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 Laguna Beach Community 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 Laguna Beach Community Foundation or any charitable beneficiary you identify.
Sample Specific Charitable Bequest Language:
I give and devise to Laguna Beach Community Foundation, located in Laguna Beach, CA, EIN: 20-6390272, 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 Laguna Beach Community Foundation after estate expenses and specific bequests have already been paid.
Sample Residual Bequest Language
I give, devise and bequeath to Laguna Beach Community Foundation, located in Laguna Beach, CA, EIN: 20-6390272, 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 Laguna Beach Community Foundation or other charitable entities. By making a charitable contribution directly from your IRA to Laguna Beach Community 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 Laguna Beach Community Foundation to provide you with customized beneficiary language that is specific to your goal and interest, please contact LBCF at 949-715-8223.
These examples are for illustrative purposes only. The Laguna Beach Community 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.
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 Laguna Beach Community Foundation or any charitable beneficiary you identify.
Sample Specific Charitable Bequest Language:
I give and devise to Laguna Beach Community Foundation, located in Laguna Beach, CA, EIN: 20-6390272, 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 Laguna Beach Community Foundation after estate expenses and specific bequests have already been paid.
Sample Residual Bequest Language
I give, devise and bequeath to Laguna Beach Community Foundation, located in Laguna Beach, CA, EIN: 20-6390272, 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 Laguna Beach Community Foundation or other charitable entities. By making a charitable contribution directly from your IRA to Laguna Beach Community 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 Laguna Beach Community Foundation to provide you with customized beneficiary language that is specific to your goal and interest, please contact LBCF at 949-715-8223.
These examples are for illustrative purposes only. The Laguna Beach Community 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.
