Bequests in your revocable living trust or will are a key component to estate planning – the process of managing your accumulated assets and determining what legacy you will leave. For many, leaving a gift in their trust or will provides the perfect opportunity to make a declaration of their commitment to their favorite philanthropic mission for years to come. As time passes, the needs and structures of philanthropic organizations will morph and grow into visions we may not currently see. Building your legacy through the CATESOL Education Foundation will ensure that the charitable intent of your wishes will be realized. Charitable bequests, for example, can be written into your trust or will. The bequest can be an identified dollar amount, a percentage of your estate or a residual amount after other expenses have been subtracted, left to CATESOL Education Foundation or any charitable beneficiary you identify. Sample Specific Charitable Bequest Language: I give and devise to CATESOL Education Foundation, located in Lake Forest, CA, EIN: 20-8464092, the sum of $_________ (or certain % of estate) for its general charitable use and purpose. Bequest language can also be written on a residual basis in which a bequest goes to the CATESOL Education Foundation after estate expenses and specific bequests have already been paid.
Sample Residual Bequest Language I give, devise and bequeath to CATESOL Education Foundation, located in Lake Forest CA, EIN: 20-8464092, all (or state a percentage) of the rest, residue and remainder of my estate, both real and personal, for its general charitable use and purpose. You may also want to add giving from a retirement asset: If you are over 70 ½ years of age, you can make a qualified charitable distribution directly from your individual IRA of up to $100,000 per taxpayer per year to CATESOL Education Foundation or other charitable entities. By making a charitable contribution directly from your IRA to CATESOL Education Foundation, the qualified IRA charitable distribution will be excluded from your gross income and will not be taxed. This is a great way to lower your taxable income. Realizing your income from your individual IRA first and then making a charitable distribution will not provide the same income tax relief benefit. If you or your attorney would like CATESOL Education Foundation to provide you with customized beneficiary language that is specific to your goal and interest, please contact CEF at 909-706-7659. These examples are for illustrative purposes only. The CATESOL Education Foundation does not render legal, tax or other professional advisory services. When considering charitable giving, the services of a tax, legal, or financial advisor should be obtained.
CATESOL Education Foundation is registered as a 501(c)(3) non-profit organization. Contributions to the CATESOL Education Foundation are tax-deductible to the extent permitted by law. Our tax identification number is 20-8464092.