There are two different fundamental approaches to planned giving: one allows you to see the benefits of your contribution while you are alive, and another focuses on providing funds once you are deceased (commonly referred to as Estate Giving or a Bequest). If you are interested in the former, consider designating an annual contribution outside or from within a retirement fund. If you prefer the latter option, there are four basic types of bequests to choose between:

• 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 car or $10,000 cash.
• Percentage Bequest: A specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate.
• Residual Bequest: 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.
• Contingent Bequest: 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 FOCR.

Below are a couple of examples for the simplest of bequest language to be added to a will or trust:

• Sample Bequest of Remainder of Estate

I give, devise, and bequeath to the Friends of Carleton Rugby, TAX I.D. #84-3995645, all [or state the fraction or percentage] of the rest, residue, and remainder of my estate, both real and personal, to be used for its general purposes. The Friends of Carleton Rugby may be contacted through …;

• Sample Bequest of Specific Amount

I give, devise, and bequeath $_____ to the Friends of Carleton Rugby, TAX I.D. #84-3995645, to be used for its general purposes. The Friends of Carleton Rugby may be contacted through …;

Don’t fret about being constrained in the future by a bequest added to a will or trust today that you may want to change in the future. A bequest can be a revocable gift, which means it can be changed or modified at any time. 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.

High-level assistance can be provided by Elliot Olsen, a Board Member and Attorney, at elliot989@gmail.com. Additional specific assistance should be provided by a Trusts and Estate attorney.