A Bequest Story…
In reviewing her estate plan, Sally decided that she didn’t want half of her remaining Registered Retirement Income Fund (RRIF)to be paid out as taxes. Instead, she chose to leave this $40,000 asset to The Forrest General Healthcare Foundation through a specific bequest in her will. The Forrest General Healthcare Foundation received the entire amount, and the taxes that Sally’s estate would have owed were offset by the $40,000 charitable tax receipt.
Planning a legacy and the distribution of your wealth can be a rewarding experience. It ensures that the people and charities you care about will be taken care of. A bequest in your will is one of the easiest gifts you can make and can result in lower estate taxes for you and your heirs.
There are three kinds of bequests:
- A specific bequest directs that The Forrest General Healthcare Foundation receive a specific amount of property, usually a sum of cash.
- A residual bequest designates all or a portion of the remaining assets of an estate after all debts, taxes, expenses and specific bequests have been paid.
- A contingent bequest takes effect only if the primary intention cannot be met; for example, if the beneficiary does not survive the donor. This type of bequest ensures that the property you intended will pass to your charity of choice rather than the government or other unintended beneficiaries.
- A bequest provides a wonderful opportunity for you to make a significant donation that would not have been possible during your lifetime.
- Your estate and its beneficiaries benefit from significant financial and tax savings
Charitable Gift Annuity
Charitable Remainder Trusts
If you would like more information on making a bequest to The Forrest General Healthcare Foundation and/or would like to speak with a representative from the Foundation, please contact The Forrest General Healthcare Foundation at 601.288.4396 or firstname.lastname@example.org.