A bequest can be in the form of a dollar amount, specified asset, and/or a percentage of property remaining in your estate and can be contingent upon an event or the existence of certain circumstances. Although legal consultation is always advisable before designing will provisions, you should know that a bequest may be simply stated as follows:
“I give and bequeath to Friends of Warner Parks _________% of my total estate (or $__________ ).”
A beneficiary designation allows you to make a substantial gift, perhaps larger than what you could afford during your lifetime. You can designate Friends of Warner Parks as the primary or contingent beneficiary for your IRA account, 401K, or life insurance.
Charitable Remainder Trusts
Charitable remainder trusts provide an agreement through which donated assets are transferred to a trustee, and you receive income for a specified term. Upon completion, the assets pass to Friends of Warner Parks.
Charitable Lead Trusts
A charitable lead trust provides a current stream of income to Friends of Warner Parks while minimizing or eliminating gift and estate taxes.
Charitable Gift Annuities
Usually a cash or stock gift, charitable gift annuities allow you to support Friends of Warner Parks while receiving a tax deduction and fixed flow of income from Friends of Warner Parks for the rest of your life. Payment amount depends on age at the time of donation, the number of annuitants, the size of the contribution, and when payments begin.