Home  Planned Giving Bequests - Your Lasting Legacy |
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Bequests - Your Lasting Legacy |
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When it's time to begin planning your estate, you think about the people and institutions that have played a role in your life.
You have supported Audubon during your lifetime. You believe in our mission and understand that we will continue to make a positive difference in the world far into the future.
How can you provide for our future support? By including a charitable bequest in your will or revocable trust.
A bequest is. . .
. . . not payable until death, so it does not affect your assets or cash flow during your lifetime.
. . . private - your will is not filed or made public until your death.
. . . revocable - you can change the provisions in your will or trust at any time until death.
A
bequest can deliver a specific gift to Audubon: "I bequeath the sum of
Ten Thousand ($10,000) Dollars." Or, it can deliver a percentage of the
balance remaining in your estate after taxes, expenses and specific
bequests have been paid - what's known as the residue of your estate:
"I bequeath ten percent of the residue of my estate." Generally, giving
a percentage of the residue allows for more flexibility in your
long-term planning.
A charitable bequest or trust distribution
is deductible for federal estate tax purposes, and there is no limit on
the deduction your estate can claim. In addition, the gift is usually
exempt from state inheritance taxes.
Ways You Can Make Your Bequest
Specific Bequest
Your bequest can deliver a specific dollar amount, asset, or percentage of your estate:
"I give all the Microsoft stock I own at the time of my death to
Audubon Society of Rhode Island, for the benefit of environmental
advocacy, conservation and education, 12 Sanderson Road, Smithfield,
Rhode Island 02917."
Residual Bequest
Alternately, you
can give Audubon all or a percentage of the balance remaining in your
estate after expenses, taxes, and the specific bequests have been paid:
"Of the rest, residue and remainder of my estate I give Twenty-Five
(25%) Percent to Audubon Society of Rhode Island, for the benefit of
environmental advocacy, conservation and education, 12 Sanderson Road,
Smithfield, Rhode Island 02917."
Contingent Bequest
Finally, your bequest can be payable to Audubon if the initial beneficiary is unable to inherit it:
"If my nephew does not survive me, is otherwise unable to inherit, or
disclaims this bequest, I direct that it be paid to Audubon Society of
Rhode Island, for the benefit of environmental advocacy, conservation
and education, 12 Sanderson Road, Smithfield, Rhode Island 02917."
How Audubon Can Use Your Bequest
We
can use your bequest in two ways. It can be directed to support a
specific program at Audubon, or you can tell us to apply it to the need
that is most pressing at the time we receive it.
Since we will
likely not receive your bequest until far into the future, its terms
should be as general as possible - to avoid benefiting a project that
we no longer pursue or terms that will be difficult to meet. Please
consult with the Advancement Director if you are considering a bequest
for a specific purpose.
Frequently Asked Questions about Bequests
What's the difference between a will and a trust?
A
will is your instruction manual to your survivors about how you want
your property distributed. It's a revocable, private document that only
takes effect after your death.
A revocable trust (sometimes
called a living trust) is a legal entity that holds assets during your
lifetime, then transfers ownership of them - or benefit from them -
upon your death. Unlike a will, a trust must take title to assets
before it can pass them to your survivors.
There is no
difference between wills and trusts in how transfers from them are
taxed. Your advisors can guide you in choosing which vehicle will work
better for you.
What if I've already written my will or trust?
You
can amend a will or trust to make a gift to the Audubon Society of
Rhode Island. Your attorney can prepare the simple document, called a
codicil, that adds a new bequest to us while reaffirming the other
terms of your will. Similarly, he or she can prepare an amendment to
your revocable trust to add Audubon Society of Rhode Island as a
beneficiary.
For More Information
Please contact Jeffrey Hall, senior director of advancement, so we can assist you through every step of the process.
This
is not professional tax or legal advice. All donors must consult their
tax and legal advisors regarding their specific situation.
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