You Can Help Carry on the Legacy of Hope
Donors can continue their charitable legacies for years to come by including a gift in their wills to support a cause or organization that is important to them. This type of gift, known as a charitable bequest, is the most common form of planned giving, allowing donors to live on through the good work done by their gift, and providing important estate tax advantages. By making a bequest to the Flat-Coated Retriever Foundation, you are helping to accomplish the following:
- Support funding of research directed towards Flat-Coated Retriever health and genetics issues
- Work with the Flat-Coated Retriever Society of America, Sharon Myers Health Committee, and Cancer Research Committee on health and genetic issues.
- Assist the FCRSA Rescue Committee in its rescue and placement of Flat-Coated Retrievers
How to Add a Charitable Bequest to a Will
Adding a charitable bequest to an existing will does not require rewriting your entire will. Charitable bequests may be added through an amendment to an existing will, known as a codicil. Ways to make a bequest to the Flat-Coated Retriever Foundation, including the following:
- You may choose to bequeath a specific amount of cash from your estate.
- You can give a fixed percentage of your estate, for example 2%, 5%, 10%, etc. Some donors like this type of bequest because it enables them to give what they feel is an adequate portion of their estate and yet keep an appropriate balance with bequests to heirs and other loved ones.
- Finally, you can choose to give the rest or residue (what’s remaining) of your estate after all other bequests have been satisfied. Please note that bequests should name the Flat-Coated Retriever Foundation as the charitable beneficiary. The Flat-Coated Retriever Foundation is a designated recipient of gifts and is certified as a “qualified charitable organization” as described in IRC §501(c)(3) of the Internal Revenue Code. Therefore, gifts made through our foundation may eligible deductions for federal income tax, gift tax and estate tax purposes.
The following charitable bequest wording samples are presented for information and illustration only. The Flat-Coated Retriever Foundation recommends that your Will be prepared by an attorney.
Specific Monetary Bequest
“I give, devise and bequeath to the Flat Coated-Retriever Foundation, a nonprofit corporation located in Minneapolis, Minnesota (taxpayer identification number 41-1918578), the sum of $______________ , for the benefit of the Flat-Coated Retriever Foundation, to be used for the __________fund” (see descriptions below)
Residuary Bequest
“I give, devise and bequeath to the Flat-Coated Retriever Foundation, a nonprofit corporation located in Minneapolis, Minnesota (taxpayer identification number 41-1918578), all of the rest, residue, and remainder of my estate, of whatever kind and wherever situated, which I may own or have the right to dispose of at the time of my death, for the benefit of Flat-Coated Retriever Foundation, to be used for the __________fund” (see descriptions below)
Percentage Bequest
“I give, devise and bequeath to the Flat-Coated Retriever Foundation, a nonprofit corporation located in Minneapolis, Minnesota (taxpayer identification number 41-1918578), _______ percent of the rest, residue, and remainder of my estate, of whatever kind and wherever situated, which I may own or have the right to dispose of at the time of my death, for the benefit of Flat-Coated Retriever Foundation, to be used for the __________fund” (see descriptions below)
Contingent Bequest
“In the event that any bequest or devise of any portion of my estate shall lapse or fail for any reason, I give, devise and bequeath that portion to the Flat-Coated Retriever Foundation, a nonprofit corporation located in Minneapolis, Minnesota (taxpayer identification number 41-1918578), for the benefit of Flat-Coated Retriever Foundation to be used for the __________fund” (see descriptions below)
OR
“I devise and bequeath (description of bequest) to (person’s name and relationship) if he/she survives me. If he/she does not survive me, I devise and bequeath this bequest to the Flat-Coated Retriever Foundation, a nonprofit corporation located in Minneapolis, Minnesota (taxpayer identification number 41-1918578), for the benefit of Flat-Coated Retriever Foundation to be used for the __________fund” (see descriptions below)
OR
“I devise and bequeath (description of bequest) to (person’s name and relationship) if he/she survives me. If he/she does not survive me, I devise and bequeath this bequest to the Flat-Coated Retriever Foundation, a nonprofit corporation located in Minneapolis, Minnesota (taxpayer identification number 41-1918578), for the benefit of Flat-Coated Retriever Foundation to be used for the __________fund” (see descriptions below)
Designating Name of Fund
Please select from one of the three below options to designate your bequest to be used as you wish:
- General Fund – unrestricted for the greatest current needs as determined by the Board of Directors of the Flat-Coated Retriever Foundation
- Boraczek Cancer/Health Fund
- Rescue Fund
Residuary Bequest
“I give, devise and bequeath to the Flat-Coated Retriever Foundation, a nonprofit corporation located in Minneapolis, Minnesota (taxpayer identification number 41-1918578), all of the rest, residue, and remainder of my estate, of whatever kind and wherever situated, which I may own or have the right to dispose of at the time of my death, for the benefit of Flat-Coated Retriever Foundation, to be used for the __________fund” (see descriptions below)
Possible Language to include in your Will for every Charitable Bequest
One suggestion that some estate planners have for charitable gifts is to insert the following clause in every Will which contains a charitable bequest: “I instruct that this/all charitable gifts shall be made, to the extent possible, from property that constitutes “income in respect of a decedent” as that term is defined in The Internal Revenue Code.”
In the absence of the above language, every gift is deemed to come from principal rather that income (i.e., IRA’s and other assets which are considered “income in respect of a decedent”) so that the estate cannot claim an offsetting charitable income tax deduction. If the above language is added to the Will, the estate has a good argument that it is entitled to both an estate tax charitable deduction and an income tax deduction on the estate tax return.
In the absence of the above language, every gift is deemed to come from principal rather that income (i.e., IRA’s and other assets which are considered “income in respect of a decedent”) so that the estate cannot claim an offsetting charitable income tax deduction. If the above language is added to the Will, the estate has a good argument that it is entitled to both an estate tax charitable deduction and an income tax deduction on the estate tax return.
Tax Status and Identification Number
The Flat-Coated Retriever Foundation is a nonprofit tax exempt charitable organization as described in IRC §501(c)(3) of the Internal Revenue Code. Our tax identification number is: 41-1918578. Under section 2055, 2106 or 2522 of the Code, we are qualified to receive tax deductible bequests, devises, transfers or gifts.
NOTE: This information is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional. State laws that govern wills and contracts may vary and are subject to change.
The Flat-Coated Retriever Foundation would like to thank the Land of Pure Gold Foundation for allowing us to use their article as the basis for the one above. We greatly appreciate their spirit of sharing and caring for the dogs we both wish to love and protect.