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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) Recently I was asked by an individual how they could make a bequest in their will to support a particular Fund that is housed within The Union County Foundation. A bequest is an action to "leave by will" or to "hand down". Obviously any matter dealing with one’s last will and testament should be carefully handled by legal counsel, but it can be helpful to understand some basic points on the topic even before you meet with your attorney. There are several types of bequests including: specific asset, specific amount, percent of the residue, and undivided % of an asset. A specific asset bequest transfers a specific item to a beneficiary. For example "I bequeath my vintage 1957 Chevrolet to my son, John Doe Jr." This statement essentially transfers a specific property to a specific beneficiary. If for some reason that specific item has previously been transferred or for some other reason is not in the estate at the date of death, then the specific bequest lapses. A specific amount bequest effectively transfers a dollar amount to a named beneficiary. For example, "I bequeath $5000 to my nephew Jack Doe". One consideration is that by the time of death, the actual buying power of a fixed dollar bequest can be negatively impacted by inflation. In other words $5000 today is worth far more than $5000 twenty years from now. A percent of the residue bequest transfers a defined % of the remaining estate to charity. One advantage of this type of bequest is that all the estate’s beneficiaries will share in the appreciation (or depreciation) of the estate’s value. Understanding that the majority of estates appreciate between the date of signing and the date of death, this type of bequest will allow both the family and the charity to benefit from the estate’s appreciation. An undivided percent of asset bequest transfers a % of a particular asset to a beneficiary. For example such a bequest might bequeath 10% of a parcel of real estate to charity, with the family receiving the other 90%. Potentially this same type of bequest could be made in regards to a life insurance policy an IRA, pension plan, or other assets transferable by contract. Bequests are an important part of any estate plan and should be thoughtfully considered and implemented through appropriate legal counsel. In addition to taking care of family and loved ones bequests can effectively support charitable causes that are near and dear to our hearts. The Union County Foundation encourages you to consider charitable bequests as part of your over-all estate plan. A charitable bequest is a wonderful way to leave a meaningful legacy. The Union County Foundation encourages you to consider your present and future charitable goals. The Foundation is equipped to help you achieve these goals by providing: planned giving and estate planning resource information, charitable gift annuities/life income plans, and a broad array of charitable choices. Please call us at 937-642-9618, email commfounduc@imetweb.net, reference our website at www.emarysville.com/unioncountyfoundation, or stop by our Marysville office at 126 N. Main St. We are committed to helping you.... “preserve your footprint in time.” |
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