. Specific gifts are used when you want an exact amount to benefit WISE & Healthy Aging or have a specific asset, such as books or collectibles, which you want us to receive.

I give and devise to WISE & Healthy Aging located in Santa Monica, CA, the sum of

$ ___________________  (or _________ asset) to be used where it determines the need is greatest (or for the support of a specific fund or program).

Residual Bequest Language

A residual bequest benefits WISE &   Healthy Aging with all or a portion of your remaining assets after your estate expenses are paid and your specific gifts to family have been fulfilled. Residual bequests increase or decrease with the value of your estate over time so that you do not have to continually update your estate plan as your circumstances change.

I give and devise to WISE & Healthy Aging located in Santa Monica, CA all (or state a percentage) of the rest, residue and remainder of my estate, both real and personal, to be used where it determines the need is greatest (or for the support of a specific fund or program)

Contingent Bequest Language

A contingent bequest allows you to name WISE & Healthy Aging to receive a gift from your estate in the event one or more of the other named beneficiaries in your estate dies or cannot accept the transfer from your estate.

If ____________________ bequest cannot be fulfilled at the time of my demise, I give and devise to WISE & Healthy Aging located in Santa Monica, CA, her/his/its/their share to be used for its general purposes (or for the support of a specific College or purpose. In the event this purpose is no longer practicable, then I direct that this bequest be used by WISE & Healthy Aging for a purpose as close as possible to my original intent).

Identifying the best asset when making a charitable bequest:

Gifts of Stocks and Bonds

A gift of your securities, including your stocks or bonds, is an easy way for you to make a gift. By making a gift of your appreciated securities, you can avoid paying capital gains tax that would otherwise be due if you sold these assets.

Gifts of Real Estate

A gift of your real property (such as your home, vacation property, vacant land, farmland or ranch or commercial property) can make a great gift. If you own appreciated real property, you can avoid paying capital gains tax by making a gift to us.

Gifts of Retirement Assets

A gift of your retirement assets, such as a gift from your IRA, 401k, 403b, pension or other tax deferred plan, is an excellent way to make a gift. By making a gift of your retirement assets, you will help further our work.

Gifts of Cash

A gift of cash is a simple and easy way for you to make a gift. You will receive a charitable tax deduction that will provide you with savings on this year's tax return.

Gift of Insurance

A gift of your life insurance policy is an excellent way to make a gift to us. If your life insurance policy is no longer needed or will no longer benefit your survivors consider making a gift and help further our mission.

In order to save your estate possible income taxes, if you have retirement accounts, savings bonds, or other assets subject to income tax at your death, we recommend including the following language in all wills and living trusts:

I instruct that all of my charitable gifts, bequests and devises shall be made, to the extent possible, from property that constitutes "income in respect of a decedent" assets, as that term is defined by the Internal Revenue Code and the laws of my home state.

Note: Naming opportunities and endowments have various gift minimums which may change over time. If you wish to use a bequest to fund a named gift or endowment, please contact us for additional language to ensure we can use your restricted gift to carry out your legacy.

Retirement Plan Beneficiary Language

Naming us as the beneficiary of a qualified retirement plan asset such as a 401(k),

403(b), IRA, Keogh or profit-sharing pension plan will accomplish your charitable goals while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming WISE & Healthy Aging as a

beneficiary of all or a percentage of your retirement plan, you maintain complete control over the assets while living, but at your passing the remaining assets pass to WISE & Healthy Aging free of both estate and income taxes.

 

Making a charitable gift from your retirement plan is easy. Simply fill out a change of beneficiary form from your plan administrator and notify us. We can also assist you with the proper language for your beneficiary designation to WISE & Healthy Aging.

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Life Insurance Policy Beneficiary Language

As with retirement plans, naming WISE & Healthy Aging as the beneficiary of a life insurance policy or your donor-advised fund is as simple as filling in a change of beneficiary form from your plan/fund administrator. Be sure to let us know you have named us as the beneficiary so we can contact the insurance company or fund at the appropriate time and put your gift to work as you intend.

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If you are interested in learning more about a WISE & Healthy Aging planned gift, please contact us we would be happy to provide you with additional information and options.

Those considering a planned gift should consult their own legal and tax advisors. We would be happy to speak with your advisors as well.