A bequest is one of the easiest and most common ways to contribute. Tax laws encourage bequests. Bequests work particularly well if you prefer not to make an immediate outright gift, but want to help Saint Mary's in the future.
Types of bequests:
- A specific bequest is an outright gift of money, securities or other property.
- A residuary bequest provides the Saint Mary's entity you designate with the residue of your estate after all others.
- A contingent bequest takes effect only if all other bequests fail for some reason.
- A testamentary trust can be a bequest, but for tax benefits the trust must either be solely for charity or be a qualified charitable remainder or lead trust.
Your taxable estate is reduced by a 100% deduction for the amount of a cash bequest, or the fair market value of appreciated assets. A deduction saves taxes whenever the taxable estate, after other deductions, exceeds the amount offset by individual estate tax credits. Because the estate tax rate schedule is progressive, the larger the taxable estate, the greater the potential tax savings per dollar given.
Discuss making a bequest with a member of our staff now. You can contact us by email at paul.laxalt@chw.edu, by fax at (775) 770-3545 or by telephone at (775) 770-3519.
The information on this site is not intended as legal advice. For legal advice, please consult an attorney.
