A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to The Community Foundation of Herkimer & Oneida Counties that will make a lasting impact. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or the Community Foundation as part of your estate plan, or you can make a bequest using a beneficiary designation form. To view sample bequest language, click here.
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
Types of bequests
- Percentage bequest - make a gift of a percentage of your estate
- Specific bequest - make a gift of a specific dollar amount or a specific asset
- Residual bequest - make a gift from the balance or residue of your estate
How it works
The method used to make a bequest will depend on the kind of gift you choose to leave to the Community Foundation.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to the Community Foundation. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.
Here are some of the ways to leave a bequest to The Community Foundation of Herkimer & Oneida Counties
- Include a bequest to The Community Foundation of Herkimer & Oneida Counties in your will or revocable trust
- Designate The Community Foundation of Herkimer & Oneida Counties as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name The Community Foundation of Herkimer & Oneida Counties as a beneficiary of your life insurance policy