fbpx
Select Page
Search
Generic filters

Charitable Gift Annuities

Contact UsFree Estate Planning Guide

LEARN ABOUT WILLS AND BEQUESTS

WHAT ARE THE BENEFITS OF MAKING A BEQUEST?

  1. You leave a lasting legacy to be remembered
  2. You lessen the burden of taxes on your family
  3. You may receive estate tax savings

HOW DO I MAKE A BEQUEST?

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 be made to family, friends or Cascade Pacific Council, Boy Scouts of America as part of your estate plan.

WHAT ARE MY OPTIONS?

A bequest can be made in several ways:
  1. You can gift a specific dollar amount or asset
  2. You can gift a percentage of your estate
  3. You can gift from the balance or residue of your estate
  4. You can make a beneficiary designation of certain assets
TYPES OF BEQUESTS

There are a number of ways you can make a bequest to Cascade Pacific Council, Boy Scouts of America.

Specific Bequest. 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. For example, you may wish to leave your home or $10,000 to Cascade Pacific Council, Boy Scouts of America.

Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Cascade Pacific Council, Boy Scouts of America.

Residual Bequest. 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. For example, you may wish to leave 30% of the residue of your estate to Cascade Pacific Council, Boy Scouts of America.

Contingent Bequest. 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 Cascade Pacific Council, Boy Scouts of America.

BEQUEST BENEFITS

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, resulting in a larger inheritance for your heirs.

BEQUEST LANGUAGE

In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Cascade Pacific Council, Boy Scouts of America in your estate plan. We have provided some basic bequest language to assist you and your attorney.

1. Specific Bequest

If you are considering making an outright bequest to Cascade Pacific Council, Boy Scouts of America, we recommend the following language:

Bequest of a Specific Dollar Amount

I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Cascade Pacific Council, Boy Scouts of America, a nonprofit organization located at 2145 SW Naito Parkway, Portland, OR, 97201, Federal Tax ID #93-0386792, for Cascade Pacific Council, Boy Scouts of America’s general use and purpose.

Bequest of Specific Personal Property

I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Cascade Pacific Council, Boy Scouts of America, a nonprofit organization located at 2145 SW Naito Parkway, Portland, OR, 97201, Federal Tax ID #93-0386792, for Cascade Pacific Council, Boy Scouts of America’s general use and purpose.

Bequest of Specific Real Estate

I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Cascade Pacific Council, Boy Scouts of America, a nonprofit organization located at 2145 SW Naito Parkway, Portland, OR, 97201, Federal Tax ID #93-0386792, for Cascade Pacific Council, Boy Scouts of America’s general use and purpose.

2. Percentage Bequest

If you are considering making a bequest of a percentage of your estate to Cascade Pacific Council, Boy Scouts of America, we recommend the following language:

I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Cascade Pacific Council, Boy Scouts of America, a nonprofit organization located at 2145 SW Naito Parkway, Portland, OR, 97201, Federal Tax ID #93-0386792, for Cascade Pacific Council, Boy Scouts of America’s general use and purpose.

3. Residual Bequest

I hereby give, devise and bequeath to Cascade Pacific Council, Boy Scouts of America, a nonprofit organization located at 2145 SW Naito Parkway, Portland, OR, 97201, Federal Tax ID #93-0386792, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Cascade Pacific Council, Boy Scouts of America’s general use and purpose.

4. Contingent Bequest

If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Cascade Pacific Council, Boy Scouts of America, a nonprofit organization located at 2145 SW Naito Parkway, Portland, OR, 97201, Federal Tax ID #93-0386792, DESCRIPTION OF PROPERTY to be used for Cascade Pacific Council, Boy Scouts of America’s general use and purpose.
RESTRICTED BEQUESTS

If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.

If you are making a restricted bequest, we recommend that your attorney include the following provision to give Cascade Pacific Council, Boy Scouts of America flexibility should it no longer be possible for Cascade Pacific Council, Boy Scouts of America to use your gift as you originally intended:

If, in the judgment of the Board of Directors of Cascade Pacific Council, Boy Scouts of America, it shall become impossible for Cascade Pacific Council, Boy Scouts of America to use this bequest to accomplish the specific purposes of this bequest, Cascade Pacific Council, Boy Scouts of America may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.

This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice.

For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.

Impact for Generations.
Prepared for Life.

This is more than a motto. It is a manifesto. It is our promise to the community and to every parent and child who Scouts with us. By Scouting in the Cascade Pacific Council (CPC) of the Boy Scouts of America, every youth can learn to make an impact on the world around them and be more prepared for career and life.

Translate »