A bequest is the most popular type of planned gift, and an easy way to make a lasting difference in your community. By adding a provision to your will or
revocable trust, you can make a gift to the Community Foundation or to a fund we hold.
BENEFITS
- Retain your assets during your lifetime.
- No immediate cost to you.
- Make a gift larger than possible during your lifetime.
- Support a cause you care about — forever.
- Potentially, secure significant tax advantages.
- Adjust your bequest if your situation changes.
- Become a member of the Future Society, enjoy its benefits and inspire others.
Types of Bequests
- Give a fixed amount of cash or specified asset(s).
- Make a residual bequest gifting the balance (or a percentage) of your estate remaining after expenses and other bequests.
- Name us as a contingent beneficiary to receive a gift if another bequest cannot be fulfilled.
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Customize beneficiary language to support your charitable goals.
What You Can Give:
- Cash
- Appreciated securities
- Real estate
- Personal property
- Business interests
- Intellectual property
Some gifts can provide considerable tax advantages. Talk with your legal and financial advisors to learn more.
Get Started
Please meet with us before creating a bequest. Together, we can identify how to best support your philanthropic goals and direct your gift.
Before taking action, please contact Vice President of Philanthropy Joe Collin at 203-750-3200 or [email protected].
SAMPLE LANGUAGE FOR BEQUESTS
After determining what type of bequest you would like to make, and how you wish to direct your funds, provide your financial and legal advisors with the
sample language below
Unrestricted Endowment
To make an unrestricted endowment to serve the greatest areas of need:
"I give, devise and bequeath to Fairfield County's Community Foundation, a Connecticut non-profit corporation (the "Foundation") located in Norwalk,
Connecticut, the following assets: [insert specific assets, dollar amount, percentage, or residuary] to be used or disposed of as the Foundation in its
sole discretion deems appropriate."
Existing Fund
To direct your gift to an existing fund at Fairfield County's Community Foundation:
"I give, devise and bequeath to [Name of the Fund], a component fund of Fairfield County's Community Foundation, a Connecticut non-profit corporation
(the "Foundation") located in Norwalk, Connecticut, the following assets: [insert specific assets, dollar amount, percentage, or residuary].
To create a
new named fund through Fairfield County's Community Foundation:
AVAILABLE FOR GIFTS OF $50,000 OR MORE
SAMPLE LANGUAGE: "I give, devise and bequeath to Fairfield County's Community Foundation, a Connecticut non-profit corporation (the "Foundation") located
in Norwalk, Connecticut, the following assets: [insert specific assets, dollar amount, percentage, or residuary] with the request, as consistent
with the Articles of Organization and By-Laws of the Foundation, as amended from time to time, that the funds thus transferred be used to establish
a fund, to be known as the__________________ [name of Donor Advised Fund]. Distributions from the fund will be made [SELECT ONE: in accordance with
the spending policy of the Foundation OR from the income and/or principal] to be used for grantmaking to qualified charitable organizations. While
Fairfield County's Community Foundation is given complete discretion in making grants, suggestions may be made to the Foundation's Governing Board
by _____________________ (individuals named by the donor)."
Contact Us
Please
contact us if you have any questions about how to make a bequest to
Fairfield County's Community 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
Fairfield County's Community Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
An excellent way for you to support Fairfield County's Community Foundation's mission is to leave us 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.
Types of Bequests
There are a number of ways you can make a bequest to Fairfield County's Community Foundation.
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 Fairfield County's Community Foundation.
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 Fairfield County's Community Foundation.
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 Fairfield County's Community Foundation.
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 Fairfield County's Community Foundation.
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 Fairfield County's Community Foundation in your estate plan. 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 Fairfield County's Community Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Fairfield County's Community Foundation, a nonprofit organization located at 40 Richards Avenue, Norwalk, CT, 06854, Federal Tax ID #____________, for Fairfield County's Community Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Fairfield County's Community Foundation, a nonprofit organization located at 40 Richards Avenue, Norwalk, CT, 06854, Federal Tax ID #_______________, for Fairfield County's Community Foundation's general use and purpose.
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 Fairfield County's Community Foundation, a nonprofit organization located at 40 Richards Avenue, Norwalk, CT, 06854, Federal Tax ID #_______________, for Fairfield County's Community Foundation's general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Fairfield County's Community 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 Fairfield County's Community Foundation, a nonprofit organization located at 40 Richards Avenue, Norwalk, CT, 06854, Federal Tax ID #______________________, for Fairfield County's Community Foundation's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Fairfield County's Community Foundation, a nonprofit organization located at 40 Richards Avenue, Norwalk, CT, 06854, Federal Tax ID # _________, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Fairfield County's Community Foundation's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Fairfield County's Community Foundation, a nonprofit organization located at 40 Richards Avenue, Norwalk, CT, 06854, Federal Tax ID # _________, DESCRIPTION OF PROPERTY to be used for Fairfield County's Community Foundation's general use and purpose.
Restricted Bequests
If you are considering a bequest but 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 Fairfield County's Community Foundation flexibility should it no longer be possible for Fairfield County's Community Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Fairfield County's Community Foundation, it shall become impossible for Fairfield County's Community Foundation to use this bequest to accomplish the specific purposes of this bequest, Fairfield County's Community 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.
Contact Us
Please
contact us if you have any questions about how to make a bequest to Fairfield County's Community 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 Fairfield County's Community Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
