An excellent way for you to support Community Foundation of Lorain County's mission is to leave us 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 property you will leave to charity 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 Community Foundation of Lorain County.
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 $10,000 to Community Foundation of Lorain County.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Community Foundation of Lorain County.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Community Foundation of Lorain County.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Community Foundation of Lorain County.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Community Foundation of Lorain County in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Community Foundation of Lorain County, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Community Foundation of Lorain County, a nonprofit organization located at 9080 Leavitt Road, Elyria, OH, 44035, Federal Tax ID #34-1322781, for Community Foundation of Lorain County's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Community Foundation of Lorain County, a nonprofit organization located at 9080 Leavitt Road, Elyria, OH, 44035, Federal Tax ID #34-1322781, for Community Foundation of Lorain County's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Community Foundation of Lorain County, a nonprofit organization located at 9080 Leavitt Road, Elyria, OH, 44035, Federal Tax ID #34-1322781, for Community Foundation of Lorain County's general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Community Foundation of Lorain County, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Community Foundation of Lorain County, a nonprofit organization located at 9080 Leavitt Road, Elyria, OH, 44035, Federal Tax ID #34-1322781, for Community Foundation of Lorain County's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Community Foundation of Lorain County, a nonprofit organization located at 9080 Leavitt Road, Elyria, OH, 44035, Federal Tax ID #34-1322781, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Community Foundation of Lorain County's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Community Foundation of Lorain County, a nonprofit organization located at 9080 Leavitt Road, Elyria, OH, 44035, Federal Tax ID #34-1322781, DESCRIPTION OF PROPERTY to be used for Community Foundation of Lorain County's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Community Foundation of Lorain County flexibility should it no longer be possible for our Community Foundation of Lorain County to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Community Foundation of Lorain County, it shall become impossible for Community Foundation of Lorain County to use this bequest to accomplish the specific purposes of this bequest, Community Foundation of Lorain County may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please
contact us if you have any questions about how to make a bequest to Community Foundation of Lorain County or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Community Foundation of Lorain County in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
