An excellent way for you to support the mission of your favorite nonprofit is to leave a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the assets you will leave to nonprofits during your life. Another benefit is that you are able to leave a lasting legacy.
Types of Bequests
There are a number of ways you can make a bequest to TOP Jewish Foundation for the benefit of your favorite nonprofits.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to a nonprofit/s. For example, you may wish to leave 10% of your estate.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to a nonprofit/s. For example, you may wish to leave 30% of the residue of your estate.
Contingent Bequest. A contingent bequest is made to a nonprofit/s only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative; but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to TOP Jewish Foundation for the ultimate benefit of a nonprofit/s.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.