A gift, typically cash, stocks, securities or assets, typically designated to a charity through your will, is called a bequest. Bequests offer flexibility and can be structured to fit your personal situation. The gift is revocable, so you can change your mind at any time should your circumstances change. In many cases, a bequest can reduce the taxes that would be levied against your estate, in the same way that donations during your lifetime entitle you to charitable income tax deductions.
Three Types of Bequests:
An unrestricted bequest assures that your gift will be directed by the Foundation’s leadership to fund important research. You may also designate your gift for a special project within the scope of the Foundation’s mission.
Through a residuary bequest, a fixed amount or a percentage of your estate is reserved to provide for your heirs first. Any remainder or residue, or a percentage thereof, is then passed on to the Foundation.
A contingent bequest results in a gift to The Lustgarten Foundation only under the circumstances you describe, such as the death of your primary heirs.
What to do next:
• Consult with your attorney before establishing any type of will provision.
• Contact our office for information and to notify us of your intentions.