WILLS & TRUSTS
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:
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
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.”
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.