Community Foundation for Mississippi's Bequest Language
An excellent way for you to support the Community Foundation for Mississippi's mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy and become a member of the Mississippi Legacy Circle.
There are a number of ways you can make a bequest to the Community Foundation for Mississippi (CFM).
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Community Foundation for Mississippi in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to the Community Foundation for Mississippi, we recommend the following language:
If you are considering making a bequest of a percentage of your estate to the Community Foundation for Mississippi, we recommend the following language:
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Community Foundation for Mississippi (CFM) flexibility should it no longer be possible for CFM to use your gift as you originally intended:
Please contact us if you have any questions about how to make a bequest to the Community Foundation for Mississippi or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Community Foundation for Mississippi in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to the Community Foundation for Mississippi (CFM).
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to CFM to benefit the charitable cause you are passionate about.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to CFM to benefit the charitable cause you are passionate about.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to CFM to benefit the charitable cause you are passionate about.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to CFM to benefit the charitable cause you are passionate about.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to CFM to benefit the charitable cause you are passionate about.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to CFM to benefit the charitable cause you are passionate about.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to CFM to benefit the charitable cause you are passionate about.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Community Foundation for Mississippi in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to the Community Foundation for Mississippi, we recommend the following language:
Bequest of a Specific Dollar Amount
A specific dollar amount: "I direct the sum of $_____________ to be paid to the Community Foundation for Mississippi (the "Foundation"), a 501(c)(3) non-profit corporation as described in Section 170(c) of the Internal Revenue Code, for the [Insert Fund Name] (the "Fund"). The Foundation shall have full legal and equitable title to the property held in the Fund, to be perpetually recognized and administered by the Foundation in accordance with its guiding documents and its procedures."
Bequest of Specific Personal Property
Share of, or entire residue, of estate: "I direct [all OR __________ %] of the remainder of my property to be paid to the Community Foundation for Mississippi (the "Foundation"), a 501(c)(3) nonprofit corporation as described in Section 170(c) of the Internal Revenue Code, for the [Insert Fund Name] (the "Fund"). The Foundation shall have full legal and equitable title to the property held in the Fund, to be perpetually recognized and administered by the Foundation in accordance with its guiding documents and its procedures."
Bequest of Specific Real Estate
Specific property (personal property): "I direct [description of property] to be conveyed to the Community Foundation for Mississippi (the "Foundation"), a 501(c)(3) non-profit corporation as described in Section 170(c) of the Internal Revenue Code, for the [Insert Fund Name] (the "Fund"). The Foundation shall have full legal and equitable title to the property held in the Fund, to be perpetually recognized and administered by the Foundation in accordance with its guiding documents and its procedures."
2. Percentage BequestA specific dollar amount: "I direct the sum of $_____________ to be paid to the Community Foundation for Mississippi (the "Foundation"), a 501(c)(3) non-profit corporation as described in Section 170(c) of the Internal Revenue Code, for the [Insert Fund Name] (the "Fund"). The Foundation shall have full legal and equitable title to the property held in the Fund, to be perpetually recognized and administered by the Foundation in accordance with its guiding documents and its procedures."
Bequest of Specific Personal Property
Share of, or entire residue, of estate: "I direct [all OR __________ %] of the remainder of my property to be paid to the Community Foundation for Mississippi (the "Foundation"), a 501(c)(3) nonprofit corporation as described in Section 170(c) of the Internal Revenue Code, for the [Insert Fund Name] (the "Fund"). The Foundation shall have full legal and equitable title to the property held in the Fund, to be perpetually recognized and administered by the Foundation in accordance with its guiding documents and its procedures."
Bequest of Specific Real Estate
Specific property (personal property): "I direct [description of property] to be conveyed to the Community Foundation for Mississippi (the "Foundation"), a 501(c)(3) non-profit corporation as described in Section 170(c) of the Internal Revenue Code, for the [Insert Fund Name] (the "Fund"). The Foundation shall have full legal and equitable title to the property held in the Fund, to be perpetually recognized and administered by the Foundation in accordance with its guiding documents and its procedures."
If you are considering making a bequest of a percentage of your estate to the Community Foundation for Mississippi, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to the Community Foundation for Mississippi, a nonprofit organization located at 119 S President Street, Jackson, MS, 39201, Federal Tax ID #64-0845750, for the Community Foundation for Mississippi's general use and purpose to establish the (name) Fund to be perpetually recognized and administered by CFM in accordance with its guiding documents and its procedures for endowed funds.
Or to add to an existing fund at CFM language:
"This gift is intended to be an addition to the ___________ Fund (insert Fund Name) in accordance with the Certificate of Incorporation and the By-Laws of the Community Foundation for Mississippi."
3. Residual BequestOr to add to an existing fund at CFM language:
"This gift is intended to be an addition to the ___________ Fund (insert Fund Name) in accordance with the Certificate of Incorporation and the By-Laws of the Community Foundation for Mississippi."
I hereby give, devise and bequeath to the Community Foundation for Mississippi, a nonprofit organization located at 119 S President Street, Jackson, MS, 39201, Federal Tax ID #64-0845750, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for the Community Foundation for Mississippi's general use and purpose to establish the (name) Fund to be perpetually recognized and administered by CFM in accordance with its guiding documents and its procedures for endowed funds.
Or to add to an existing fund at CFM language:
"This gift is intended to be an addition to the ___________ Fund (insert Fund Name) in accordance with the Certificate of Incorporation and the By-Laws of the Community Foundation for Mississippi."
4. Contingent BequestOr to add to an existing fund at CFM language:
"This gift is intended to be an addition to the ___________ Fund (insert Fund Name) in accordance with the Certificate of Incorporation and the By-Laws of the Community Foundation for Mississippi."
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to the Community Foundation for Mississippi, a nonprofit organization located at 119 S President Street, Jackson, MS, 39201, Federal Tax ID #64-0845750, DESCRIPTION OF PROPERTY to establish the (name) Fund to be perpetually recognized and administered by CFM in accordance with its guiding documents and its procedures for endowed funds.
Or to add to an existing fund at CFM language:
"This gift is intended to be an addition to the ___________ Fund (insert Fund Name) in accordance with the Certificate of Incorporation and the By-Laws of the Community Foundation for Mississippi."
Or to add to an existing fund at CFM language:
"This gift is intended to be an addition to the ___________ Fund (insert Fund Name) in accordance with the Certificate of Incorporation and the By-Laws of the Community Foundation for Mississippi."
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Community Foundation for Mississippi (CFM) flexibility should it no longer be possible for CFM to use your gift as you originally intended:
If, in the judgment of the Board of Trustees of the CFM, it shall become impossible for CFM to use this bequest to accomplish the specific purposes of this bequest, CFM may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to the Community Foundation for Mississippi or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Community Foundation for Mississippi in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.