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.
Types of Bequests
There are a number of ways you can make a bequest for John Paul II High School:
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.
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity.
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.
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 charity.
Click here for specific wording options for your will or trust.