It may lower your estate taxes
One of the simplest ways to provide an enduring gift of support to Commonweal is through your Will or Revocable Living Trust. By including Commonweal in your estate plans, you can specify that some or all of your assets come to us after your lifetime. At that time, the asset(s) you specify will pass to us, and your estate can take a charitable deduction for the amount of your bequest, reducing the estate taxes payable.
Types of Bequests and Sample Wording
There are several types of bequests that allow you to designate how your estate will be distributed:
A specific bequest is a provision in your Will that allows you to leave a specific amount or specific asset to Commonweal, such as an outright gift of cash, securities, or other property. An example of a provision that could be included in your Will would be:
“I bequeath to Commonweal the sum of $_________ (or _____ % of my estate; or the property described) for its general purposes.”
A residuary bequest is honored after all other bequests have been made, and all debts, expenses, and taxes have been paid. For example, you could provide that certain family members receive a certain portion of your estate, and that debts, expenses, and taxes must be paid, and you could also provide that:
“I give all the rest, residue and remainder of my estate to Commonweal for its general purposes.”