Bequests are fully deductible from estate taxes for the amount of a cash bequest or the market value of other assets donated. The gift may consist of a share of the estate or it can be outright or in a trust. You can make a bequest for a designated purpose, or it can be unrestricted.
To leave a gift in your will or trust, simply share this sentence with your attorney: “I bequeath to Attention, Inc. d.b.a. TGTHR, a non-profit corporation located in Boulder, Colorado, with Federal Tax ID #84-0571145, the sum of _______; or _______% of my estate; or the following property _______; or the rest, residue, and remainder of my estate.”
Charitable bequests can significantly reduce and even eliminate estate taxes.
A trust is a planned gift that can be designed to benefit both you and TGTHR. Along with an immediate income tax charitable deduction, you can assure an income for yourself for life. After that, we are allowed to use the remaining funds for our programs. To know which vehicle would be best for you, we recommend that you consult with appropriate legal and financial counsel.
You can name TGTHR as a primary beneficiary of your life insurance policy or as a contingent beneficiary, should your primary beneficiary not survive you. After your lifetime, the benefits from your policy pass to TGTHR free of federal estate tax.
A gift of life insurance is a powerful option for younger donors who want to make a significant contribution, or for people whose estate won’t have substantial assets to distribute to non-family members.
