In the January Connection, we wrote about how Planned Bequests perpetuate what you believe in while still providing for your families and offering potential tax benefits.
Preparing your will and estate plan does not need to be cumbersome or complicated:
- Start by gathering information about your assets, including retirement funds, bank accounts, and real property.
- Think about the people and organizations that matter most to you and how you would like to provide for them.
- Think about who you would like to serve as your executor or trustee.
- Meet with a professional estates attorney. If you do not have one, or do not know someone to ask, we can provide a list of such attorneys for you to contact.
So how does one go about creating a Planned Bequest?
It can be simple: a few sentences in your will or trust are all that is needed – some examples are provided below.
- It is revocable: because you are not actually making a gift until after your lifetime, you can change your mind and revocable trust any time.
- It is versatile: You can structure the bequest to leave a specific item, or amount of money; make the gift contingent on certain events, or leave a percentage of your estate to Congregation Kol Ami.
- It can provide tax relief: If your estate is subject to estate tax, your gift could have some tax benefits. Please consult your estate attorney.
A general bequest is for a specific dollar amount: I bequeath the sum of $________________ to Congregation Kol Ami, a not-for-profit organization, located at 252 Soundview Avenue, White Plains, NY 10606
A specific bequest is for a specific piece of property: I bequeath (describe property) to Congregation Kol Ami, a not-for-profit Organization located at 252 Soundview Avenue, White Plains, NY 10606.