BEQUESTS FROM YOUR WILL OR TRUST
Leaving Friends of the Children - SW Washington as a recipient of your overall estate through your will or a trust is a generous and simple way to make a transformational impact.
Bequests can include a percentage of your estate, a specific asset, or a specific dollar amount. With a bequest, your estate will receive a charitable deduction for the full amount of a monetary bequest or the fair market value of donated assets.
Specific Bequest Language
I give to the Friends of the Children-Southwest Washington, EIN 85-1261131, currently located at 8100 NE 28th Street, Vancouver, WA 98662, ____% (or $______) of my estate for its general purposes.
Residual Bequest Language
I give to Friends of the Children-Southwest Washington, EIN 85-1261131, currently located at 8100 NE 28th Street, Vancouver, WA 98662, all (or ____%) of the rest, residue, or remainder of my estate, both real and personal, for its general purposes.
Contingent Bequest Language
If any of the above-named beneficiaries disclaims or predecease me, I bequeath his or her share to Friends of the Children-Southwest Washington, EIN 85-1261131, currently located at 8100 NE 28th Street, Vancouver, WA 98662, to be used for its general purposes.
Did you know that if you gift your Traditional IRA, 401k, 403b to an individual, up to 40% of its value may be lost due to taxes? You may want to consider gifting this asset to Friends of the Children-SW Washington. Gifting your pre-tax retirement fund has three significant advantages.
• The entire value of the fund will transfer tax free, maximizing the impact of your retirement savings.
• The value of the IRA gift is deducted from the estate’s value, reducing the overall estate tax burden.
• Other assets inherited by individual heirs are not subject to a personal income tax penalty. Naming the Friends of the Children-SW Washington as a beneficiary of your IRA or other qualified retirement is easy to do. Simply update the “Beneficiary Form”, on your retirement plans website and provide these details:
Name: Friends of the Children-Southwest Washington
Physical Address: 8100 NE 28th Street, Vancouver, WA 98662
Mailing Address: PO Box 61882, Vancouver, WA 98666
Tax ID: 85-1261131
Upon your death, the account is dissolved and passes to the Friends of the Children - SW Washington, outside of probate and entirely tax free. Your estate will also receive a charitable tax deduction, which lowers the value of the overall estate.
Donating a whole life or term life insurance policy that’s outlasted its original purpose is an excellent way to support Friends of the Children - SW Washington. Both whole life and term life insurance gifts can be gifted through your estate plan.
A whole life policy can also be gifted while you are alive. This gift will receive a tax deduction equivalent to the settlement value (assessed by the insurance company).