With a bequest in your will or living trust you may contribute either a specific sum or asset or a percentage of your residuary estate. Bequests offer you the flexibility of designating a specific purpose or endowment for your gift. This option affords great estate tax advantages. Here is sample bequest wording that you may wish to share with your attorney:
"I give to the Sedalia School District Foundation, Inc., a not-for-profit corporation for charitable and educational purposes, in Sedalia, Missouri...
- (Cash Bequest) the sum of _____ dollars ($______)
- (Stock Bequest) ____ shares of common stock of ___________ Corporation.
- (Percentage of Estate) ____percent (______ %) of the residue of my estate.
I request this bequest be used by the Sedalia School District Foundation for the following purpose: ________________ I direct that no federal estate tax or state death taxes be allocated to or paid from this bequest."
If you wish to restrict your bequest to a specific school, scholarship or grant program, contact the Foundation office to determine wording that will ensure its use according to your intentions. Charitable bequests are fully deductible for estate tax purposes.