Defintion A bequest is a gift that you leave through your will. Bequests provide charitable estate tax deductions. They are simple to arrange, satisfying to complete, and beneficial to NCOF.
Specific Bequest is a description of what you want to leave to NCOF, whether specific asset or collection of assets in the form of cash, securities, or other property.
Residuary Bequest is a designation that says you intend to leave all or a percentage of what remains of your estate after all specific legacies have been satisfied and debts and expenses have been paid.
Contingent Bequest is a full or a portion of your estate in the event that your named beneficiary is not alive when you die.
Codicils are prepared by your attorney to modify, explain, change or otherwise qualify terms in your will.
Benefits When you make a bequest, you retain control of your assets during your lifetime. Should your circumstances change, you can modify your gift. Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.
Set Up To include your bequest to NCOF in your will or trust, you can use this sample wording: “I give (____ dollars) or (____ percent of my estate) to The Natick Community Organic Farm (federal tax I.D. number: 04-2720335), with a mailing address of 117 Eliot Street, Natick, Massachusetts 01760 for the benefit of The Natick Community Organic Farm, Inc., a nonprofit, certified-organic farm providing productive open space, farm products, and hands-on education for all ages, year-round."
Indicate the specific amount or a percentage of the balance remaining in your estate or trust.
If you are planning to restrict your request or earmark it to a specific project, add language to this wording describing what you are restricting the funds to.
Help If you need more guidance in planning your bequest, please email Jane Harvey, Development, at firstname.lastname@example.org, or call her at 774-217-8531.