A charitable bequest is one of the easiest ways to make a gift to JBWS that makes a difference in the lives of others. Although there are no current income tax advantages, the savings in estate taxes resulting from your gift can be significant.
There are many ways to design a charitable bequest in your will or trust agreement. These may include:
• a specific dollar amount
• a percentage of the overall estate
• a contingent gift
• a percentage of the residuary estate
Bequests can also be set up to include specific assets such as qualified retirement plan assets, securities, real estate of other property.
Since bequests to charities are deductible, it’s important to consider whether or not these bequests should share in the estate’s tax burden. If estate taxes might reduce the charitable bequest, that reduction will similarly reduce the value of the charitable estate tax deduction for your estate. It is generally best, from a tax perspective, to specifically provide in your will that your charitable bequests will not bear the burden of any estate taxes.
Specific Bequest Language:
If you wish to make a bequest to JBWS, the language of the bequest can be relatively simple:
“I give, devise and bequeath the sum of $_______to the Jersey Battered Women’s Service, Inc.” Deviation from this basic language, such as imposing conditions on the gift, may cause your estate to lose valuable estate tax charitable deductions.