Gifts by Will or Living Trust
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A charitable bequest is a gift you make to a charity through a provision in your will or in a trust. Your bequest can take any of several forms:
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- A fixed sum of money.
- One or more particular assets, such as shares of stock.
- Some or all of what remains of your estate after making other bequests and paying debts and expenses.
- A gift that is made only under certain circumstances (a “contingent” gift).
Why make a bequest?
- Simplicity: A bequest is easy to arrange and often involves just a sentence or two in your will.
- Flexibility: As your financial picture changes, a bequest can be altered, so long as applicable legal requirements are met.
- Tax Savings: If your estate may be subject to federal or state estate taxes, you’ll be pleased to know a charitable bequest is completely deductible.