A charitable bequest is one of the best ways you can leave a lasting impact on your favorite causes and charities.
Benefits of a Bequest
- Receive an estate tax charitable deduction.
- Reduce the burden of taxes on your family.
- Leave a lasting legacy in your community.
How a Bequest Works
With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, or the Parkersburg Area Community Foundation as part of your estate plan. You can also make a bequest using a beneficiary designation form.
Ways to Leave a Bequest to the PACF
- Include a bequest to the Parkersburg Area Community Foundation in your will or revocable trust.
- Designate the Parkersburg Area Community Foundation as a full, partial, or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension).
- Name the Parkersburg Area Community Foundation as a beneficiary of your life insurance policy.
A Bequest May Be Made Several Ways
- Percentage bequest - make a gift of a percentage of your estate
- Specific bequest - make a gift of a specific dollar amount or a specific asset
- Residual bequest - make a gift from the balance or residue of your estate
The method used to make a bequest depends on the kind of gift you choose to leave to the Parkersburg Area Community Foundation.
Bequests of real estate, personal property, business interests, and cash are typically made by way of a will, revocable trust, or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts, and stocks and bonds are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank, or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property is transferred to the Parkersburg Area Community Foundation. The full value of this gift will be transferred tax-free and your estate may receive an estate tax charitable deduction.
You gift can be used to create an existing charitable fund, build a charitable fund, or support the Foundation broadly.
Let's have a conversation and start your charitable giving plan
A gift that keeps giving
Trudie and James Schaughency will forever support our region thanks to planned estate gift to the PACF.
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Development and Communications Officer 304.428.4438