One of the simplest and easiest ways of supporting Long Island Cares, one of Long Island’s leading hunger assistance charities, is through a bequest in a will or through the designation of Long Island Cares Inc. as a beneficiary of all or a portion of an IRA, Keogh, 401(k), 403(b) or other qualified pension plan. The full amount of a bequest or testamentary gift is deductible from a taxable estate. Bequests and testamentary gifts or qualified pension plans should be so specified in the terms of your will, trust or beneficiary designation form, and you should always consult an attorney.
Bequests can take various forms, but the three main types are a percentage bequest, a residual bequest or a specific bequest.
A percentage bequest is a bequest of a certain percentage of your estate or of another asset.
EXAMPLE: “I give, bequeath, and devise (state percentage amount) to Long Island Cares, Inc. a qualified 501(c)(3) charitable institution, located in Hauppauge, New York, to be used for its general purposes.”
A residual bequest is a bequest of all or a portion of the remainder or residue of the estate after specific and other bequests have been distributed.
EXAMPLE: “I give, bequeath and devise (all, or state percentage) of the rest, residue and remainder of property, both real and personal, wherever situated, which I may own or be entitled to at my death, to Long Island Cares Inc., a qualified 501(c)(3) charitable institution, located in Hauppauge, New York, to be used for its general purposes.”
A specific bequest is a bequest of a specific item or dollar amount.
EXAMPLE: “I give, bequeath and devise (state amount or item) to Long Island Cares Inc., a qualified 501(c)(3) charitable institution, located in Hauppauge, New York, to be used for its general purposes.”
If you now have a will, you can include or update a bequest to Long Island Cares through a simple codicil, without the need for executing a new will. A codicil is simply an amendment or addition to your will and is commonly used to add bequests to those already included in your will. Keep in mind, however, that a codicil must meet all the requirements of the laws of your state for the execution of a valid will. Generally, it must be signed by you in the presence of witnesses who must attest to the execution of the document. Certainly, you should rely on your attorney to draft your will and any desired codicils. Make certain you identify our institution by its formal legal name: Long Island Cares, Inc.
We sincerely hope that you will want to include Long Island Cares, Inc., in your estate plan, and we urge you to let us know if you plan to make a bequest to support our work and activities. We would welcome the opportunity to discuss with you how your bequest can play a meaningful role in our future and perpetuate your life values. Please contact Robin Amato in our Development Office at 631-582-3663 ext. 103.