Central Piedmont's Bequest Language
A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Central Piedmont Community College Foundation that will make a lasting impact.
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
How a bequest works
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or Central Piedmont Community College Foundation as part of your estate plan, or you can make a bequest using a beneficiary designation form.
Here are some of the ways to leave a bequest to Central Piedmont Community College Foundation
- Include a bequest to Central Piedmont Community College Foundation in your will or revocable trust
- Designate Central Piedmont Community College Foundation as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name Central Piedmont Community College Foundation as a beneficiary of your life insurance policy
A bequest may be made in several ways
- Percentage bequest - make a gift of a percentage of your estate
- Specific bequest - make a gift of a specific dollar amount or a specific asset
- Residual bequest - make a gift from the balance or residue of your estate
Additional Information
The method used to make a bequest will depend on the kind of gift you choose to leave to Central Piedmont Community College Foundation.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to Central Piedmont Community College Foundation. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.
benefits of making a bequest?
- You leave a lasting legacy to be remembered
- You lessen the burden of taxes on your family
- You may receive estate tax savings
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How to make a bequest
Bequest options
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An excellent way for you to support Central Piedmont Community College Foundation's mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.Types of Bequests
There are a number of ways you can make a bequest to Central Piedmont Community College Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Central Piedmont Community College Foundation.
Residual Bequest. A residual bequest is 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 to Central Piedmont Community College Foundation.
Contingent Bequest. A contingent bequest is 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 Central Piedmont Community College Foundation.
Bequest Benefits
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Central Piedmont Community College Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Central Piedmont Community College Foundation, we recommend the following language:
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Central Piedmont Community College Foundation, a nonprofit organization located at P.O. Box 35009, Charlotte, NC, 28235, Federal Tax ID #____________, for Central Piedmont Community College Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Central Piedmont Community College Foundation, a nonprofit organization located at P.O. Box 35009, Charlotte, NC, 28235, Federal Tax ID #_______________, for Central Piedmont Community College Foundation's general use and purpose.
Bequest 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 Central Piedmont Community College Foundation, a nonprofit organization located at P.O. Box 35009, Charlotte, NC, 28235, Federal Tax ID #_______________, for Central Piedmont Community College Foundation's general use and purpose.
If you are considering making a bequest of a percentage of your estate to Central Piedmont Community College Foundation, we recommend the following language:
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Central Piedmont Community College Foundation flexibility should it no longer be possible for Central Piedmont Community College Foundation to use your gift as you originally intended:
Contact Us
Please contact us if you have any questions about how to make a bequest to Central Piedmont Community College Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Central Piedmont Community College Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.