Bequest
A charitable bequest is one of the easiest and most significant ways to plan a gift to benefit the charity of your choice. Giving back with a charitable bequest may be planned in many ways:
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Bequest provision in your will.
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Beneficiary designation of a life insurance policy that you own, or you may donate the policy to the foundation.
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Beneficiary designation of a qualified retirement plan, such as an IRA, 401(k), 403(b), Keough, ESOP, and others.
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Specific Bequests (Cash and Property)
A bequest of a fixed amount of money or specific amount of money or specific property is one way to give. Property may include securities, collections, works of art, rare books, real estate, and other types of property. Please contact the PCCF as you plan a bequest of property to assure we can properly steward your gift.
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Bequest Language:
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"I give, devise, and bequeath to the Parke County Community Foundation Inc. the sum of _____ dollars ($_____)."
Percentage Bequests
Since the size of your future estate may be difficult to estimate, a percentage bequest might be a simpler and more equitable way of giving. The Foundation receives a specified portion of percentage of your gross estate (or of the residue of your estate), usually after certain other provisions have been met. The advantage of a percentage bequest is that it is self-adjusting to the size of your estate.
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Bequest Language:
"I give, devise, and bequeath all of the residue of my estate, both real and personal, to the Parke County Community Foundation Inc., Rockville."
Contingent Bequests
Under the provisions of a contingent bequest, the foundation would receive a specified portion of your entire estate only if the circumstances (such as the deaths of the named beneficiaries before or at the same time as your death) make it impossible to carry out your primary provisions.
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Suggested Language:
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"If the above named beneficiaries should predecease me, then I hereby give and bequeath all my property and estate to the Parke County Community Foundation Inc."
​Restricted Bequests
Your bequest may establish or add to a permanent endowment providing support for specific programs or scholarships designated by you in perpetuity. The name of a fund may be your own name or in memory or honor of another person or group.
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Designated Bequest Language:
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"I give to the Parke County Community Foundation Inc., a not-for-profit corporation organized under the laws of the state of Indiana and located in Rockville, Indiana, (the sum of $ _____) or (all my right, title, and interest in the following described property _____) or (all rest residue, and remainder of my estate)( to establish) or (to be added to) the ______ Fund. Details for the management and administration of the fund are contained in a fund agreement executed with the Parke County Community Foundation, incorporated herein by reference."
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Legacy (Unrestricted) Bequests
Unrestricted bequest are very helpful, as they allow flexibility to use your gift to assist current and future community needs.
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Legacy (Unrestricted) Bequest Language:
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"I give to the Parke County Community Foundation Inc., a not-for-profit corporation organized under the laws of the state of Indiana and located in Rockville, Indiana, (the sum of $ _____) or (all my right, title, and interest in the following described property _____) or (all rest residue, and remainder of my estate) to be used in such manner as the board directors of said foundation shall, in its sole discretion, determine."
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To help you, and your attorney, here are some samples of bequest language.
Residual Bequest
Residual Bequest are bequest of any assets remaining after all other specific bequest, death taxes and administrative expenses have been satisfied. This arrangement ensures that all your particular bequest will be satisfied first. We, as well as your charitable beneficiary, receive what is left of your estate.
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To help you, and your attorney, here are some samples of bequest language.
There are many advantages to planning a charitable bequest through the Parke County Community Foundation:
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Bequest ultimately offer support for any charitable effort the donor desires.
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Bequest do not reduce your assets during your lifetime.
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Bequest gifts reduce the size of your taxable estate and may reduce your estate tax bracket.
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Charitable gifts qualify for the unlimited estate tax charitable deduction.
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Typically, bequest are revocable or may be changed by you at anytime.
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