A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Open Doors that will make a lasting impact.
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
- Maintain the ability to change the bequest while you are living
How a bequest works
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, or Open Doors USA as part of your estate plan.
Ways to make a bequest
- 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
If you have any questions about leaving a bequest to us, please contact us. We would be happy to assist you. If you have been so generous as to include a bequest to Open Doors USA as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity.
The method used to make a bequest will depend on the kind of gift you choose to leave to Open Doors USA.
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 Open Doors USA. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.