Bequest In A Will
To leave a bequest is to make a lasting statement of your values, what you cared about and what you stood for.
Bequests are often the simplest and most realistic way to leave a legacy to support a worthwhile cause. Our health care system has benefited greatly from individuals, many of them of average means, who have left meaningful legacies to support health care.
A bequest is a direction made by a donor to give cash or other property to a specified charity through a legally valid will. If you plan to make a charitable gift by bequest we suggest you discuss your wishes with your family and meet with your lawyer to discuss and update your will. Sample bequest language is supplied on the next page.
The most common types of bequests are:
Specific bequest – by which the Health Care Foundation would receive a specific item or sum of money, or a stated fraction of the estate.
Residual bequest – by which the Health Care Foundation would receive all or a percentage of the remainder of a donor’s estate after other specific legacies have been fulfilled.
Contingent bequest – by which the Health Care Foundation would receive all or a share of the estate only in the event of the prior death of other named beneficiaries.
With careful planning, a bequest can eliminate all or most taxes payable on death. The donor’s executor can claim charitable bequests equal to 100% of the net income on the deceased donor’s final two tax returns.
If you have named the Health Care Foundation in your will, we hope that you will let us know so that we have the opportunity to thank you for your generosity. If you would prefer to remain anonymous, your gift will be kept completely confidential. Whatever the case, we will honour your wishes because we greatly appreciate your support.
This summary is of a general nature only. It should not be construed as legal or tax advice. Readers should seek independent tax, legal, and financial advice and consult their own tax, legal and financial advisors with respect to individual circumstances.
Updated 4/14/2009
