Gift in Your Will or Trust
A gift through a will or trust allows you to make a substantial impact in support of the Dominican Friars without diminishing the assets available to you during your lifetime. Because a charitable donation made through your will is tax deductible for federal estate tax purposes, important estate tax savings can result from this type of gift. A gift in your will may be made of a specific item or dollar amount, a percentage or a residuary of your estate, as an unrestricted gift or for a specific designation. You simply include the following language, depending upon the type of bequest, in your will.
Specific Gifts are those in which you bequeath a specific dollar amount or a specific asset(s). Sample language: I give, devise, and bequeath $_____ (or, the following asset) to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 for its general purposes. (Real Estate or Property – for specific bequests of these, include this language: My Executor shall, at the request of the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., liquidate and sell this aforementioned asset, i.e. real estate and property, before making distribution.)
Percentage Gifts are those where you bequeath a percentage of your estate. Sample language: I give, devise, and bequeath to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 an amount equal to ______ per cent (__%) of my adjusted gross estate as finally determined for federal estate tax purposes for its general purposes.
Residuary Gifts are those where one bequeaths all or a percentage of the remainder of the estate after other gifts, debts, taxes, and expenses. Sample language: I give, devise, and bequeath all (or a percentage) of the rest, residue and remainder of my estate, both real and personal and wheresoever situated, to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 for its general purposes.
Contingent Gifts are received by the Friars only if your primary beneficiaries are not surviving at the time of death. Sample language: If (primary beneficiary) does not survive me, I give, devise, and bequeath such beneficiary’s share of my estate (or trust) to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation, having EIN 26-3273636, for its general purposes.
Restricted Gifts are those where you bequeath a gift to be used for a specific purpose. Sample language: I give, devise, and bequeath to the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636, (the sum of $______) (the following asset) (___ percent of my adjusted gross estate) or (the rest, residue, and remainder of my estate). This gift shall be used for (state purpose) if and for so long as the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., determines that the need exists. If the Foundation Board shall determine at the outset or at a later time that the need does not exist, or no longer exists, or for some reason it is not possible (or prudent) for the bequest to be used as originally intended, the Board of Directors may, in its sole and uncontrolled discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.
It is strongly advised that you, the donor and/or your advisor, discuss restrictions with a representative of the Dominican Foundation’s Office of Planned Giving before the will or trust is finalized to assure your wishes can be carried out.
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