Gifts From Your Will or Trust
How It Works
- Include a bequest to IHC in your will or trust. (Below is sample gift language for your will).
- Make your bequest unrestricted or direct it to a specific purpose.
- Indicate a specific amount, or a percentage of the balance remaining in your estate or trust
- Your assets remain in your control during your lifetime.
- You can modify your gift to address changing circumstances.
- You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
- Under current tax law there is no upper limit on the estate tax deduction for your charitable bequests.
Sample Gift Language for Your Will or Revocable Living Trust
A gift to IHC in your will or revocable trust enables you to support our mission and make a difference in the lives of future generations. A bequest:
- is easy to arrange.
- will not alter your current lifestyle in any way.
- can be easily modified to address your changing needs.
Residual Gift Language
A residual bequest comes to us after your estate expenses and specific bequests are paid:
“I give and devise to Immaculate Heart Central Junior/Senior High School (EIN 16-0926742), located in Watertown, NY, [or Immaculate Heart Elementary School (EIN 11-3661151), located in Watertown, NY] all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).”
Specific Gift Language
Naming IHC as a beneficiary of a specific amount from your estate is easy:
“I give and devise to Immaculate Heart Central Junior/Senior High School (EIN 16-0926742), located in Watertown, NY, [or Immaculate Heart Elementary School (EIN 11-3661151), located in Watertown, NY], the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).”
Contingent Gift Language
If your chosen beneficiary is not alive at the time your will is execute, you can specify a “contingent benficiary” to be the recipient. IHC can be named as a contingent beneficiary in your will or personal trust:
“If (insert name) is not living at the time of my demise, I give and devise to Immaculate Heart Central Junior/Senior High School (EIN 16-0926742), located in Watertown, NY, [or Immaculate Heart Elementary School (EIN 11-3661151), located in Watertown, NY], the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).”
Retirement Plan Beneficiary Language
You may name IHC as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.
Naming IHC as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming IHC as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support IHC free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify IHC. We can also assist you with the proper language for your beneficiary designation to IHC.
If you or your attorney would like IHC to provide you with customized beneficiary language that is specific to your goal and interest, please contact Chris Hornbarger, the IHC Executive System Administrator, at (315) 221-3785.
Sample Codicil Language
I, [name], a resident of the County of [county], State of [state], declare that this is the codicil to my last will and testament, which is dated [date original signed].
I add or change said last will in the following manner:
[List all specific changes or additions to the original will. Reference each section number of the will and the specific language you will be affecting. This is where you could include a bequest to support our mission. See our suggested bequest language that can assist you.]
Otherwise, I hereby confirm and republish my will dated [date original signed], in all respects other than those herein mentioned.
I subscribe my name to this codicil this [day, e.g. 1st] day of [month], [year], at [full address where signed], in the presence of [full name of first witness to codicil], [full name of second witness to codicil], and [full name of third witness to codicil], attesting witnesses, who subscribe their names here in my presence.
On the date last above written, [name], known by us to be the person whose signature appears at the end of this codicil, declared to us, [full name of first witness to codicil], [full name of second witness to codicil], and [full name of third witness to codicil], the undersigned, that the foregoing instrument, consisting of [number of pages to codicil] page(s) was the codicil to the will dated [date original signed]; who then signed the codicil in our presence, and now in the presence of each other, we now sign our names as witnesses.
Codicil Language Disclaimer
Please have your will or codicil drafted by an attorney who is familiar with the estate laws of the state where you live. We are not engaged in legal or tax advisory service.
The purpose of this website is to provide general gift, estate, and financial planning information. Watch for tax revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.