the Community Foundation of Central Georgia's Bequest Language
A bequest in your will, a living trust, or a codicil to your will, is an excellent way for you to create a fund at the Community Foundation of Central Georgia. 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.
There are a number of ways you can make a bequest to the Community Foundation of Central Georgia.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Community Foundation of Central Georgia in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Please contact us if you have any questions about how to make a bequest to the Community Foundation of Central Georgia or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Community Foundation of Central Georgia in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to the Community Foundation of Central Georgia.
Specific Bequest. A specific bequest involves making a gift for a specific dollar amount or a specific asset. For example, you may wish to leave your home or $50,000 to Community Foundation of Central Georgia.
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 a fund at the Community Foundation of Central Georgia.
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 a fund at the Community Foundation of Central Georgia.
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 the Community Foundation of Central Georgia.
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 a fund at the Community Foundation of Central Georgia.
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 a fund at the Community Foundation of Central Georgia.
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 the Community Foundation of Central Georgia.
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 specific fund at CFCG 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 the Community Foundation of Central Georgia in your estate plan. We have provided some basic bequest language to assist you and your attorney.
To Give to an Existing Fund through a Bequest
"I give the following gift ___________________ [A specific dollar amount or a percentage of my estate] to the ________________ [Fund Name] of the Community Foundation of Central Georgia, Inc. a 501(c)(3) tax exempt nonprofit organization (Tax ID 58-2053465)."
To Create a Fund through a Bequest
“I give the following gift ___________________ [A specific asset, dollar amount or a percentage of my estate] to the Community Foundation of Central Georgia, Inc. a 501(c)(3) tax exempt nonprofit organization (Tax ID 58-2053465) currently located at 577 Mulberry Street, Suite 1600 Macon, GA 31201 www.cfcga.org 478-750-9338, to be administered as a separate fund in accordance with and subject to the governing instruments of the Foundation.
It is my desire that the Fund established with this bequest shall be named the _____________________________________ Fund, and shall be recognized as such in all correspondence, reports and materials related to the Fund.
It is my desire that the Fund established with this bequest shall be named the _____________________________________ Fund, and shall be recognized as such in all correspondence, reports and materials related to the Fund.
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A spendable portion of the fund shall be advised by the following individuals: [Insert the names and contact information of the people that you would like to advise your fund.] OR |
A spendable portion of the fund shall be distributed annually to charitable organizations to fulfill the following charitable purpose of the fund: [Insert Charitable Purpose: For example, is it to benefit the citizens of a particular place, such as a specific county, or is it to be used to support one or more specific nonprofit organizations, or is it to support a specific charitable purpose, such as disadvantaged children, or is it to be used for scholarships to help deserving student pursue higher education. If the fund is to support more than one organization, please indicate the percentage of the spending calculation that should be awarded to each organization listed.] |
Contact Us
Please contact us if you have any questions about how to make a bequest to the Community Foundation of Central Georgia or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Community Foundation of Central Georgia in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
