What is a Charitable Bequest?
A bequest is a distribution from your estate. Things you should know:
- Tax laws grant an unlimited estate tax deduction, so you may be able to significantly reduce your taxable estate when you make a charitable bequest.
- A bequest made through your will can also be a creative way to make a thoughtful gift.
- Bequests may be made through a gift of cash, marketable securities, closely held stock, or real estate.
How to Make a Charitable Bequest:
Include Tapestry in your will or testamentary trust, or adds a codicil to an existing will or trust.
Indicate whether the gift is for an existing dollar amount, a percentage of the estate or a residue of the estate after all the other beneficiaries have been taken care of.
Specify where you’d like your gift to go – either to the General Operating budget, where there is the most need, or to a specific program you really believe in.
Consult with your attorney or financial advisor before making provisions in your will or adding a codicil to your will for a charitable gift.
If you’d like a copy of a “Letter of Intent” form or a form to add a “Codicil” to your will, please contact Barb at 612-823-0301 or via email at Barb@tapestryfamilies.org