An excellent way for you to support IHS' mission is to leave us a bequest in your will, living trust or with a codicil.
One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
You can gift a specific dollar amount or asset
You can gift a percentage of your estate
You can gift from the balance or residue of your estate
You can make a beneficiary designation of certain assets
A bequest is one of the easiest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift be made to family, friends or The Institute for Humane Studies as part of your estate plan.
A bequest is a flexible, revocable gift that can be changed at any time and tailored to support either a general or specific purpose, ensuring your intentions are honored. Because bequests are exempt from federal estate taxes, they may also reduce or eliminate estate taxes on a taxable estate, potentially increasing the inheritance for your heirs.
To include a bequest to IS in your estate plan, we recommend consulting with your attorney, who can incorporate the appropriate language; we have provided sample bequest language to assist you and your advisor in the process.
A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to The Institute for Humane Studies.
Bequest of a Specific Dollar Amount
"I hereby give, devise and bequeath _ and No/100 dollars ($DOLLARS) to The Institute for Humane Studies, a nonprofit organization located at Vernon Smith Hall, 1st Floor, 3434 Washington Bivd, Arlington, VA, 22201, Federal Tax ID #94-1623852, for The Institute for Humane Studies' general use and purpose."
Bequest of Specific Personal Property
"I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to The Institute for Humane Studies, a nonprofit organization located at Vernon Smith Hall, 1st Floor, 3434 Washington Bivd, Arlington, VA, 22201, Federal Tax ID #94-1623852, for The Institute for Humane Studies' general use and purpose."
Bequest of Specific Real Estate
"I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to The Institute for Humane Studies, a nonprofit organization located at Vernon Smith Hall, 1st Floor, 3434 Washington Bivd, Arlington, VA, 22201, Federal Tax ID #94-1623852, for The Institute for Humane Studies' general use and purpose."
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to The Institute for Humane Studies.
"I hereby give, devise and bequeath. _ percent (_%) of my total estate, determined as of the date of my death, to The Institute for Humane Studies, a nonprofit organization located at Vernon Smith Hall, 1st Floor, 3434 Washington Blvd, Arlington, VA, 22201, Federal Tax ID #94-1623852, for The Institute for Humane Studies' general use and purpose."
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to The Institute for Humane Studies.
"I hereby give, devise and bequeath to The Institute for Humane Studies, a nonprofit organization located at Vernon Smith Hall, 1st Floor, 3434
Washington Blvd, Arlington, VA, 22201, Federal Tax ID #94-1623852, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for The Institute for Humane Studies' general use and purpose."
A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to The Institute for Humane Studies.
"If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to The Institute for Humane Studies, a nonprofit organization located at Vernon Smith Hall, 1st Floor, 3434 Washington Blvd, Arlington, VA, 22201, Federal Tax ID #94-1623852, DESCRIPTION OF PROPERTY to be used for The Institute for Humane Studies' general use and purpose."
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
We recommend that your attorney include the following provision to give The Institute for Humane Studies flexibility should it no longer be possible for The Institute for Humane Studies to use your gift as you originally intended:
"If, in the judgment of the Board of Directors of The Institute for Humane Studies, it shall become impossible for The Institute for Humane Studies to use this bequest to accomplish the specific purposes of this bequest, The Institute for Humane Studies may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest."