Gifts by Will or Bequest

Gifts by Will or Bequest

The most common form of planned gift is a simple bequest through a will. A bequest allows you to give in ways you may not be able to during your lifetime. Bequests can take various forms:

  • A specific bequest directs that the Harry Chapin Food Bank receive specific assets.
  • A general bequest directs that the Harry Chapin Food Bank receive a percentage (2%, 5%, 10% etc.) of the estate or a specified dollar amount.
  • A residual bequest is used to give the Harry Chapin Food Bank all or a portion of whatever remains after all debts, taxes, expenses, and all other bequests have been paid.
  • A contingent bequest takes effect only if the primary intention cannot be met. This can ensure that property will pass to the Harry Chapin Food Bank rather than unintended beneficiaries, such as the government.

While all of the above forms of outright bequests can be used to provide for unrestricted support of the Harry Chapin Food Bank’s mission, any of them may be designated for a specific purpose at the Harry Chapin Food Bank.

Because of the estate-tax charitable deduction, a bequest in any of these forms can significantly reduce the tax burden of your estate.

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