WHAT IS A CHARITABLE BEQUEST?
Simply stated, charitable bequests are gifts made through your will or living trust to charity. A bequest can be a wonderful opportunity to support the work of the International Campaign for Tibet. It is a living legacy of your compassion and concern for the future of the Tibetan people.
Why consider making a bequest to the International Campaign for Tibet?
Bequests make a real difference for the next generation of Tibetans. A bequest helps ICT continue the fight for the human rights of Tibetans, monitor the environmental and socio-economic conditions in Tibet, advocate for Tibetans imprisoned for their political or religious beliefs, and secure critical humanitarian and development assistance.
By naming ICT in your will or living trust, you will be helping to continue our work far into the future as we stride for a just resolution of the conflict in Tibet. And in the event that Tibetans achieve genuine autonomy, ICT will help rebuild Tibet, foster new leadership and act as a critical link to the U.S. Government.
Bequests do not reduce current assets.
Many ICT members want to make a greater effort, but are not in a position to do so right now. A gift by will or living trust means that you have all of your assets available for any needs that might arise. A bequest means that you make the gift when you no longer need to have the funds available.
Bequests can be made after taking care of family.
Family always comes first. You can remember ICT by including a percentage of the remainder of your estate or trust after providing for your family. Only if there is enough for family and others important to you will the gift to ICT occur.
Bequests allow you to distribute your assets to ICT in the manner most appropriate to your circumstances. You can specify a dollar amount, a percentage of the estate or the residual part of the estate, as well as make the gift contingent on specific future events.
Bequests may also reduce estate taxes.
Giving a charitable bequest can decrease the size of your estate and possibly reduce your estate taxes. Certain kinds of gifts, such as US savings bonds, retirement funds, annuities and some mortgages can generate significant income taxes and even estate taxes if given to living individuals in your estate plans but will be fully tax free if given to ICT.
Bequests can be easily modified at any time until death.
If your circumstances change, you can easily modify your will at any time. Changes can be made inexpensively by drafting a new will or living trust or by amending your existing document.
Types of Bequests
Making a decision to include ICT in your estate plans is a very personal choice. There are a number of bequest options that you include in your will or living trust to help you instruct your family and friends on what to do with the assets that you have accumulated in this life.
Below are a few examples.
- Residuary Bequest
Give a ____% or all of the “rest, residuary and remainder” of your estate to ICT after taking care of all other gifts, taxes and other specific gifts.
- Outright Bequests
Give a specific amount, asset or estate percentage to ICT.
- Contingent Bequest
Plan just in case. For example: “Should I outlive my spouse or partner, $____ or ____% of my residual estate goes to ICT.”
- Living Trusts
Include a gift to ICT in your living trust.
- Retirement Fund Gift
Consider naming ICT as a beneficiary of your IRA, 401(k), 403(b), company retirement or profit sharing plan. If you are making any charitable bequest, it is better to make such gifts first from retirement plans to the extent practical.
Consider naming ICT as a beneficiary of your life insurance policy.
If you decide to make a charitable bequest to ICT in your will or living trust, here is some suggested language that you can bring to your attorney:
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Residual Bequest or Trust Gift
After fulfilling all other specific provisions, I give, devise and bequeath ____% of the rest, residuary and remainder to the International Campaign for Tibet, a 501(c)(3) charitable corporation (Tax ID# 52-1570071) with offices at 1825 Jefferson Place NW, Washington, DC 20036.
Outright Bequest or Trust Gift
I give, devise and bequeath $___, ___% or _____ [name specific asset] to the International Campaign for Tibet, a 501(c)(3) charitable corporation (Tax ID# 52-1570071) with offices at 1825 Jefferson Place NW, Washington, DC 20036.
Contingent Bequest or Trust Gift
In the event of the death of any of the beneficiaries, I give, devise and bequeath ____% of the rest, residuary and remainder to the International Campaign for Tibet, a 501(c)(3) charitable corporation (Tax ID# 52-1570071) with offices at 1825 Jefferson Place NW, Washington, DC 20036. This gift shall be used as the board of trustees determines the need is the greatest.[/box]
For more information . . .
Contact us to find out more or call us at 202-785-1515 extension 225.