A bequest is a donation to the Foundation made in your will. The bequest may be in the form of a specific amount of money or a gift in kind such as publicly traded shares or real estate. It may specify a certain sum of money, or it may be a portion of your estate.
- Choose to add your bequest to one of the existing permanent endowment funds in the Foundation, or
- If the value of your bequest is $10,000 or greater, you may specify that your bequest be used to establish a new endowment fund in your name, or
- It could be added to an existing permanent endowment fund that you have already established.
Because, by their very nature, bequests are revocable, there is no immediate tax credit. Nevertheless, when your will is probated and the bequest passes to the Foundation, you estate will receive a tax credit for the full value of the bequest. This can significantly reduce the tax that has to be paid on your final income tax return. In addition, any unused portion of the tax credit may be carried back one year.
Young Citizens Foundation – Will and Codicil Language 2013 – Run off a copy of the form to take to your lawyer to leave a bequest in your estate.
Be sure to inform the Foundation in writing of your bequest so that you can be appropriately thanked.