MAKE A GIFT
Bequests
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You're considering a gift made after death as part of your estate > You want to help ensure the AADC's future > Estate planning is more important to you than an immediate income tax deduction |
Some very important documents you should have
When it is time to begin planning your estate, you think about the people and institutions that have played an important role in your life. You have supported Associate Alumnae of Douglass College during your lifetime. You believe in the Associate Alumnae of Douglass College's mission and understand that she will continue to make a positive difference for young women far into the future.
How can you provide for the AADC's future? By including a charitable bequest in your will or revocable trust.
A bequest is easy to arrange (see sample text below). It is not payable until death, so it does not affect your assets or cash flow during your lifetime. It is private – your will is not filed or made public until your death. And, it is revocable – you can change the provisions in your will or trust at any time until death.
A bequest can deliver a specified dollar amount or asset (a specific bequest), or a percentage of the balance remaining in your estate after taxes, expenses and specific bequests have been paid (a residual bequest). Generally, giving a percentage of the residue allows for more flexibility in your long-term planning. Your bequest can also be contingent upon another beneficiary's not being able to receive it (a contingent bequest).
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.
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You Can Make Your Bequest in Several Ways... Specific Bequest: "I give, devise and bequeath to The Associate Alumnae of Douglass College, a New Jersey non-profit corporation located in New Brunswick, NJ, Twenty Thousand ($20,000) Dollars [or: all the General Motors stock which I own at the time of my death]." Residual Bequest: "All the rest, residue and remainder of my estate, both real and personal, I give, devise and bequeath to The Associate Alumnae of Douglass College, a New Jersey non-profit corporation located in New Brunswick, NJ." Contingent Bequest: "If my nephew does not survive me or is unable to inherit this bequest, I direct that it be paid to The Associate Alumnae of Douglass College, a New Jersey non-profit corporation located in New Brunswick, NJ." ...And We Can Use Your Bequest in Two Ways: Your bequest can be directed to support a specific AADC program or service, or you can tell the Associate Alumnae of Douglass College to apply it to the Associate Alumnae of Douglass College's need that is most pressing at the time your bequest is received. Since the Associate Alumnae of Douglass College will likely not receive your bequest until far into the future, we prefer that its terms be as general as possible -- to avoid benefitting a project that the Associate Alumnae of Douglass College no longer pursues or setting terms that would be difficult for the AADC to meet. Please consult the Associate Alumnae of Douglass College Office of Gift Planning if you are considering a bequest for a specific purpose. |
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You May Be Wondering... |
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What is the difference between A will is your instruction manual to your survivors about how you want your property distributed. It is 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. In some states, however, the probate and distribution process is simpler with a revocable trust. Your advisors can guide you in choosing which vehicle will work better for you. |
What if I have already written my will or trust? You can amend a will or trust to make a gift to the AADC. 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 the Associate Alumnae of Douglass College as a beneficiary. |
If you are considering a bequest or revocable trust benefiting the AADC, email us, complete the personal illustration form, or call us at 732-246-1600 so that we can assist you through the process.
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