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Learn about Charitable Bequests to Friends of Family Planning
What is a Charitable Bequest? A charitable bequest is simply a distribution
from your estate to a charitable organization through your last will and
testament. There are different kinds of bequests and for each, you must use
very specific language to indicate the precise direction of your assets, and to
successfully carry out your final wishes.
Why consider a bequest to Friends of Family Planning? (FOFP) Bequests make a real difference for the
future of FOFP and for the next generation of clinic patients. A bequest will
help FOFP work towards making it possible for many more Vineyard families to
benefit from the MV Family Planning Clinic services. Bequests allow you to
distribute your assets to FOFP in the manner most appropriate to your
circumstances. You can specify a dollar amount, a percentage of the estate or
the residual part of the estate, as well as make the gift contingent on
specific future events.
Bequests do not reduce current assets. Many FOFP donors want to make a greater
effort to support us, but are not in a position to do so right now. A gift by
will or living trust means that you have all of your assets available for any
needs that might arise. A bequest means that you make the gift when you no
longer need to have the funds available.
Bequests can be made after taking care of
always comes first. You can remember FOFP by including a percentage of the
remainder of your estate or trust after providing for your family. Only if
there is enough for family and others important to you will the gift to FOFP
Bequests may reduce estate taxes. Giving a charitable bequest can decrease the
size of your estate and possibly reduce your estate taxes. Certain kinds of
gifts, such as US savings bonds, retirement funds, annuities and some mortgages
can generate significant income taxes and even estate taxes if given to living
individuals in your estate plans but will be fully tax free if given to FOFP.
(Please consult your tax professional or estate planner for details.)
Bequests can be easily modified at any time
until death. If
your circumstances change, you can easily modify your will at any time. Changes
can be made inexpensively by drafting a new will or living trust or by amending
your existing document.
TYPES OF BEQUESTS: Making a decision to include Friends of
Family Planning in your estate plans is a personal choice. There are a number
of bequest options that you can include in your will or living trust to help
you instruct your family and friends on what to do with the assets that you
have accumulated in this life.
Below are a few examples:
Give a ____% or all of the “rest, residuary and remainder” of your
estate to FOFP after taking care of all other gifts, taxes and other specific
Outright Bequests: Give a specific amount, asset or estate
percentage to FOFP.
Contingent Bequest: Plan just in case. For example: “Should I
outlive my spouse or partner, $____ or ____% of my residual estate goes to FOFP.”
Living Trusts: Include a gift to FOFP in your living trust.
Retirement Fund Gift: Consider naming FOFP as a beneficiary of
your IRA, 401k, 403b, company retirement or profit sharing plan. If you are
making any charitable bequest, it is better to make such gifts first from
retirement plans to the extent practical.
Insurance: Consider naming FOFP as a beneficiary of your life
If you have any questions or would like to
discuss bequests further with a FOFP Board member, please contact us at 774-521-5179.