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A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name the recipient accurately. A bequest to The Cancer Society might go to national headquarters, when you meant it to go to the affiliate in your community.

 

BEQUESTS DO NOT REDUCE CURRENT ASSETS:

Many supporters of Secondhand Snoots Rescue want to make a bigger difference but are not in a position to do so right now. A gift by will or living trust means that you have all of your assets available now for any needs that may arise and that you are making the gift when you no longer need to have the funds available.

 

BEQUESTS CAN BE MADE AFTER YOU TAKE CARE OF YOUR FAMILY:

Family always comes first. You can remember the animals at Secondhand Snoots by including a percentage of the remainder of your estate or trust, after providing for your family. The gift to Secondhand Snoots will only occur if there is enough for your family and others important to you. 

 

Bequests allow you to distribute your assets to Secondhand Snoots in a manner that is most appropriate for you and your circumstances. You can specify a dollar amount a percentage of the estate or the residual part of the estate, as well as make the gift contingent on specific future events. 

 

BEQUESTS MAY ALSO REDUCE ESTATE TAXES:

Giving a charitable bequest can decrease the size of your estate and possibly reduce your estate taxes. Certain types of gifts, such as US Savings Bonds, retirement funds, annuities and some mortgages can generate significant income taxes and even estate taxes, if given to the living individuals in your estate plans but will be fully tax free if given to Secondhand Snoots. 

 

BEQUESTS CAN BE EASILY MODIFIED AT ANY TIME UNTIL DEATH:

If your circumstances change, you can easily modify your will at any time. Changes can be made inexpensively by drafting a new will or living trust or by amending your existing document.

 

TYPES OF BEQUESTS:

Making the decision to include Secondhand Snoots Rescue in your estate plans is a VERY personal choice. There are several different bequest options that you include in your will or living trust to help you instruct your family and friends on what to do with the assets that you have accumulated through your life. 

  • Residuary Bequest: Give a ____% or all of the “rest, residuary and remainder” of your estate to Secondhand Snoots Rescue, NFP Inc. after taking care of all other gifts, taxes and other specific gifts.

  • Outright Bequests: Give a specific amount, asset or estate percentage to Secondhand Snoots.

  • Contingent Bequest Plan // Just in case: For example: “Should I outlive my spouse or partner, $____ or ____% of my residual estate goes to Secondhand Snoots."

  • Living Trusts Include: a gift to Secondhand Snoots Rescue in your living trust.

  • Retirement Fund Gift Consider: Naming Secondhand Snoots Rescue as a beneficiary of your IRA, 401(k), 403(b), company retirement or profit sharing plan. If you are making any charitable bequest, it is better to make such gifts first from retirement plans to the extent practical.

  • Insurance Consider: Naming Secondhand Snoots Rescue as a beneficiary of your life insurance policy.
     

If you do decide to make a charitable bequest to Secondhand Snoots Rescue in your will or living trust, here are some wording suggestions. Please take these to your attorney or other professional for legal advice. (This wording is only a suggestion and not true legal advice: only a professional should recommend your course of action.)

 

Residual Bequest or Trust Gift:

After fulfilling all other specific provisions, I give, devise and bequeath ____% of the rest, residuary and remainder to Secondhand Snoots Rescue, a 501(c)(3) charitable corporation (Tax ID# 27-2561873) with offices at 17557 Hawk Ct., Gurnee, Illinois 60031
 

Outright Bequest or Trust Gift
I give, devise and bequeath $___, ___% or _____ [name specific asset] to Secondhand Snoots Rescue, a 501(c)(3) charitable corporation (Tax ID# 27-2561873) with offices at 17557 Hawk Ct., Gurnee, Illinois 60031

 

Contingent Bequest or Trust Gift

In the event of the death of any of the beneficiaries, I give, devise and bequeath ____% of the rest, residuary and remainder to Secondhand Snoots Rescue, a 501(c)(3) charitable corporation (Tax ID# 27-2561873) with offices at 17557 Hawk Ct., Gurnee, Illinois 60031. This gift shall be used as the board of trustees determines the need is the greatest.

 

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