East Texas Communities Foundation's Bequest Language
An excellent way for you to support your favorite charitable cause is to make a gift to East Texas Communities Foundation through a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy. Documenting your gift provides clear instructions regarding the asset you are contributing and clear instructions about how your gift should be used.
There are a number of ways you can make a bequest to East Texas Communities Foundation to support your favorite charitable cause.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to East Texas Communities Foundation in your estate plan. Our staff can help you craft the specific language that properly expresses your charitable objectives. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to East Texas Communities Foundation, we recommend the following language:
If you are considering making a bequest of a percentage of your estate to East Texas Communities Foundation, we recommend the following language:
If you are considering a bequest and would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give East Texas Communities Foundation flexibility should it no longer be possible for East Texas Communities Foundation to use your gift as you originally intended:
Each existing fund at East Texas Communities Foundation has specific distribution requirements and varying levels of restrictions regarding access to the principal of the fund as determined by the original donor. Before making a bequest to an existing fund which may be listed on our website or in an annual report, please contact our staff so we can make sure the fund to which you would like to add a contribution will meet your specific charitable objectives.
Please contact us if you have any questions about how to make a bequest to East Texas Communities Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for East Texas Communities Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to East Texas Communities Foundation to support your favorite charitable cause.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to East Texas Communities Foundation to create a scholarship fund or endowment to benefit a specific charity.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to East Texas Communities Foundation to create a perpetual fund for the benefit of charities in your community.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to East Texas Communities Foundation to accomplish specific charitable objectives like supporting local youth development programs.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to East Texas Communities Foundation to create a new scholarship fund for graduates of your hometown high school.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to East Texas Communities Foundation to create a perpetual fund for the benefit of charities in your community.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to East Texas Communities Foundation to accomplish specific charitable objectives like supporting local youth development programs.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to East Texas Communities Foundation to create a new scholarship fund for graduates of your hometown high school.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to East Texas Communities Foundation in your estate plan. Our staff can help you craft the specific language that properly expresses your charitable objectives. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to East Texas Communities Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, (describe the charitable purpose, such as "to establish a scholarship fund for East Texas graduating seniors who wish to pursue a degree in mathematics")
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, (Describe the charitable purpose, such as "To establish an endowment for the benefit of XYZ Charity, located at 1234 Main, Hometown, TX.") East Texas Communities Foundation may direct the gift to ETCF Support Foundation or another similar supporting organization for the purpose of accepting and managing the asset.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, (describe the charitable purpose, such as "To establish an endowed fund to benefit charities in XYZ county which support_XYZ in the community.") East Texas Communities Foundation may direct the gift to ETCF Support Foundation or another similar supporting organization for the purpose of accepting and managing the asset.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, (describe the charitable purpose, such as "to establish a scholarship fund for East Texas graduating seniors who wish to pursue a degree in mathematics")
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, (Describe the charitable purpose, such as "To establish an endowment for the benefit of XYZ Charity, located at 1234 Main, Hometown, TX.") East Texas Communities Foundation may direct the gift to ETCF Support Foundation or another similar supporting organization for the purpose of accepting and managing the asset.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, (describe the charitable purpose, such as "To establish an endowed fund to benefit charities in XYZ county which support_XYZ in the community.") East Texas Communities Foundation may direct the gift to ETCF Support Foundation or another similar supporting organization for the purpose of accepting and managing the asset.
If you are considering making a bequest of a percentage of your estate to East Texas Communities Foundation, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, (Describe the charitable purpose, such as "the creation of an endowment fund to provide care for homeless pets.")
3. Residual Bequest
I hereby give, devise and bequeath to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used (describe the charitable purpose, such as "to create an endowment to support charities that provide adult education such as GED and adult literacy.")
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to East Texas Communities Foundation, a nonprofit organization located at 315 N. Broadway, Tyler, TX, 75702, Federal Tax ID #75-2309138, DESCRIPTION OF PROPERTY to be used for East Texas Communities Foundation's general use and purpose.
Restricted Bequests
If you are considering a bequest and would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give East Texas Communities Foundation flexibility should it no longer be possible for East Texas Communities Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of East Texas Communities Foundation, it shall become impossible for East Texas Communities Foundation to use this bequest to accomplish the specific purposes of this bequest, East Texas Communities Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Bequest To Existing Charitable Fund at ETCF
Each existing fund at East Texas Communities Foundation has specific distribution requirements and varying levels of restrictions regarding access to the principal of the fund as determined by the original donor. Before making a bequest to an existing fund which may be listed on our website or in an annual report, please contact our staff so we can make sure the fund to which you would like to add a contribution will meet your specific charitable objectives.
Contact Us
Please contact us if you have any questions about how to make a bequest to East Texas Communities Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for East Texas Communities Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.