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Benefits of Including the Catholic Foundation or any Charity in Your Will
- Receive estate tax charitable deduction
- Lessen the burden of taxes on your family
- Leave a lasting legacy
- When you include the Catholic Foundation of the South Plains in your plans, please use our legal name [Catholic Foundation of the South Plains] and our Federal tax ID [75-2773524]
How Do You Make a Bequest in your Will?
A bequest is one of the easiest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift to be made to family, friends or the charity as part of your estate plan.
Your Bequest Options
A bequest may be made in several ways:- Gift of a percentage of your estate
- Gift of a specific dollar amount or asset
- Gift from the balance or residue of your estate
- Add a charity as a beneficiary on an existing insurance policy
Making a Bequest of Your Retirement Assets
A retirement asset, such as an IRA account, makes an excellent bequest to the charity. If the IRA were given to your family, much of the value may be lost through income taxes and possibly estate taxes . By designating the charity as the beneficiary of all or part of your IRA (using a beneficiary designation form provided by your custodian), the full value of the gift is transferred tax-free at your death and your estate receives an estate tax charitable deduction.
While we legally cannot recommend a specific investment advisor. We encourage you to look at the back of your bulletin for local and often Catholic advisors who can help you leave a legacy with the Catholic Foundation.