Bequest Information
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Bequest Benefits
A bequest is one of the easiest ways to make a gift to charity. It is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind of knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes to the recipient. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
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Types of Bequests
There are a number of ways you can make a bequest to your church, school, or other charitable organizations that are important to you.
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General Bequest. You simply leave a specified dollar amount to charity. For example, a bequest of $10,000 is a general bequest.
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Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, or other property. Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity.
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Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity.
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Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to charity.
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Sample Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a charitable bequest in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. General Bequest
If you are considering making a general bequest to The Catholic Foundation for the benefit of The St. Pius X Catholic Parish Endowment Fund, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to The Catholic Foundation, a qualified charitable organization located at 12222 Merit Drive, Suite 850, Dallas, TX 75251, Federal Tax ID #75-1106620 for the benefit of The St. Pius X Catholic Parish Endowment Fund, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple, with the reasonable spending policy amount to be available, in the sole discretion of The Catholic Foundation for the support of St. Pius X Catholic Parish located at 3030 Gus Thomasson Road, Dallas, Texas 75228.
2. Specific Bequest
If you are considering making a specific bequest to The Catholic Foundation for the benefit of The St. Pius X Catholic Parish Endowment Fund, we recommend the following language:
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to The Catholic Foundation, a qualified charitable organization located at 12222 Merit Drive, Suite 850, Dallas, TX 75251, Federal Tax ID #75-1106620 for the benefit of The St. Pius X Catholic Parish Endowment Fund, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple, with the reasonable spending policy amount to be available, in the sole discretion of The Catholic Foundation for the support of St. Pius X Catholic Parish located at 3030 Gus Thomasson Road, Dallas, Texas 75228.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to The Catholic Foundation, a qualified charitable organization located at 12222 Merit Drive, Suite 850, Dallas, TX 75251, Federal Tax ID #75-1106620 for the benefit of The St. Pius X Catholic Parish Endowment Fund, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple, with the reasonable spending policy amount to be available, in the sole discretion of The Catholic Foundation for the support of St. Pius X Catholic Parish located at 3030 Gus Thomasson Road, Dallas, Texas 75228.
3. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to The St. Pius X Catholic Parish Endowment Fund of The Catholic Foundation, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to The Catholic Foundation, a qualified charitable organization located at 12222 Merit Drive, Suite 850, Dallas, TX 75251, Federal Tax ID #75-1106620 for the benefit of The St. Pius X Catholic Parish Endowment Fund, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple, with the reasonable spending policy amount to be available, in the sole discretion of The Catholic Foundation for the support of St. Pius X Catholic Parish located at 3030 Gus Thomasson Road, Dallas, Texas 75228.
4. Residual Bequest
I hereby give, devise and bequeath to The Catholic Foundation, a qualified charitable organization located at 12222 Merit Drive, Suite 850, Dallas, TX 75251, Federal Tax ID #75-1106620 for the benefit of The St. Pius X Catholic Parish Endowment Fund, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate, which shall be held by The Catholic Foundation in perpetuity, not in trust but in fee simple, with the reasonable spending policy amount to be available, in the sole discretion of The Catholic Foundation for the support of St. Pius X Catholic Parish located at 3030 Gus Thomasson Road, Dallas, Texas 75228.
5. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to The Catholic Foundation, a qualified charitable organization located at 12222 Merit Drive, Suite 850, Dallas, TX 75251, Federal Tax ID #75-1106620 for the benefit of The St. Pius X Catholic Parish Endowment Fund, a DESCRIPTION OF PROPERTY, which shall be held by The Catholic Foundation in perpetuity, not in trust but in fee simple, with the reasonable spending policy amount to be available, in the sole discretion of The Catholic Foundation for the support of St. Pius X Catholic Parish located at 3030 Gus Thomasson Road, Dallas, Texas 75228. -
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give The Catholic Foundation flexibility should it no longer be possible for our The Catholic Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of The Catholic Foundation, it shall become impossible for The Catholic Foundation to use this bequest to accomplish the specific purposes of this bequest, The Catholic Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest. -
Contact UsPlease contact the church office at 972-279-6155 or parishoffice@spxdallas.org if you have any questions about how to make a bequest to The Catholic Foundation for the benefit of The St. Pius X Catholic Parish Endowment Fund or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for The Catholic Foundation for the benefit of The St. Pius X Catholic Parish Endowment Fund in your estate plan, please contact the church office at 972-279-6155 or parishoffice@spxdallas.org to let us know. We would like to thank you and recognize you for your gift.