BEQUESTS
Making a bequest through your will is easy and tax-wise.
A bequest made through your will is one of the easiest and most effective ways to make a planned gift while providing for the security and well-being of your loved ones. When you create a will, you have the ability to determine how your assets are distributed at your death to the individuals and charitable organizations of your choice. Including a bequest in your will to a charitable organization such as the Foundation for the Diocese of El Paso may be the best way to make a meaningful gift and achieve important tax benefits for you and your family.
There are several different types of bequests:
- A specific bequest will state that a dollar amount or percentage of the assets in your estate will be given to the Foundation, or that a particular piece of property will be transferred to the Foundation.
- A residuary bequest will state that all or a percentage of your estate will pass to the Foundation after specific bequests and other obligations have been met.
- A contingent bequest will state that the Foundation will receive a portion of your estate if none of your heirs are alive at the time of your death.
The value of your bequest to the Foundation is deductible from your taxable estate, thereby reducing your estate taxes. There is no limit on the amount of your charitable deduction for estate tax purposes.
SAMPLE LANGUAGE
The following language may be useful to you and your attorney as you review ways in which you can best include the Foundation in your will or revocable trust. You should always seek the advice of a professional when planning the disposition of your estate.
For a specific amount. "I bequeath to the Foundation for the Diocese of El Paso, a Texas non-profit corporation, the sum of _______ dollars ($_____) for the unrestricted Endowment Fund."
For a specific purpose. "I bequeath to the Foundation for the Diocese of El Paso, a Texas non-profit corporation, the sum of _______ dollars ($________) to be used for (parish, school, ministry)_________________ Endowment Fund." (Please contact the Foundation to discuss the program or other designation that best matches your area of interest. We will supply precise language to convey your intention. A minimum gift of $10,000 is required to establish a Named Fund. Lesser amounts may be added to existing endowment funds.)
For more information or sample language for your will, contact the Foundation for the Diocese of El Paso at 872-8412. Ask to speak with the Catholic Legacy Fund staff representative to set up an appointment.
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