Bequest Gift
How to include Legal Aid of East Tennessee in my will:
Donors may make charitable gift by naming Legal Aid of East Tennessee as a beneficiary in their wills. The federal government encourages these gift or bequests, by allowing an unlimited estate tax charitable deduction. In addition, a charitable bequest may place your estate in a lower estate tax bracket.
To make a bequest to Legal Aid of East Tennessee, the following language will be helpful to your lawyer:
I give, devise, and bequeath to Legal Aid of East Tennessee the sum of _____________ (or otherwise describe the gift or specify a percentage of the estate).
There are three ways you can make a bequest:
1. Specific Bequest: You designate a specific dollar amount, specific percentage, or specific property to Legal Aid of East Tennessee.
2. Residual Bequest: Your estate will pay all debts, taxes, expenses, and specific bequests. The remaining amount -- the residual -- will be transferred to Legal Aid of East Tennessee.
3. Contingent Bequest: You can ask that Legal Aid of East Tennessee receive all or a portion of your estate only under certain circumstances. For example, you can name Legal Aid of East Tennessee as a beneficiary of your estate only if there are no surviving close family members. Childless couples sometimes provide for the entire estate to go to the surviving spouse, or if the spouse does not survive, to Legal Aid of East Tennessee.
We make no claims regarding the accuracy of the above information or the tax consequences stemming from your use of it. Please consult with your own tax, legal, or financial planning advisor.
How to include Legal Aid of East Tennessee in my will:
Donors may make charitable gift by naming Legal Aid of East Tennessee as a beneficiary in their wills. The federal government encourages these gift or bequests, by allowing an unlimited estate tax charitable deduction. In addition, a charitable bequest may place your estate in a lower estate tax bracket.
To make a bequest to Legal Aid of East Tennessee, the following language will be helpful to your lawyer:
I give, devise, and bequeath to Legal Aid of East Tennessee the sum of _____________ (or otherwise describe the gift or specify a percentage of the estate).
There are three ways you can make a bequest:
1. Specific Bequest: You designate a specific dollar amount, specific percentage, or specific property to Legal Aid of East Tennessee.
2. Residual Bequest: Your estate will pay all debts, taxes, expenses, and specific bequests. The remaining amount -- the residual -- will be transferred to Legal Aid of East Tennessee.
3. Contingent Bequest: You can ask that Legal Aid of East Tennessee receive all or a portion of your estate only under certain circumstances. For example, you can name Legal Aid of East Tennessee as a beneficiary of your estate only if there are no surviving close family members. Childless couples sometimes provide for the entire estate to go to the surviving spouse, or if the spouse does not survive, to Legal Aid of East Tennessee.
We make no claims regarding the accuracy of the above information or the tax consequences stemming from your use of it. Please consult with your own tax, legal, or financial planning advisor.
