Bequests Sample Language

 

Sample Gift Language:

1) Bequest of Cash       

“I give, devise, and bequeath to the Hospice and Palliative Care Foundation, a South Carolina nonprofit corporation, with a business address of PO Box 151, Drayton, SC 29333, and a tax identification number of 57-1107253, the sum of _________________ (provide a specific amount of funds to be donated to HPCF) for the Hospice and Palliative Care Foundation to use for its general support (or for the support of a specific fund or program).”**

2)  Bequest of a Percent of the Estate

“I give, devise, and bequeath _______ (specify all or a percentage to be donated) of the rest, residue and remainder of my property of every kind and description (including lapsed legacies and devises), wherever situate and whether acquired before or after the execution of this Will to the Hospice and Palliative Care Foundation, a South Carolina nonprofit corporation, with a business address of PO Box 151, Drayton, SC 29333 and a tax identification number of 57-1107253 to be used for its general support (or for the support of a specific program/fund).”**

 

3)  Contingent Bequest

“If ____________ (insert name and relationship) survives me, I give, devise and bequeath, ____ (insert sum or percentage) of the rest, residue and remainder of my property of every kind and description (including lapsed legacies and devises), wherever situate and whether acquired before or after the execution of this Will to _________ (insert name from above).  If _________ (named person) does not survive me, then I give, devise and bequeath______ (sum or percentage from above) of the rest, residue and remainder of my property of every kind and description (including lapsed legacies and devises), wherever situate and whether acquired before or after the execution of this Will to the Hospice and Palliative Care Foundation, a South Carolina nonprofit corporation, with a business address of PO Box 151, Drayton, SC 29333 and a tax identification number of 57-1107253 to be used in general support (or for the support of a specific fund or program).”**

If you already have a Will or Revocable Living Trust, your estate planning advisor can add the appropriate language in a Codicil to your Will or an Amendment to your Revocable Living Trust.

 

4)  Retirement Plan Beneficiary

You may name the Hospice and Palliative Care Foundation (“HPCF”) as a beneficiary of your IRA or other qualified retirement benefits.  Naming HPCF as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, or any other tax deferred retirement plan will accomplish a charitable goal while realizing significant tax savings.  Retirement plans are generally subject to both estate and income taxation at death.  It can be costly to pass such assets on to devisees and heirs because of heavy tax consequences.  By naming HPCF as a beneficiary of all or a percentage of your retirement plan, the donor maintains complete control over the asset while living, but, at the donor’s death, the plan passes to support HPCF free of both estate and income taxes.

To name HPCF as a beneficiary on any of your retirement plan accounts, all you need to do is request a simple change of beneficiary form from your plan administrator and name HPCF as your primary or contingent beneficiary.*

 

5) Life Insurance

If the time has diminished or alleviated your need for life insurance, naming the Hospice and Palliative Care Foundation as a beneficiary of all or a percentage of your existing life insurance policy is an easy way to make a charitable gift from your estate and establish your legacy.

To name the Hospice and Palliative Care Foundation as a beneficiary of your existing life insurance policy, all you need to do is ask the life insurance company for a change of beneficiary form and simply name the Hospice and Palliative Care Foundation as your primary or contingent beneficiary.

*Leaving a gift to charity in your will may reduce the estate tax burden on your beneficiaries significantly. You should consult with a financial advisor or attorney to learn how giving may actually benefit your family after you’re gone.

**These clauses are only examples. While we believe it to be accurate, the information is not a substitute for legal advice from your estate planning advisor or financial advice from your financial advisor.

 

                  

Please contact us if you would like more information, have any questions, or have made plans for such a gift. We would like the opportunity to thank you for your generous act. We are happy to honor your wishes regarding anonymity.


* Leaving a gift to charity in your will may reduce the estate tax burden on your heirs significantly. You should consult with a financial advisor or attorney to learn how giving may actually benefit your family after you’re gone.

 

** These clauses are only examples. While we believe it to be accurate the information is not a substitute for legal advice from your financial advisor and/or your estate planning advisor

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843-409-7991

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