Estate Gifts
An excellent way for you to support the mission of The Wesley Community 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.
Types of Bequests
There are a number of ways you can make a bequest to The Wesley Community.
- Specific Bequest. 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.
- Percentage Bequest. 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 Wesley Community.
- Residual Bequest. 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 Wesley Community.
- Contingent Bequest. 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 Wesley Community.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
A bequest is a gift made through your will or trust. It is one of the most popular and flexible ways that you can make a significant gift to support The Wesley Community after your lifetime. You can make a bequest of cash, marketable securities, real estate or personal property. Or you can simply give a percentage of your estate.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to The Wesley Community in your estate plan.
We have provided some basic bequest language to assist you and your attorney.
“I give and bequeath to The Wesley Community Foundation, 131 Lawrence Street, Saratoga Springs, NY 12866
federal tax identification number 22-3642737,__% of my residuary estate (or $__, or other property).”
The legal name to donate a bequest to The Wesley Community is The Wesley Community Foundation. Our Federal Tax ID #22-3642737
Please contact The Wesley Community Foundation office for questions or assistance.
Notifying us of your intended bequest allows us to thank you and make sure we have a clear understanding of your plans.
Call 518-691-1419 or email Foundation@thewesleycommunity.org