Charitable Estate Planning
A bequest or a gift through a living trust is a great way to invest in the future of the WCSV. A bequest insures that your property will be put to good use after you no longer need it. Charitable estate planning is a gratifying way to make a significant gift in the future without affecting your current finances.
Estate planning begins with the definition of your goals. It is important to have the assistance of legal counsel to draft trusts agreements, wills, and other estate planning documents.
Estate planning is very flexible. A bequest or a gift through a living trust can designate a gift of cash, securities, real estate, and personal property such as valuable collections, art, or jewelry. It may designate a specific dollar amount, a percentage of your estate, or the remainder of your estate after expenses and gifts to loved ones.
A will allows an individual to determine exactly how his or her estate is to be managed and provides the foundation of a sound estate plan. Without a will, the law of the state in which the person lived will determine how his or her estate is divided. State laws generally provide for distributions to relatives and provide nothing for friends or charitable organizations. A bequest for WCSV can easily be included when drafting a will for the first time, or by adding a codicil to an existing Will.
Living trusts are a popular alternative to wills because the terms of the trust are effective without the hassle of probate court and they may be kept private. While living trusts are sometimes called “will substitutes,” a living trust is better thought of as being used in conjunction with a will. Any assets that are not placed in an individual’s living trust during his or her life can be moved into the living trust upon the individual’s death through a “pour-over” will. A gift provision for WCSV can easily be added to a trust agreement.
Specifying How a Gift is Used
In making a gift through a living trust or will, the donor can request that the gift be designated for a restricted or unrestricted purpose. WCSV is happy to work with you so that your funds can be directed to programs and areas that best meet your individual needs and interests. We’ll be happy to assist you if you have any questions.
A gift to WCSV through a will or living trust offers benefits to the donor in the form or advantageous tax treatment under both state and federal laws and and can provide the donor with substantial transfer estate and gift tax savings.
The following is an example of gift provisions illustrating how a bequest or a gift through a living trust can be accomplished. This example is intended to be used for educational purposes rather than advice. We encourage donors to share this information with their legal counsel, and recommend that anyone undertaking estate planning do so with the consultation of an attorney.
A specific bequest gives a specific item or specific piece or property to WCSV. Such bequests are fulfilled first, before cash and residuary bequests. If the donor disposes of the specified property during his or her lifetime, there will be no bequest to WCSV.
I give ______________ (describe asset) to the Wildlife Center of Silicon Valley (tax identification number 77-0378066), a charitable corporation, now maintaining its headquarters in San Jose at 3027 Penitencia Creek Road, California, 95132, to further the objectives and purposes of WCSV.
A cash bequest provides WCSV with a specified sum of money from a donor’s estate. These bequests are fulfilled second, after a specific and before residuary bequests.
I give ___________ Dollars ($ ____) to the Wildlife Center of Silicon Valley (tax identification number 77-0378066), a charitable corporation, now maintaining its headquarters in San Jose at 3027 Penitencia Creek Road, California, 95132, to further the objectives and purposes for WCSV.
A residuary bequest is made from the residue, or what remains in a donor’s estate after specific and cash bequests, taxes, settlement costs and debts are satisfied. This type of bequest is sensitive to changes in the size of the estate over time.
I give the residue (or ___ percentage of the residue) of my estate to the Wildlife Center of Silicon Valley (tax identification number 77-0378066), a charitable corporation, now maintaining its headquarters in San Jose at 3027 Penitencia Creek Road, California, 95132, to further the objectives and purposes of WCSV.
Letter of Intent
WCSV recognizes that your estate planning intentions are a personal matter that you may wish to keep confidential. However, if you are willing to share them, WCSV would like to acknowledge your intentions. It is very helpful to WCSV to have information about future expected gifts for long-range planning. Any information that you share will be held in the level of confidence that you desire.
I wish to support the efforts of the Wildlife Center of Silicon Valley (WCSV) to provide high quality care and rehabilitation of injured, sick, and orphaned birds and mammals within Silicon Valley. I have made provisions to include WCSV in my estate plans.
Bequests should be directed to: Wildlife Center of Silicon Valley (tax identification number 77-0378066), a charitable corporation, now maintaining its headquarters in San Jose at 3027 Penitencia Creek Road, California, 95132.
This dedication of intent IS NOT A BINDING LEGAL OBLIGATION and I may change it at any time.