Bequests are the traditional way to make a legacy gift to your favorite cause. A bequest (via your will) or a distribution (via your trust) is a convenient way to make a legacy gift and create potential estate tax savings. The actual cost of a bequest is less than the gift’s face value because of the tax benefits of the charitable contribution. If you’ve already prepared your Will, a bequest for First Fruits Farm can be accomplished with the addition of a simple amendment, called a codicil. A bequest be created in several ways:

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• A specific bequest of a particular dollar amount or particular assets

• A residuary bequest of all, or a portion or percentage, of your estate, after the payment of all the specific bequests to non-charitable beneficiaries

• A contingent bequest to take effect if primary beneficiaries die before you

• A testamentary trust, which takes the form of a Charitable Remainder Trust, the corpus of which will be paid to First Fruits Farm upon the death of the trust’s income beneficiary

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Though many of us may believe our estate is too small to make a gift in our plans, there is no bequest too small to help support those who struggle with hunger.

 

To make a gift in your will, it is suggested that you designate a percentage of the assets or a specific dollar amount. The following is sample language to use when establishing a bequest:

                   “I give, devise and bequeath ____% of the remainder and residue of property owed at

                        my death, whether real or personal, to First Fruits Farm, Inc. in Freeland, MD.”

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We encourage you to talk with your professional adviser on what is the best choice for you and your family.

This information is not intended as tax or legal advice.