HOW TO MAKE A GIFT BY WILL
Making a gift to HeartStrong by will is easy. What follows are guidelines and suggestions for naming HeartStrong to receive a gift from you through your Last Will and Testament.
Here you will find basic information about different kinds of estate gifts, including sample language you may use in your legal documents. Most of this information may be used to make a gift through a family trust, a life insurance policy, or an individual retirement account.
If you have any questions or concerns, please do not hesitate to contact us at firstname.lastname@example.org. We are here to help you make the gift that’s right for you and HeartStrong.
Consider yourself invited to join the HeartStrong Legacy Society by letting us know that you have included a gift to HeartStrong in your estate plans. Your example may encourage others to follow suit and provide for the future of our important work.
Charitable Tax Status: HeartStrong is an IRS-qualified 501(c)(3) charitable educational organization. Copies of our tax-exempt status letters are available upon request, as is a completed IRS Form W-9 Request for Taxpayer Identification. The HeartStrong tax-exempt federal identification number is 91-1992971.
For estate tax purposes, bequests, legacies, devises, or transfers to HeartStrong are deductible as they accord with the provision of the Internal Revenue Code Section 2055(a) and related regulations.
General / Specific Bequests
Like other sorts of gifts, bequests can be given for general or specific purposes and uses.
A Bequest for General Purposes: This type of bequest is especially appreciated because it can be put to use where there is greatest need. A bequest made without restrictions provides general support that may last forever.
A Bequest for Specific Purposes: Many people want to give to something special, a type of gift sometimes called a “restricted bequest.” Restrictions are often designed in consultation with a HeartStrong Charitable Gift and Estate Planning representative who can help you craft language that will ensure your gift will do what you want it to do.
One of the ways you can do this is to create a permanent named fund for a gift of $50,000 or more.
Restricted / Unrestricted Bequests
Both restricted and unrestricted bequests are made in the following ways:
Specific Bequest: Give a specific asset or collection of assets in the form of cash, securities, or other property. Retirement plan benefits, IRAs, savings bonds, and other items known as “income with respect to a decedent” (IRD) are particularly tax effective gifts to charity. You may designate an amount or a percentage of the property.
Percentage of your Estate: Give a percentage of your total estate.
Residuary Bequest: Give all or a percentage of what remains of your estate after all specific bequests have been satisfied and debts and expenses have been paid. You may specify that charitable gifts be fulfilled first with IRD assets to the extent needed to reduce your tentative estate tax.
Contingent Bequest: Give all or a portion of your estate in the event that a named beneficiary is not alive when you die. This type of bequest can avoid costly litigation or prevent property from reverting to the state for lack of heirs
Testamentary Charitable Remainder Trust: A trust document is created during your lifetime, with a “pour-over” will to designate which assets are to be placed in a trust with the income paid to one or more beneficiaries for their lifetimes. Upon the death of the last income recipient, or after a term of a specified number of years, the trust terminates and assets are transferred to HeartStrong, completing your gift.
Please share the following suggested bequest language with your attorney to assist in drafting a will or codicil that will achieve your charitable estate plans.
I give all my real and personal property to HeartStrong, a Washington charitable corporation located at PO Box 2051, Seattle WA, 98111, for its unrestricted use.
I give _____ [$ amount, description of property, or % of estate] to HeartStrong, a Washington charitable corporation located at PO Box 2051, Seattle, WA, 98111 for its unrestricted use.
I give all [or _____ %] of my remaining assets of any kind to HeartStrong, a Washington charitable corporation located at PO Box 2051, Seattle WA, 98111 for its unrestricted use.
Restricted Bequest to the Permanent Endowment
I give _____ [$ amount, description of property, or % of estate] to the General Fund of HeartStrong, a Washington charitable corporation located at PO Box 2051, Seattle WA, 98111, to be invested according to the policies adopted by its Board of Directors, income only to be used for the general purposes of HeartStrong [or for a specific purpose].
Restricted Bequest for Specific Purpose
I give _____ [$ amount, description of property, or % of estate] to HeartStrong, a Washington charitable corporation located at PO Box 2051, Seattle WA, 98111 restricted to _____ [describe or name HeartStrong program]. If at any time in the judgment of the HeartStrong Board of Directors it is deemed impossible or impracticable to carry out the above purpose, the Trustees shall determine a purpose as near as possible to that described above.
For more information, please contact us.
P.O. Box 2051, Seattle, WA, 98111
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