There are many ways you can give to Tillamook County Women's Resource Center. One is to make a charitable bequest through a will or other estate planning device, such as a trust. This planning may provide significant estate and gift tax benefits and will guarantee your legacy of giving in the years ahead.
Bequests are gifts made through a will. Charitable bequests can take many different forms. Your bequest can be outright or deferred. It can be absolute or contingent upon certain events. It can be for the general support of our organization or restricted to a purpose you feel is especially important. And because a charitable bequest can be made through your will, or through a codicil to your will, it generally is easy and inexpensive to do.
When you make a charitable bequest, you can retain full use of your property during life, so there is no immediate out-of-pocket cost, reduction in net worth, or disruption of cash flow. What's more, you can change any bequest provision, which means you remain in control of the process.
There also may be tax benefits in making a bequest. In certain cases, tax benefits can permit donors to give more to their charitable beneficiaries than they may have thought possible. Every dollar that is given to a qualified charitable organization through a bequest or other testamentary gift is fully deductible for federal estate tax purposes when certain legal requirements are met.
An estate tax deduction is allowed for a deferred bequest even though the bequest provides income benefits to individual beneficiaries. Of course, not every estate is subject to the federal estate tax. If your estate is potentially subject to the federal estate tax, you will want to take steps to minimize the impact this tax can have on your beneficiaries. Happily, there are many time-proven methods of minimizing estate taxes, including both outright and deferred charitable bequests.
A Deferred Charitable Bequest
A deferred charitable bequest can add a great deal of flexibility to your estate planning. With this special form of bequest you can benefit one or more family members or other individual beneficiaries and provide "deferred" benefits to Tillamook County Women's Resource Center. Your deferred charitable bequest can take several different forms, but you can design it to provide an annual income to one or more individual beneficiaries for life (or for a period of years), with the property passing to us or other designated charitable beneficiaries upon the termination of the income benefits. The deferred bequest is an excellent tool to provide for dependent relatives and still fulfill your philanthropic desires.
We suggest you discuss all of this with your attorney or estate planner.
(Some of this information provided through the courtesy of George Fox University.)