Wills and Estates
A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to K9s4COPs that will make a lasting impact community.
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
How a bequest works
Here are some of the ways to leave a bequest to K9s4COPs
- Include a bequest to K9s4COPs in your will or revocable trust
- Designate K9s4COPs as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name K9s4COPs as a beneficiary of your life insurance policy
A bequest may be made in several ways
- Percentage bequest – make a gift of a percentage of your estate
- Specific bequest – make a gift of a specific dollar amount or a specific asset
- Residual bequest – make a gift from the balance or residue of your estate
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The method used to make a bequest will depend on the kind of gift you choose to leave to K9s4COPs.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate “beneficiary designation” or “payable on death” form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to K9s4COPs. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.