What is a Charitable Bequest?

 

What Is a Charitable Bequest? 

Simply stated, charitable bequests are gifts made through your will or living trust to a charity. A bequest can be a wonderful opportunity to support the long-term growth of the Jhamtse Gatsal Children’s Community. It is a living legacy of your kindness and support for the future growth of Jhamtse Gatsal (the garden of love and compassion) and its mission. 

Why consider making a bequest to Jhamtse International? 
Bequests make a real difference for the next generation of students at the Jhamtse Gatsal Children’s Community. A bequest helps Jhamtse Gatsal continue its mission of nurturing seeds of compassion to blossom in profound ways. Children’s lives will be transformed. Limitless opportunities will abound, and a generational cycle of poverty will be permanently broken. 

By naming Jhamtse International in your will or living trust, you will be helping to ensure the long-term growth and sustainability of the Jhamtse Gatsal Children’s Community and its mission to rekindle the human spirit and rebuild the human community. 

Bequests do not reduce current assets. 
Many Jhamtse Gatsal supporters want to do more but are not able to do so right now. A gift by will or living trust means that you have all 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 Jhamtse International 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 Jhamtse International occur. 

Bequests allow you to distribute your assets to Jhamtse International 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 Jhamtse International. 

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 

Deciding to include Jhamtse International in your estate plans is a very personal choice. There are several 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 the “rest, residuary and remainder” of your estate to Jhamtse International after taking care of all other gifts, taxes and other specific gifts. 

Outright Bequests
Give a specific amount, asset or estate percentage to Jhamtse International. 

Contingent Bequest
Plan just in case. For example: “Should I outlive my spouse or partner, $____ or ____% of my residual estate goes to Jhamtse International.” 

Living Trusts
Include a gift to Jhamtse International in your living trust. 

Retirement Fund Gift
Consider naming Jhamtse International 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. 

Insurance
Consider naming Jhamtse International as a beneficiary of your life insurance policy. If you decide to make a charitable bequest to Jhamtse International in your will or living trust, here is some suggested language that you can bring to your attorney: 

Residual Bequest or Trust Gift
After fulfilling all other specific provisions, I give, devise and bequeath ____% of the rest, residuary and remainder to Jhamtse International, a 501(c)(3) charitable corporation (Tax ID# 20-2502000) with a mailing address of:
Jhamtse International
PO Box 291
Concord, MA 01742-9998

Outright Bequest or Trust Gift
I give, devise and bequeath $___, ___% or _____ [name specific asset] to Jhamtse International, a 501(c)(3) charitable corporation (Tax ID# 20-2502000) with Jhamtse International with a mailing address of: PO Box 291, Concord, MA 01742-9998

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 Jhamtse International, a 501(c)(3) charitable corporation (Tax ID# 20-2502000) with a mailing address of:
Jhamtse International
PO Box 291
Concord, MA 01742-9998

This gift shall be used as the board of trustees determines the need is the greatest.