Gift in Your Will (LEAVE A LEGACY)
Leave a legacy to Food for Life Global. A gift in your will to Food for Life Global will help us save lives, by planning and exucuting vital projects far into the future. Together we can bring peace and prosperity to the world’s most needy for years and years to come.
Many of our supporters make charitable gifts by naming Food for Life Global as a beneficiary in their wills. The United States federal government encourages these gifts or bequests, by allowing an unlimited estate tax charitable deduction .
When you are making your Will there are several things to be considered, such as:
- Making a list of your assets
- Thinking about the way in which you want to divide your estate
- Thinking about who to appoint as executor
Types of Legacy
There are a few different kinds of ways to leave a legacy. The most common are described below.
Charitable Remainder Trust
A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity. To learn more visit: http://www.investopedia.com/terms/c/charitableremaindertrust.asp
A gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.
A gift of a fixed sum of money in your Will is called a pecuniary bequest. The value of pecuniary legacies will decrease over time, as the cost of living increases.
A particular named item left as a gift in your Will is known as a specific bequest – for example, a piece of jewelry or plot of land.
A gift in your Will that depends upon the occurrence of an event which may or may not happen is known legally as a contingent bequest. An example is a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator ( the person who made the Will).