Community Foundation of Volusia & Flagler's Bequest Language
An excellent way for you to support Community Foundation of Volusia & Flagler's 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.
There are a number of ways you can make a bequest to Community Foundation of Volusia & Flagler.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Community Foundation of Volusia & Flagler in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Gifts to Existing Charitable Funds at the Community Foundation:
Gifts to the Community Foundation Without Previously Established Charitable Fund.
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.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Community Foundation of Volusia & Flagler flexibility should it no longer be possible for Community Foundation of Volusia & Flagler to use your gift as you originally intended:
Please contact us if you have any questions about how to make a bequest to Community Foundation of Volusia & Flagler or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Community Foundation of Volusia & Flagler in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to Community Foundation of Volusia & Flagler.
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. For example, you may wish to leave your home or $10,000 to Community Foundation of Volusia & Flagler.
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 Community Foundation of Volusia & Flagler.
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 Community Foundation of Volusia & Flagler.
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 Community Foundation of Volusia & Flagler.
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 Community Foundation of Volusia & Flagler.
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 Community Foundation of Volusia & Flagler.
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 Community Foundation of Volusia & Flagler.
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
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Community Foundation of Volusia & Flagler in your estate plan. We have provided some basic bequest language to assist you and your attorney.
Gifts to Existing Charitable Funds at the Community Foundation:
I give and bequeath to The Community Foundation of Volusia & Flagler, a division of the United
Way of Volusia-Flagler County, Inc., a Florida not-for-profit corporation located in Daytona
Beach, FL, federal tax identification number 59-1099774 (the "Foundation"). ____% of the
residue of my estate to be used for the Foundation's charitable purposes — or - $____ of my
estate to be used for the Foundation's charitable purposes. The gift shall be added to and
become a part of the component fund to be known as the (Name of the Charitable Fund) and
shall be administered in accordance with the document by which the fund was originally
created and the Foundation's policies regarding such funds, as they may exist or be amended
from time to time.
Gifts to the Community Foundation Without Previously Established Charitable Fund.
I give and bequeath to The Community Foundation of Volusia & Flagler, a division of the United
Way of Volusia-Flagler County, Inc., a Florida not-for-profit corporation located in Daytona
Beach, FL, federal tax identification number 59-1099774 (the "Foundation"). ____% of the
residue of my estate to be used for the Foundation's charitable purposes — or - $____ of my
estate to be used for the Foundation's charitable purposes.
Option 1: (minimum $50,000) - The gift shall be endowed for support of the following purposes ___________________ (enter your area of interests, such as afterschool programs for disadvantage youth.)
Option 2: (minimum $50,000) - The gift shall be endowed for support of (Name of a Single IRS Qualified NonProfit.)
Option 3: (any amount) - The gift shall be unrestricted to support our community's needs.
Option 1: (minimum $50,000) - The gift shall be endowed for support of the following purposes ___________________ (enter your area of interests, such as afterschool programs for disadvantage youth.)
Option 2: (minimum $50,000) - The gift shall be endowed for support of (Name of a Single IRS Qualified NonProfit.)
Option 3: (any amount) - The gift shall be unrestricted to support our community's needs.
Restricted Bequests
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.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Community Foundation of Volusia & Flagler flexibility should it no longer be possible for Community Foundation of Volusia & Flagler to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Community Foundation of Volusia & Flagler, it shall become impossible for Community Foundation of Volusia & Flagler to use this bequest to accomplish the specific purposes of this bequest, Community Foundation of Volusia & Flagler 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.
Contact Us
Please contact us if you have any questions about how to make a bequest to Community Foundation of Volusia & Flagler or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Community Foundation of Volusia & Flagler in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.