Deciding how to divide your assets among your heirs and charity is usually a matter of the heart. It involves decisions about your personal financial independence, your family legacy, and the investment of your social capital. The easiest and most common way for you to make a gift to GreenUP is through a bequest in your Will or Revocable Living Trust. The tax laws encourage charitable bequests, so it is an excellent way to support our programs while reducing your estate taxes.
A will is a statement about what matters most in your life. By making a will you can clearly express your intentions on how you wish your life’s work distributed. Your executor will follow your wishes in administering your estate. Without a will, the intestate laws of your state will divide your assets.
After providing for family and friends, consider a meaningful gift to GreenUP to continue your lifetime of support. Bequest gifts can take many forms such as a specific gift amount, a specific gift type, a percentage of the estate, a percentage of the residue of an estate, or the entire residue considering all other provisions of your will. Or a bequest can be contingent, that is, taking effect only after other provisions cannot be satisfied.
“When I volunteered as a director at GreenUP, I had the opportunity to witness the potential of the organization but also its financial constraints. The organization has done so much for the Peterborough community over the past twenty years. This December, I just really wanted to make a difference…so I included GreenUP in my will, as did my late mother, Florence Cragg. I could not be more satisfied and confident knowing my gift will positively impact people’s lives right here in the Kawarthas.”
Paul Cragg, MD, Peterborough
Probably the most popular type of bequest, the donor designates GreeUP to receive a specific dollar amount or a specific piece of property. As with any charitable bequest, the estate receives a charitable estate tax deduction for the full amount of the gift.
Example: Linda Smith wills $10,000 to GreenUP.
Sample language: “I give to GreenUP, a Canadian registered charity, in Peterborough, Ontario, the sum of $10,000 for its general purposes.”
The donor gives GreenUP a percentage of the estate.
Example: Jacques Fontaine leaves 25 percent of his estate to GreenUP and the balance (75 percent) is divided between his brother and sister.
Sample language: “I give to GreenUP, a Canadian registered charity, in Peterborough, Ontario, twenty-five percent (25%) of my estate for its general endowment or for other general purposes.”
After making specific bequests to family and friends, the donor’s estate is divided among others or charities, that may include GreenUP.
Example: Maria Muller leaves $200,000 of her estate to several friends and family members and instructs her executor to distribute the remainder of her estate, with 50 percent to GreenUP and 50 percent to her church.
Sample language: “All the rest, residue and remainder of my estate, of whatsoever kind and wheresoever situate, shall be distributed as follows fifty percent (50%) to GreenUP, a Canadian registered charity, in Peterborough, Ontario, for its general purposes and fifty percent (50%) to my local church.”
The donor, after providing several specific bequests to family and friends, leaves 100 percent of the residue to GreenUP.
Example: Yun Zhao leaves his nieces and nephews $200,000 in several specific bequests and instructs his executor to distribute the balance of his estate to GreenUP to establish a scholarship in his family’s name.
Sample language: “All the rest, residue and remainder of my estate, of whatsoever kind and wheresoever situate, shall be distributed to GreenUP, a Canadian registered charity, in Peterborough, Ontario, to be used to establish the Zhao Family Scholarship Fund, income to be used annually to provide scholarship assistance for students with financial need.”
All retirement plan programs require a primary beneficiary be named when the plan is established. This beneficiary can be changed at any time and may include a charity. Therefore, you might consider naming GreenUP as a beneficiary of all or a portion of your retirement plan assets.