What is a charitable bequest?
In the estate planning process, you can designate a beneficiary to receive a portion of the assets in your will. A beneficiary can be a favorite charitable organization like CAFB. This type of planned gift is called a bequest. A bequest can be a transfer of cash, securities, life insurance policy, retirement account, or other property made through your estate plan. A gift through a beneficiary designation is simple and flexible.
Why bequests are popular planned gifts:
- Designate a specific percentage (possibly 1% – 5%) of an estate asset as a gift to CAFB
- Establishing a gift is as simple as completing a designation form from your IRA or insurance policy
- No upfront costs
- Allows you to retain control of assets throughout your lifetime
- Not subject to Federal Estate Taxes
- Beneficiary designations can be changed at any time during your lifetime
Sample Bequest Language
We have provided some basic bequest language to assist you and your advisors.
- Bequest of a specific dollar amount
“I hereby, give, devise and bequeath [desired $ sum] to Child Advocates of Fort Bend, a non-profit organization located at 5403 Avenue N. Rosenberg, TX 77471, Federal Tax ID: 76-0337426, for Child Advocates of Fort Bend’s general use and purposes.”
- Bequest of specific personal property
“I hereby, give, devise and bequeath [Description of Property] to Child Advocates of Fort Bend, a non-profit organization located at 5403 Avenue N. Rosenberg, TX 77471, Federal Tax ID: 76-0337426, for Child Advocates of Fort Bend’s general use and purposes.”
- Bequest of percentage of an estate
“I hereby give, devise and bequeath [percentage of Your Estate, IRA, or Life insurance policy] to Child Advocates of Fort Bend, a non-profit organization located at 5403 Avenue N. Rosenberg, TX 77471, Federal Tax ID: 76-0337426, for Child Advocates of Fort Bend’s general use and purposes.”
