Charitable Bequest in Will or Trust
A Charitable Bequest is a gift that comes from someone’s estate through either his or her will or other trust documents. This could include a fixed dollar amount, a percentage of the estate, or the remainder of the estate after other specific gifts have been completed. The benefits for you are:
- Your assets remain in your control during your lifetime and it does not alter your current lifestyle.
- You can modify your bequest if your circumstances change.
- You can direct your bequest to a particular purpose in conversation with Frederick Living.
- There are no estate taxes paid on bequests made to a charitable organization.
- You can have the satisfaction now of knowing that when you are gone, your bequest will support ministries such as Frederick Living in the way you intended.
Sample Gift Language for your Will or Revocable Living Trust
Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to Frederick Living (Tax ID #23-1382402), located at 2849 Big Road, Zieglerville, PA, 19492 all (or state a percentage) 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 fund or program).
Specific Gift Language
Naming Frederick Living as a beneficiary of a specific amount from your estate is easy:
I give and devise to Frederick Living (Tax ID #23-1382402), located at 2849 Big Road, Zieglerville, PA, 19492 the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).
Contingent Gift Language
Frederick Living can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to Frederick Living (Tax ID #23-1382402), located at 2849 Big Road, Zieglerville, PA, 19492 the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
What is a Donor-Advised Fund?
A donor-advised fund (DAF) is a philanthropic vehicle established at a public charity that allows donors to make a charitable contribution, receive an immediate tax benefit, and then recommend grants from the fund to public charities of their choice over time.
How Does it Work?
- Establish your DAF by making an irrevocable, tax-deductible donation to a public charity that sponsors a DAF program. Donors often set up with cash, publicly traded stock, and in some case, certain illiquid assets. (Examples of public charities that set up DAFs are Everence, Thrivent Charitable Impact & Investing, Fidelity Charitable, Vanguard Charitable Foundation, National Philanthropic Trust, and more.)
- Advise the investment allocation of the donated assets (any investment growth is tax-free).
- Recommend grants to qualified public charities of your choice.