Planned Giving
Text Resize

Making a Bequest

Making a Bequest

One way for you to support the Community is to leave a bequest to the Wayne County Foundation. A bequest is a gift that is made to charity in your will or trust. One significant benefit of making a gift by bequest is that it allows you to give from your estate and not out of your current income. Another benefit is that by making a bequest you are able to leave a lasting legacy.

Your attorney can help you include a bequest to the Wayne County Foundation in your estate plan. We have provided sample bequest language after each bequest explanation to assist you and your attorney in making this easier.

Bequest Benefits
When it comes to the purpose of a bequest gift, there are no limitations. The gift may be made for a general or specific purpose. All bequests are exempt from federal estate taxes and, 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.

Types of Bequests

Specific Bequest. There are a number of ways you can make a bequest to the Wayne County Foundation. You can leave what is called a specific bequest which involves making a gift of a specific asset, dollar amount or percentage of your overall estate to charity. For example you may leave your home, or $10,000 or 10% of your estate.

Bequest Language for a Specific Bequest

Gift of a Specific Dollar Amount

I hereby, give, devise, and bequeath $DOLLARS to the Wayne County, Indiana, Foundation, Inc., a non-profit organization located at 33 South 7th Street, Richmond, IN, 47374, Federal Tax ID #35-1406033, for the Foundation's general use and community grantmaking.

Gift of Specific Personal Property

I hereby, give, devise, and bequeath DESCRIPTION OF PROPERTY to the Wayne County, Indiana, Foundation, Inc., a non-profit organization located at 33 South 7th Street, Richmond, IN, 47374, Federal Tax ID #35-1406033, for the Foundation's general use and purposes.

Gift 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 the Wayne County, Indiana, Foundation, Inc., a non-profit organization located at 33 South 7th Street, Richmond, IN, 47374, Federal Tax ID #35-1406033, for the Foundation's general use and purposes.

Residual Bequest. Another kind of bequest is called a residual bequest, which is a bequest that is made from the balance of an estate after the will or trust has satisfied all other specific bequests and conditions. A common way to do this is to leave a percentage of the residue of the estate to charity.

Bequest Language for a Percentage of an Estate Gift

I hereby, give, devise, and bequeath PERCENTAGE OF YOUR ESTATE to the Wayne County, Indiana, Foundation, Inc., a non-profit organization located at 33 South 7th Street, Richmond, IN, 47374, Federal Tax ID #35-1406033, for the Foundation's general use and purpose.

Restricted Bequest
If you are considering a bequest but would like to ensure that it will be used only for a specific purpose, please let us know. We would be happy to work with you and your attorney to ensure your charitable objectives can be met.

We also recommend that your attorney include the following provision to give the Foundation some flexibility should it no longer be possible for us to use your gift as you originally intended:

If, in the judgment of the Board of Directors of the Wayne County, Indiana, Foundation, Inc., it shall become impossible for the Foundation to use this gift to accomplish the specific purposes of this bequest, the Wayne County Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines that is/are most closely related to the original purpose of my bequest.

Contact Us

Please contact us if you have any questions about how to make a bequest to the Wayne County Foundation or to request any additional information that might be helpful to you and your attorney as you consider your plans.



scriptsknown