Bequests
A simple charitable bequest is the most flexible and effective way to leave a legacy. A charitable bequest is a distribution from your estate to Associated Ministries through your last will and testament. You can designate a fixed percentage of your estate, a fixed amount, or a residual amount.
A charitable bequest can reduce capital gains taxes, protect your estate from excessive taxes, and leave a legacy to Associated Ministries. To ensure your wishes are successfully carried out, you must use specific language in your will to specify the precise direction of your assets.
Here are the common types of bequests and samples of the language used for each. We encourage you to carefully review the terms of your will with a professional knowledgeable in handling trusts and estates.
General Bequests
General bequests are gifts that come from the general value of your estate and are made by designating a specific dollar amount, a particular asset, or a fixed percentage or your estate.
“I give, devise, and bequeath to Associated Ministries, the sum of $[Amount] (or a description of the specific asset), for the benefit of Associated Ministries and its general purposes.”
Specific Bequests Specific bequests are gifts of a particular item or property bequeathed for a designated purpose.
“I give, devise, and bequeath to Associated Ministries, the sum of $[Amount] (or a description of the specific asset), for the benefit of Associated Ministries to be used for the following purpose: [state the purpose]. If at any time in the judgment of the officers of Associated Ministries it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
Residual Bequests
Residual bequests are gifts made when you intend to leave the residue portion of your assets after other terms of your will have been satisfied.
“All the rest, residue, and remainder of my estate, both real and personal, I give to Associated Ministries for its general purposes.”
Contingency Bequests
Contingency bequests allow you to leave a portion of your estate to Associated Ministries if your named beneficiary does not survive you.
“I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to Associated Ministries, for its general purposes.”
Appreciated Securities
If you purchased stock that has grown in value, you may donate it to Associated Ministries and avoid the capital gains on that increased value.
IRA Gifts
The IRS will allow you to make a donation from your IRA to Associated Ministries without paying a penalty.
Gifts of Property
If you have property you would like to donate to Associated Ministries you can sell the property without paying capital gains and receive a tax deduction on the appraised value.
