If you’ve put together an estate plan with the help of an attorney, chances are, you’re familiar with the term “bequest.” A bequest is an instruction for assets or money to transfer to a person or charity following your death.
Unfortunately, most Americans do not have a will, let alone understand the difference between a will and a trust (and the reason you still need a will even if you have a revocable living trust).
If you’ve not yet set up an estate plan, or if you already have a will or trust, now is always the best time to organize your assets and documents, including setting up a will and trust or making updates to the documents you already have. This allows you to incorporate a bequest to the campaign for northern Chautauqua in a way that makes the most sense for you and your family.
For example, you can include a bequest to NCCF in your will or revocable living trust (which is a vehicle you establish to avoid probate). You can leave a specific dollar amount, or a portion of the “remainder” of your estate or trust after distributions to family and other beneficiaries. You can update your will or trust anytime prior to your death.
You can also support the campaign for northern Chautauqua through a beneficiary designation on a qualified retirement plan or life insurance policy. Our team is happy to provide you and your advisors with proper bequest language.
And remember, bequests of qualified retirement plans can be extremely tax-efficient. Funds flowing directly to NCCF from a retirement plan after your death will not be subject to income tax or estate tax.
We look forward to working with you!