LEARN ABOUT WILLS AND BEQUESTS
WHAT ARE THE BENEFITS OF MAKING A BEQUEST?
- You leave a lasting legacy to be remembered
- You lessen the burden of taxes on your family
- You may receive estate tax savings
HOW DO I MAKE A BEQUEST?
WHAT ARE MY OPTIONS?
TYPES OF BEQUESTS
There are several ways you can make a bequest to Crater Lake Council, Boy Scouts of America.
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 particular dollar amount. For example, you may wish to leave your home or $10,000 to Crater Lake Council, Boy Scouts of America.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Crater Lake Council, Boy Scouts of America.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Crater Lake Council, Boy Scouts of America.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Crater Lake Council, Boy Scouts of America.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind of knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Crater Lake Council, Boy Scouts of America in your estate plan. We have provided some primary bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Crater LakeCouncil, Boy Scouts of America, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise, and bequeath _________ and No/100 dollars ($DOLLARS) to Crater Lake Council, Boy Scouts of America, a nonprofit organization located at 3039 Hanley Road, Central Point, Oregon, 97502, Federal Tax ID #93-0386820, for Crater Lake Council, Boy Scouts of America’s general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise, and bequeath the DESCRIPTION OF PROPERTY to Crater Lake Council, Boy Scouts of America, a nonprofit organization located at 3039 Hanley Road, Central Point, Oregon 97202, Federal Tax ID #93-0386820, for Crater Lake Council, Boy Scouts of America’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 Crater Lake Coucnil, Boy Scouts of America, a nonprofit organization located at 3039 Hanley Road, Central Point Oregon, 97502 Federal Tax ID #93-0386820, for Crater Lake Council, Boy Scouts of America’s general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Crater Lake Council, Boy Scouts of America, 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 Crater Lake Council, Boy Scouts of America, a nonprofit organization located at 3039 Hanley Rd, Central Point, OR 97502, Federal Tax ID #93-0386820, for Crater Lake Council, Boy Scouts of America’s general use and purpose.
3. Residual Bequest
I hereby give, devise, and bequeath to Crater Lake Council, Boy Scouts of America, a nonprofit organization located at 3039 Hanley Road, Central Point, Oregon 97202, Federal Tax ID#93-0386820, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Crater Lake Council, Boy Scouts of America’s general use and purpose.
4. Contingent Bequest
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 Crater Lake Council, Boy Scouts of America flexibility should it no longer be possible for Crater Lake Council, Boy Scouts of America to use your gift as you originally intended: