A misconception is that planned giving is only for the "wealthy." The truth is, even people of modest means can make a difference through planned giving.
If you plan to make a charitable gift by will, please think it through carefully. Then, meet with your attorney to discuss and update your will. Tell him or her exactly what you want to do. Be as clear as possible in describing what you want given to whom.
We hope you'll tell us when you have named Tapesty in your will. We would very much like the opportunity to thank you for your generosity.
The bequest language for Tapesty is:
I, [name], of [city, state, ZIP], give, devise and bequeath to Tapesty [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.
If you prefer to remain anonymous, your gift will be kept completely confidential. But at the same time, recognition of your gift can encourage others to do the same. Whatever the case, we will honor your wishes, because we appreciate your support immensely. And, if you have any other specific requests for a bequest, please contact me, Lisa Kemmerer, for assistance.
Here are some generally accepted ways to make a bequest. You might discuss them with your attorney as you prepare to update your will.
This is a gift of a specific item to a specific beneficiary. For example, "I give my golf clubs to my nephew, John." If that specific property has been disposed of before death, the bequest fails and no claim can be made to any other property. (In other words, John wouldn't receive the value of the golf clubs instead.)
This is usually a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example, "I give $50,000 to my daughter, Mary." If there is only $2,500 liquid cash in the estate, other estate assets must be sold to meet the bequest.
This is a bequest made on condition that a certain event must occur before distribution to the beneficiary. For example, "I give $50,000 to my son, Joe, provided he enrolls in college before age 21." A contingent bequest is specific in nature and fails if the condition is not met. (A contingent bequest is also appropriate if you want to name a secondary beneficiary, in case the primary beneficiary doesn't survive you.)
This is a gift of all the "rest, residue and remainder" of your estate after all other bequests, debts and taxes have been paid. For example, you own property worth $500,000, and you intend to give a child $50,000 by specific bequest and leave $450,000 to a spouse through a residuary bequest. If the debts, taxes and expenses are $100,000, there would only be $350,000 left for the surviving spouse. Rather, you should divide your estate according to percentages of the residue (rather than specifying dollar amounts), to ensure that your beneficiaries receive the proportions you desire.
The previous items can apply in the case of bequests to individual heirs or bequests to charitable organizations. The above types of bequests generally define the amount of the bequest.
The additional terms below are optional considerations (added to one of the above four bequests) when the bequest is made to charity.
This is a gift for our general purposes, to be used at the discretion of our governing board. A gift like this—without conditions attached—is frequently the most useful, as it allows us to determine the wisest and most pressing need for the funds at the time of receipt.
This type of gift allows you to specify how the funds are to be used. Perhaps you have a special purpose or project in mind. If so, it's best to consult us when you make your will to be certain your intent can be carried out.
This is a gift given "in honor of" or "in memory of" someone. We are pleased to honor your request and have many ways to grant appropriate recognition.
This bequest allows you to restrict the principal of your gift, requiring us to hold the funds permanently and use only the investment income they generate, or other similar formula. Creating an endowment in this manner means that your gift can continue giving indefinitely.
You can help ensure that Tapesty continues to be here for animals in need. Charitable gift planning provides creative, flexible ways for you to support Tapesty, both now and through your estate plans. It truly is possible for everyone who wants to make a legacy gift—a gift that will live beyond their lifetime—to do so.
I will be happy to provide additional information, answer any questions, and assist you and your advisor in considering which of the alternatives is most appropriate for you. Together we can preserve the legacy of Tapesty.
I look forward to talking with you,