One of the most popular ways to make a planned gift is through a bequest in your will. With this option, your will directs how this gift should be distributed from your estate. Assets given may include retirement plan assets, securities (common and preferred stock, mutual funds), cash (including certificates of deposit), life insurance, and personal property. There are three ways you can make a bequest:
The most utilized type of bequest, a specific bequest provides that Family Housing Advisory Services receive a specific dollar amount, percentage of your estate, or piece of property.
A residuary bequest provides that the Family Housing Advisory Services receive all or a stated portion of your estate after all other bequests, debts, taxes, and expenses have been distributed.
A contingent bequest can ensure that if your primary provisions cannot be carried out due to unexpected circumstances (your spouse, children or other beneficiaries do not survive you) your assets will then pass to the Family Housing Advisory Services rather than to unintended beneficiaries.
Consult with an attorney for assistance on incorporating the appropriate language into your will.
Things to consider when making a bequest
What are some advantages of making charitable bequests?
The federal government encourages charitable bequests because it allows an unlimited estate tax deduction for gifts to qualified charities. Certain assets such as IRAs and qualified pension plans are subject to heavy taxation because it is tax-deferred income. The taxes must be paid by the estate or the heirs. Therefore, these are usually the best assets to use for a charitable bequest. Also, because of your belief in the continued excellence of Family Housing Advisory Services through private financial support, you elect to provide for future generations of families and individuals in need of safe, decent and affordable housing.
What does it mean for a gift to be unrestricted or restricted?
An unrestricted gift provides us with flexibility to use bequests where they are needed most. However, if you have personal philanthropic interests you wish to support through your gifts you may specify (restrict) how it will be used.
What happens if personal circumstances change?
You can modify your bequest if your circumstances change by modifying your will and informing us of the changes.