An excellent way for you to support United Way's mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can specify that a bequest be used for a general or specific purpose and have the peace of mind knowing 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.
Types of Bequests
There are a number of ways you can make a bequest to United Way.
- 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.
- Percentage Bequest. A specific bequest that leaves a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to United Way.
- 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. For example, you may wish to leave 30% of your estate residue to United Way.
- 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 property, such as a vacation home, to a relative and the bequest language could provide that if the relative predeceases you, the vacation home will go to charity.