Bequests

For many individuals, a gift by will or through their revocable living trust is an effective way to accomplish estate and tax planning through gifts to charities.  A bequest may take several forms.  Among these are:

• A specific amount expressed in dollars or in specified items of property.
• A percentage of the residuary of the estate (the amount available for distribution after specific bequests are paid).

A bequest may be designated for a particular purpose or program or may be left without restriction for the charity to use in its discretion for needs that must be met at the time it receives the payment from the donor’s estate.   A bequest may also be endowed so that only income and/or portions of principal may be used by the charity to carry out the purposes set out in the will.  In the case of an endowed bequest, any designations ought to be broad enough to enable the charity to use the funds for programs or purposes then in need of support, particularly since the endowed fund may be set up in the will to run in perpetuity.

When bequests are made to establish designated, unrestricted or endowed funds, they may provide that the funds be named in honor or in memory of particular individuals, foundations or families.

For more information, contact Clara Nyman,  Director of Development at (212) 870-4938 or cnyman@jhha.org.